SOURCE: IO News Wire

IO News Wire

March 16, 2010 07:45 ET

Cannon Exploration CNEX to Re-Start Canadian Gold Exploration

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO News Wire.

NEW YORK, NY--(Marketwire - March 16, 2010) -  Cannon Exploration (PINKSHEETS: CNEX) announced yesterday that it will begin operations on its Queen Alexandra property in Ontario, Canada.

The Queen Alexandra mine has produced gold since the early 20th century, yielding 18 tons of ore graded at 16.6 ounces of gold. Cannon intends to work not only these mines, but actively acquire other early stage development stage mineral exploration companies to form high yielding joint ventures.

Ontario has been the lead producing area for gold in Canada, yielding nearly 55% of the country's total output in 2009 which was almost $1.9 billion.

With gold still near all time highs of over $1,000 an ounce, Cannon is perfectly positioned to benefit the gold market's need for more producing properties.

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Other active stocks are Yamana Gold Inc. (NYSE: AUY), IAMGOLD Corp. (NYSE: IAG) and Dana Resources (OTCBB: DANR).

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