SOURCE: Copper Canyon Resources Ltd.

September 21, 2007 14:12 ET

Copper Canyon Announces Financing

CRANBROOK, BC--(Marketwire - September 21, 2007) - Copper Canyon Resources Ltd (TSX-V: CPY) announces that it intends to complete a brokered and non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell up to 1,500,000 non-flow-through units at a price of $.85 CDN per unit, each unit consisting of a non-flow-through common share and one-half non-flow-through common share purchase warrant, each whole warrant exercisable at $1.10 CDN for an 18-month period.

The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $1.35 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants.

A 7% commission or finders fee or will be paid to registered dealers or arms-length agents involved in the financing. The financing is expected to close on or before October 15th, 2007.

Maximum gross proceeds of the offering are expected to be $1,275,000 CDN. The proceeds from the sale of the shares will be used for general working capital.

Copper Canyon Resources was created by way of a Plan of Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. approved the plan to reorganize the Company's mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, three of Eagle Plains' projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon on a one-for-one share basis.

This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.

On behalf of the Board of Directors


"Tim J. Termuende"
President and CEO

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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