VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that its Annual General Meeting of shareholders was held in Vancouver, British Columbia on May 7, 2013 at which:
- the incumbent directors of the Company standing for re-election, being Troy Fierro, Akiko Levinson, Quinton Hennigh, Conrad Pinette and Richard Hall, were all re-elected as directors of Gold Canyon for the coming year;
- two proposed new nominee directors, Terrence Lyons and Ron Schmitz, were elected as directors of Gold Canyon for the coming year;
- Davidson & Company, the incumbent auditors of the Company, were re-appointed auditors of Gold Canyon for the coming year; and
- in accordance with the policies of the TSX Venture Exchange, the Company's rolling 2003 Incentive Stock Option Plan (the "Option Plan") was ratified for the coming year.
Doug Buchanan, who had served on the Board of Directors of the Company since April 2011, did not stand for re-election because of increased time commitments arising in connection with a change in his legal career path from Canada to the United States. Conrad Pinette, the Company's Chairman of the Board stated, "We wish to thank Mr. Buchanan for his years of service with Gold Canyon and his invaluable guidance and insight during that time." and continued, "Our remaining Board strength is still enhanced further by the experience and background of the new members. Terry Lyons has over 35 years' experience in the development and management of public companies with an extensive background in gold mining and corporate governance and, together with Ron Schmitz, who is a long time senior officer of Gold Canyon and has served on this Board previously, we consider this experience vital to navigate Gold Canyon through the current market weakness and build strength and value in the longer term."
The Company further announces that pursuant to the Company's Option Plan, it has granted incentive stock options to the newly appointed director, Terrence Lyons, to purchase an aggregate of 250,000 common shares. The stock options have a term of five (5) years, subject to one-third vesting of the grant every six (6) months from grant day with full vesting in the first 18 months of the term, and have an exercise price of $0.29 per share.
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.
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.
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.
Springpole is an alkaline intrusion hosting a gold system that represents a potentially new style of Canadian Archean Shield gold deposit. The Portage Zone is hosted by a trachytic porphyry intrusion displaying polyphase autolithic breccias that host gold mineralization. Other zones, including the East Extension and Main, consist of high-grade veins and pods hosted in diatreme breccias composed of intrusive and country rock fragments. These breccias surround the northwest and northern margins of the Portage Zone. The known mineralized zones underlie a total known area of about 4 square kilometers representing only about 15 percent of the greater alkaline intrusive complex which remains yet to be explored.
Additional information can be found on the Company's website: www.goldcanyon.ca
Troy J. Fierro, CEO & Director
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