VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/17/13 -- Gold Canyon Resources Inc. (TSX VENTURE: GCU)(PINKSHEETS: GDCRF) ("Gold Canyon" or "the Company") announces that in light of continuing resource sector weakness and in connection with an internal review by Gold Canyon's directors and management to seek ways to further enhance corporate efficiencies within the Company and its subsidiaries, the Company has accepted the resignation of Mr. Troy Fierro as Chief Executive Officer of the Company and has terminated the engagement of Mr. Richard Moritz as Vice President, Corporate Communications of the Company. Mr. Fierro will continue to serve the Company and its shareholders as a member of the Board of Directors. Ms. Akiko Levinson, currently President of the Company, will again serve in the additional role of Chief Executive Officer.
Mr. Fierro commented, "These decisions are not easy but serve to focus all available resources on key resource projects and undertakings and I am pleased to continue my relationship with Gold Canyon in order to advance the Springpole Gold Project in every way possible as a member of the Company's Board of Directors. Gold Canyon will continue selective exploration to increase the indicated resource and advance baseline surveys to move forward the environmental and road permitting to enable further progress towards a Pre-Feasibility Study. In addition, we will continue our productive discussions with the First Nations in the Springpole Region."
Gold Canyon's Chairman of the Board, Conrad Pinette, stated, "Following an extensive internal and external assessment of Gold Canyon and its subsidiaries, and the short and medium term prospects for financing in the junior resource market, we identified the need to do all that can be done to preserve and advance Gold Canyon's flagship Springpole Gold Project in northwest Ontario, Canada, as well as retain its rare earth interests in Malawi, Africa. Mr. Fierro has been a key resource, has delivered sound guidance, and will continue to provide technical expertise for the Springpole Project."
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and a minority interest in the Favourable Lake Poly-metallic property currently under option to Guyana Frontier Mining Corp. pursuant to an option and joint venture agreement entered into in December 2005 - all in the Red Lake Mining District of Ontario, Canada.
Gold Canyon entered into a Rare Earth Element (REE) Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Company's website: www.goldcanyon.ca.
Akiko Levinson, President & Director
Certain statements contained in this news release using the terms "may", "expects to", "project", "estimate", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Gold Canyon Resources Inc.
(604) 682-3234 or Toll free: 1 (888) 242-3234
(604) 682-0537 (FAX)
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