This update came out Friday, and likely because the Company has hardly traded lately. What the release shows is that they are getting ready to be very active. Now – I say that with the understanding that there are those companies that *claim* to be ready to start the mining process only to go into the full time business of printing press releases. This is one of those that you really need to keep an eye on. Either this is going to be included in some kind of promotion campaign, or they are going to start digging and bringing in the gold.
My experience of the years is that the companies that talk the talk in mining via press releases and heavy promo generally are not actually operating a great business. The real operators don’t really care that much about stock price and promotion.
So far this one seems to be in the better category, but we will know over the next few months!
The company has undergone a one for twenty reverse split, but really has not put out any releases since that took place a few months ago. Friday’s release makes me think they are ramping up.
Here is that release:
Canyon Gold Corp. — Update to Shareholders
Canyon Gold Corp. (OTCQB:CGCC) (The Company) is pleased to provide an update on its progress.
Long Canyon Gold Resources Corp. ‘LCGRC’ (a wholly owned subsidiary).
LCGRC owns and or controls through certain options a 100% interest in 310 mineral lease claims in the Spruce Ridge Area of Nevada and in addition it controls a 100% interest in 180 mineral lease claims in the Pequop Mountains of the Long Canyon Trend Area of Nevada. These sections are adjacent to the original discovery acquire by Newmont Mining for 2.3 Billion Dollars. It is the company’s intention to explore its claims for the same type of target, a large tonnage gold deposit similar to the West Pequop Mountains Long Canyon type of Carlin Type gold deposit.
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