Canyon Gold Provides Shareholder Update – Summer 2022
The Company is on Track for Production in Early 2023
Vancouver, British Columbia – July 1, 2022 – Canyon Gold & Gravel Inc. (the “Company”) provides a shareholder update. Canyon Gold has made exceptional progress given the conditions we are working under in terms of the COVID 19 and Variant restrictions and more recently the floods.
Canyon Gold owns 160 acres of fee simple land on the Fraser River within the District of Hope, BC, with 1,000 meters of river front. Based on subtracting riverfront set backs, the company will mine 147 acres. The property is only three minutes from downtown Hope, and 1.5 hours from Vancouver in non-peak traffic. The Company also owns the Under Surface Rights giving us the rights to mine the gravel to depth and the Placer Gold Rights, a rarity as only a few gravel mines worldwide possess both these minerals. As Hope is designated a clean land fill area, Canyon Gold can generate additional revenue by charging tipping fees to arriving gravel trucks carrying clean lower mainland excavation fill. The trucks will then make their return trips carrying our gravel.
The Company has three sources of income, including: (a) Sand and Gravel sales – estimated at 67% of the income; (b) Gold sales – estimated 33% of the income; and, (c) Clean fill tipping fees – a bonus revenue, which could be as high as an additional 15%.
Senior management has ensured the Company is debt free by not taking any salaries and continues to self-fund the business expenses including office rent and related office expenses. Seed money raised goes directly to fund contracted professionals, including legal matters, accounting for audit, permits, and Securities Exchange fees, etc.
Canyon Gold is in the Process of Going Public
Canyon has submitted its preliminary application to the CSE (Canadian Securities Exchange) and is preparing the extensive documentation required to become a publicly trading company. We are now seeded as a Public Company and must follow the rules of the BCSC (BC Securities Commission) and the CSE, including GAP Audits. Our estimated timeframe for going public is late Q3 or early Q4 of 2022 when we expect to have full listing approval to trade Canyon’s shares. Shareholders will have a percentage of shares free trading at commencement of trading, with the rest being eligible for sale 3 months after listing.
Shareholders Receive Their Shares
The Company will close the sale of 1st round of seed shares upon completion and instruct the Company’s registrar to issue the share or DRS certificates, which will be delivered by registered mail. Your copy of the subscription agreement and risk acknowledgment are your receipt of proof of ownership, and our securities lawyer and accountants have copies of your agreement.
Commencement of Production
Management has completed and submitted all permits and mine plans to Front Desk BC, and they have been cleared and sent to BC Mines who issue the permits. Mines have prioritized Canyon Gold’s application and is out for consultation. Peter Osha has taken a proactive role and has contacted the various parties who will comment on the project to the government.
Additional accomplishments include:
- The local First Nations have been offered a participation and the Company is actively pursuing an agreement with them. As the Company owns the land this may be somewhat of a precedent setting agreement.
- CPR will soon be installing wood infill between the tracks for the old road temporary crossing. This will enable the Company to start pre-work on the site and the new road crossing which will be built to less than a 6-degree slope for the gravel and excavation fill trucks.
- Our first piece of equipment will arrive in December when the old road will be upgraded to the CPR line.
Canyon Gold’s Milestones Completed to Date
- Business plan and executive summary
- Subscription agreements and risk acknowledgements distributed
- Pre-OM and prospectus in progress
- Management and professional team in place
- 43-101 completed by an independent geologist prepared for the CSE
- CRA approval for Flow Through Shares
- Preliminary Submission to the CSE and BCSC
- Audit for accounting underway
- Permits submitted and paid to Front Desk BC, and the Mine plan submitted to BC Mines
- CPR temporary old road access soon to be completed, with the new road gated crossing engineered and submitted
- Production agreement with Triple-O Contractors agreement completed
- First Nations agreement submitted to Sto:lo Management for approval
Management is still projecting a pre-production start by July 2022, a very fast timeline to put a producing mine into production and start generating cash flow.
On behalf of Canyon Gold & Gravel Inc.
Chairman & President
For additional information, please contact:
Brian L. Hauff
Managing Director & CEO
Executive Vice President & Chief Investment Officer
Canyon Gold & Gravel Inc.
2216 Folkestone Way, Suite 31
West Vancouver, BC V3X 3H3