Upper Canyon Minerals Corp.

Upper Canyon Minerals Corp.

February 20, 2008 07:00 ET

Upper Canyon Enters Option Agreement to Acquire Josefina Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Upper Canyon Minerals Corp. (the "Company") (TSX VENTURE:UCM) is pleased to announce that, subject to regulatory approval, it has entered into an option agreement (the "Option Agreement") with Jose Santos Rodriguez Pizan (the "Owner"), an individual who owns a 100% right, title and interest in and to certain mining claims comprising the Josefina Property in the Huarochiri Province of Lima, Peru (the "Property"). Pursuant to the Option Agreement, Upper Canyon has the exclusive right to acquire a 100% right, title and interest in and to the Property through its wholly owned Peruvian subsidiary, Upper Canyon Minerals Peru SAC.

The Property comprises 5600 hectares and includes the past producing Josefina Silver and Base Metals mine. The Property is located approximately 90 kilometers east of Lima, Peru and 35 kilometers south-west of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine.

Under the terms of the Option Agreement, the Company must fulfill certain payment requirements. In consideration for a 100% right, title and interest in and to the Property, the Company shall pay to the Owner a cash amount equal to CDN$25,000 and issue to the Owner a total of 1,500,000 common shares of the Company's capital on or before February 19, 2010.

A finders' fee will also be payable in connection with the acquisition of the Property.

Len De Melt, President of the Company commented: "We are very excited to have concluded agreements on the Josefina Property and we plan to commence an exploration program on the Property in the near future."

Upper Canyon Minerals Corp. is a growth oriented, mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM). The Company is currently exploring its 100% owned Louvicourt Property comprised of 18 mining claims covering approximately 922.8 hectares situated in the Louvicourt Township, Province of Quebec. The Company is aggressively pursuing additional acquisition opportunities.



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