SOURCE: Copper Canyon Resources Ltd.

February 28, 2007 12:35 ET

Copper Canyon Receives $1,473,000 Share Payment From NovaGold

CRANBROOK, BC -- (MARKET WIRE) -- February 28, 2007 -- Copper Canyon Resources Ltd. (TSX-V: CPY) has received the fourth and final annual share issuance from NovaGold Resources Inc. (AMEX: NG) (TSX: NG) as required under the Copper Canyon Option Agreement. A total of 74,074 NG shares were received, with a market value at close of trading on February 26th of $1,473,332

Copper Canyon management considers the Copper Canyon property to be an important component of the Galore Creek project, providing a potential source of high-grade ore. In addition, documents filed by NovaGold with the B.C. Government indicate that NovaGold intends to construct a water retention facility and diversion structure related to the Galore Creek mine on surface lands within the Copper Canyon property area.

On February 23rd, NovaGold announced that it had received the Environmental Certificate Approval for the Galore Creek project, described by NovaGold management as "a major step toward the development of what will be one of the largest new mines in Canada." NovaGold also recently announced plans to commence construction activity at Galore Creek during 2007 and intends to carry out additional drilling activity during 2007 at Copper Canyon (see NG news release February 9th, 2007).

An inferred category resource estimate completed by independent engineering firm Hatch Ltd. of Vancouver, B.C., Canada, shows that the Copper Canyon target at the Galore Creek project in Northwestern British Columbia contains over 2.86 million ounces of gold, 37.9 million ounces of silver and 1.16 billion pounds of copper at a 0.35% copper equivalent cut-off grade (CuEq)(1) (See Table 1 below). Copper Equivalent grades are based both on long-term average metal prices and estimated recoveries based on extensive metallurgical data from the adjacent Galore Creek Central/SW deposit. The estimate utilized a geologic model developed from the previously announced drilling at Copper Canyon during 2004 by NovaGold and historic results which had encountered significant widths of gold, silver and copper mineralization.

Table 1 :  COPPER CANYON TARGET - INFERRED RESOURCE
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Cutoff  Size                              Grade  Million  Million  Million
                                                   lbs.     Ozs      Ozs
CuEq(%) Tonnes   Cu(%)  Au(g/t)  Ag(g/t)  CuEq(%)   Cu       Au       Ag
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0.35     164.8   0.35    0.54     7.15     0.74   1,160     2.86    37.91
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0.50     116.1   0.41    0.64     8.30     0.87     950     2.39    30.98
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0.70      63.0   0.50    0.86    10.21     1.11     625     1.73    20.68
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1.00      29.2   0.65    1.14    13.03     1.45     381     1.07    12.23
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1.30      15.6   0.83    1.32    15.70     1.72     258     0.66     7.87
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Note: (1) Copper equivalent calculations use metal prices of US$375/oz for gold, US$5.50/oz for silver and US$0.90/lb for copper. Copper equivalent calculations (CuEq%) reflect gross metal content that have been adjusted for metallurgical recoveries based on the following criteria: Copper Recovery = (%Cu-0.06)/%Cu with a minimum of 50% and Maximum of 95%; Gold Recovery = (Au g/t - 0.14)/Au g/t with a minimum of 30% and Maximum of 80%; and Silver Recovery = 80%.

Results from drill programs carried out on the property have defined a broad area of precious metal rich mineralization at least 700 meters by 400 meters which is open to expansion. The mineralization begins at surface continuing to as much as 300 meters depth and occurs as a roughly 100+ meter thick zone of disseminated chalcopyrite and pyrite hosted within an intrusive porphyry complex. The area covered by the existing drill holes represents less than 0.5% of the entire property area.

High-grade mineralization was discovered in Hole CC05-030, drilled in late 2005 which intersected 7.9m grading 17.2 g/tonne Au and 25.6 g/tonne Ag (including 2.5m grading 50.6 g/t Au (1.5 oz/ton)). This hole has yet to see follow-up. Other notable intercepts include Hole 1990-02 (drilled in 1990), which intersected 270.8m (898') grading 1.92 g/tonne Au, 22.28 g/tonne Ag and 1.05% Cu.

A single exploration drill hole (489m) was completed on the property in 2006 and returned 0.46 g/tonne Au over 56.2m, including 0.91 g/tonne Au over 20.7m. Complete results from the hole are tabled below:

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Hole ID       From      To (m)   Length    Au      Cu (%)     Ag
                (m)                (m)    (g/Mt)             (g/Mt)
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CC06-0032      0.0      489.0    489.0    0.20      0.02     0.47
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Including     54.5      110.7     56.2    0.46      0.02     0.65
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Including     90.0      110.7     20.7    0.91      0.01     0.44
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Including    408.0      489.0     81.0    0.35      0.02     0.57
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 Including   467.0      486.0     19.0    0.66      0.04     1.26
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   Including 467.0      474.5      7.5    0.92      0.02     0.80
A compilation map outlining relative drillhole locations can be found at:

http://www.copcanyon.com/projects/coppercanyon/documents/cpycompilationmap.pdf

NovaGold may earn a 60% interest in the Copper Canyon project from CPY by completing C$3 million in exploration expenditures, issuing a total of 296,000 shares of NovaGold and making property payments totaling C$250,000. NovaGold may earn an additional 20% interest in the project for a total of 80% by paying Copper Canyon C$1 million and completing a feasibility study by September 2011

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 one 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

Signed

"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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