GOLDEN, Colo., Oct. 3 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU), a Colorado-based mining company, has received notice that the appeal from the District Courts dismissal of its federal takings claim in the case of Seven-Up Pete Venture, et al. v Brian Schweitzer, Governor of the State of Montana, et al. will be heard by the U.S. Court of Appeals for the Ninth Circuit in Seattle, Washington on Wednesday, November 7, 2007. The Seven-Up Pete Venture is wholly owned by Canyon Resources Corporation and its subsidiaries.
As noted in previous press releases and the Company's filings with the Securities and Exchange Commission, this case was initiated after passage of the 1998 I-137 ballot initiative in the State of Montana. Passage of this initiative resulted in a law that was narrowly crafted to specifically outlaw the use of cyanide to recover gold from ores mined by open pit methods. This was the first of its kind legislation in the U. S. By the time the initiative passed, the Seven-Up Pete Venture had spent over $70 million on drilling, permitting and engineering at the McDonald Gold Project in Montana. The passage of this initiative critically impaired the project rendering it worthless as no other gold recovery process technology has been proven to be economically viable for these ores. "We believe that a true injustice was perpetrated by the State of Montana in regards to the McDonald Gold Project. While a state has the right to make law, it should be held accountable for paying fair compensation for value lost to individuals and companies as a result of its changing laws which result in appropriation of property or which prohibit previously legal operational methods which were the basis for property development costs. That would be fair, and fairness is what we are seeking in this case," states James Hesketh, President and CEO.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act or 1933, as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the volatility of gold prices; potential operating risks of mining, development and expansion; the uncertainty of estimates of mineralized material and gold deposits; and environmental and governmental regulations; availability of financing; the outcome of litigation, as well as judicial proceedings and force majeure events and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. Most of these factors are beyond the Company's ability to control or predict.
FOR FURTHER INFORMATION, CONTACT: James Hesketh, President and CEO (303) 278-8464
Valerie Kimball, Investor Relations (303) 278-8464
http://www.canyonresources.com/ PR07-21 DATASOURCE: Canyon Resources Corporation CONTACT: James Hesketh, President and CEO, or Valerie Kimball, Investor Relations, both of Canyon Resources Corporation, +1-303-278-8464 Web site: http://www.canyonresources.com/
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