Upper Canyon Minerals Corp.

Upper Canyon Minerals Corp.

April 22, 2008 13:22 ET

Upper Canyon Minerals Corp.: Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Upper Canyon Minerals Corp. (TSX VENTURE:UCM) (the "Company") announces that the Company has arranged, subject to regulatory approval, a non-brokered private placement of up to 1,714,286 flow-through units at a price of $0.35 per unit for gross proceeds of up to $600,000 (the "Private Placement"). MineralFields Group of Ontario will purchase all of the units under the Private Placement. Each unit will consist of one flow-through common share (a "Share") and one-half of one warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one non flow-through Share at an exercise price of $0.50 per Share, at any time on or before the date that is 24 months from the date of issuance of the Warrant.

The proceeds from the financing will be used for exploration work on the Company's Brosnor Gold property located near Val d'Or, Abitibi, in Quebec, Canada.

A cash finder's fee equal to 5% of the proceeds and an option to acquire 8.5% of the number of units subscribed for by MineralFields Group will be payable on closing of the Private Placement. The units underlying MineralFields' option will be on the same terms as the units to be issued under the Private Placement.

Upper Canyon Minerals Corp. is a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM). The objective of the Company is to enhance its value via high mineralization resource properties with a goal of advancing them into commercial production. The Company is currently exploring two properties: the Josefina Silver and Base Metals Project, located in the Huarochiri Province of Lima, Peru, which comprises 5600 hectares and includes the past producing Josefina Silver and Base Metals mine and the Brosner Gold property located near Val d'Or, Abitibi, in Quebec, Canada. The Brosnor property hosts gold bearing structures, striking east-west, in which quartz-pyrite-tourmaline veins, concentrated in more competent rock units carry gold values in various amounts. The most important structure identified to date hosts two main gold zones, namely the Adelemont and Norcourt zones.



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