SOURCE: Copper Canyon Resources Ltd.

November 29, 2007 09:30 ET

Copper Canyon and Egoli Gold Execute Option Agreement on Abo Gold Project

CRANBROOK, BC--(Marketwire - November 29, 2007) - The Board of Directors of Copper Canyon Resources Ltd. (TSX-V: CPY) announce that a formal agreement has been executed (subject to TSX-V approval) between Copper Canyon and Egoli Resources Inc. (a private British Columbia Corporation) whereby Egoli has acquired the option to earn a 75% interest in Copper Canyon's wholly owned Abo Gold Property (the Property) located in the Harrison Lake area of south-western British Columbia, approximately 130km east of Vancouver. Egoli intends to earn a 75% interest in the Property by completing $7.5 million in exploration expenditures, paying Copper Canyon $1,500,000 in cash and issuing 1,000,000 million common shares of Egoli over a 5 year period.

The Property is 100% owned by Copper Canyon and consists of 2427 ha which were staked by Eagle Plains Resources in 2000 and subsequently transferred to Copper Canyon in 2006 as part of a Plan of Arrangement. The claims overlie a number of gold occurrences associated with a series of intrusive stocks. Accessory minerals include copper, silver, lead, zinc, molybdenum, tungsten and bismuth. The Property is road-accessible year-round. Hydroelectric power, natural gas and rail-service are located within 3 kilometers of property boundaries.

The Property area has been held or optioned by various operators since the early 1970s including Abo Resources, Kerr Addison Mines Ltd. (Kerr Addison) and Bema International Resources Ltd. Most recently, Northern Continental Resources optioned the property from 2002-2005. Exploration work since 1970 has included mapping, soil sampling, ground-based geophysics and a total of 13,856m (45,448') of diamond drilling. Some small-scale underground development has also been completed. Most of the work was focused on the northern part of the Property in the area of the Jenner and Portal Stocks. Drill results reported from the Portal Zone include 30 meters averaging 3.17 grams per tonne gold (EMPR ASS RPT 19584). Drill results reported from the Jenner Stock include 64m averaging 3.77 g/t(EMPR ASS RPT 20144). Other gold-bearing stocks identified on the Property include the Hill and Lake Stocks. These areas have seen limited exploration in comparison to the Jenner-Portal Stocks areas. Diamond drill intersections reported from the Hill Stock area include DDH BX88-130 which averaged 3.54 g/t Au and 6.3 g/t Ag over 27 meters, and contained 8m averaging 8.7 g/t Au and 14.2 g/t Ag (EMPR ASS RPT 20144).

In 2002, Barry Price was retained by Eagle Plains to provide a NI 43-101 compliant resource estimate for the Abo project based on historical results. Price estimated an Indicated Resource of 1,845,000 tonnes averaging 2.79 g/t or 165,200 oz in situ, with a further Inferred Resource of 613,600 tonnes averaging 2.79 g/t or 55,100 oz. These resources are contained within the Jenner and Portal Stock zones.

Galore Creek Comment

News of the suspension of construction activity at the Galore Creek project was met by Copper Canyon management and employees with shock and extreme disappointment. The decision clearly and profoundly affected many stakeholders. Management sympathizes with all stakeholders, including the many investors who have suffered financial losses.

The Company remains strong: with $1,400,000 in its treasury, $650,000 in short term investments, and an aggressive, committed management team. We remain committed to the Copper Canyon/Galore Creek project, and will endeavor to maximize the value of the important mineral resource present on the Copper Canyon Property. When revised economic and engineering models are developed to advance the Galore Creek Project, we are confident that the Copper Canyon Deposit will feature much more prominently in future mine plans.

On behalf of the Board of Directors


"Tim J. Termuende"
President and CEO

For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673) Email: or visit our website at

Cautionary Note Regarding Forward-Looking Statements

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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