VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2012) - Gold Canyon Resources Inc. (TSX VENTURE:GCU) ("Gold Canyon" or "the Company") is pleased to announce that Mr. Troy J. Fierro joins the Company as Chief Executive Officer effective September 26, 2012. Akiko Levinson continues to serve the Company and its shareholders as President and a Director.
Mr. Fierro is a successful mining engineer with over 28 years of industry experience in the mining/consulting sectors. Mr. Fierro graduated with a Bachelor of Science - Mine Engineering from South Dakota School of Mines where he serves on the Advisory Board. He has been an independent consultant in the mining industry, between his full-time assignments, since 2008 and currently sits on the boards of directors of both Gold Canyon and Timberline Resources Corporation. He has previously held executive positions with Fronteer Gold Inc., Metallica Resources Inc., and Coeur d'Alene Mines where he has overseen the development, construction or management of mines in Nevada, Mexico, Argentina, Chile, and Alaska. At Fronteer, which was acquired by Newmont Mining Corp. for $2.1 billion, Mr. Fierro acted as COO. He was also Vice President Operations of Metallica where he played the lead role in the construction of the Cerro San Pedro Mine in Mexico. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc. Mr. Fierro was a director of Grayd Resources which was acquired by Agnico-Eagle in December 2011.
In welcoming the appointment, Gold Canyon's Chairman of the Board, Conrad Pinette stated, "Gold Canyon's Board is extremely pleased to bring Troy Fierro's mining executive skills to the position of CEO and the Board is confident that working with Troy will establish the Springpole asset as a viable gold mine."
Mr. Fierro stated, "It is truly an honor to be joining the Gold Canyon team. Since my appointment to the Board in May, I have found the quality of the team, assets, and shareholders to be exceptional. I look forward to advancing the Springpole Gold Project towards production and unlocking value for all those involved."
Gold Canyon further announces that it has, in connection with today's appointment and pursuant to the Company's Rolling Stock Option Plan, granted incentive stock options to Mr. Fierro to purchase an aggregate of 1,000,000 common shares of Gold Canyon. The stock options have a term of five (5) years, subject to vesting as to one-third of the total grant at each of the 6th, 12th and 18th month anniversary of the grant, and have an exercise price of $1.64 per share, representing the closing price of the Company's common shares on September 26, 2012, as reported on the TSX Venture Exchange.
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 REE Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Company's website: www.goldcanyon.ca
Akiko Levinson, President & Director
Certain statements contained in this news release using the terms "may", "expects to", "project", "estimate", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.