Investolator
16 years ago
Atna and Canyon Announce Closing of Merger
Last update: 8:30 a.m. EDT March 19, 2008Print E-mail RSS Disable Live Quotes
VANCOUVER and GOLDEN, CO, March 19, 2008 /PRNewswire-FirstCall via COMTEX/ -- Atna Resources Ltd. ("Atna") (CA:ATN: news, chart, profile) and Canyon Resources Corporation ("Canyon") (CAU:canyon resources corp com new
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CAU 0.42, 0.00, 0.0%) today announced the closing of the merger as of March 18, 2008 pursuant to the Agreement and Plan of Merger dated November 16, 2007. Atna has acquired all of Canyon's issued and outstanding shares of common stock, warrants and debentures. Canyon is now a wholly owned U.S. subsidiary of Atna.
As a result of the merger, Atna has created a strong platform for gold production growth with the following characteristics:
- A multi-million ounce gold company highly leveraged to the price of
gold
- Near term gold production opportunities from the restart of the
Briggs Mine, development of the Reward and Pinson projects
- An exceptional management team with proven skills and vast experience
- The financial size and strength to ensure continued growth and
attract resources
- Focused on the politically stable western United States primarily
Nevada
- Strong upside potential from the combined portfolio of gold
development, exploration and royalty properties
- Leverage to the uranium market through carried uranium exploration
joint ventures
David Watkins, CEO and Chairman of Atna, said, "This merger combines the management team, resources, and financial strength needed to create an exciting junior gold producer focused on the western United States. We believe that significant shareholder value will be created with a re-rating of our share price as a junior gold producer once the value of this combination is recognized by the market."
Jim Hesketh, the new President and COO of Atna, added, "Our priority will be to restart operations at the Briggs gold mine in California with gold production projected to commence in early 2009. The planned development of our Reward gold project in Nevada will significantly add to our production stream, subject to the issuance of the final mining permits and financing. In addition, we expect our venture partner, Pinson Mining Company, a subsidiary of Barrick Gold, to continue the exploration and underground development of the Pinson gold project in Nevada. The projected cash flow from these three projects, combined with potential future cash flows from our royalty properties, will allow us to achieve our goal of becoming a sustainable, growth oriented, profitable gold producer."
Pursuant to the terms of the merger agreement, each share of Canyon common stock issued and outstanding was converted into the right to receive 0.32 common shares of Atna, plus cash in lieu of any fractional shares. Canyon ceased trading on the American Stock Exchange at the close of market on March 18, 2008. Additional information concerning the conversion of Canyon shares to Atna shares can be found in the Canyon proxy statement mailed to shareholders on January 25, 2008. This information is also available in the registration statement on Form F-4A filed by Atna with the SEC on January 17, 2008. Atna trades on the Toronto Stock Exchange under the symbol ATN and in the United States on the Over-The-Counter market under the symbol ATNAF.
Forward-looking Statements
Certain forward-looking statements are included in this release, including statements relating to the transaction between Canyon Resources Corporation and Atna Resources Ltd. and anticipated production schedules. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Canyon's and Atna's current expectations regarding the transaction, and speak only as of the date of this release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from those referred to in the forward-looking statements. Such risks and uncertainties include, among other things, risks relating to the ability to obtain permits and commence production and generate material revenues or obtain adequate financing for planned exploration and development activities. A full discussion of other known risks and uncertainties regarding Canyon, its business and operations are included in its Annual Report on Form 10-K, for the year ended December 31, 2006, as filed with the SEC, copies of which are available without charge from Canyon. A full discussion of other known risks and uncertainties regarding Atna, its business and operations are included in its Annual Report on Form 20-F, for the year ended December 31, 2006, as filed with the SEC, copies of which are available without charge from Atna. These filings are also available electronically from the SEC Web site at www.sec.gov. If any of the events described in those filings were to occur, either alone or in combination, it is likely that Canyon's or Atna's ability to reach the results described in the forward-looking statements could be impaired and Canyon's and/or Atna's stock price could be adversely affected. Neither Canyon or Atna undertake any obligation to update or correct any forward-looking statements included in this presentation to reflect events or circumstances occurring after the date of this presentation
CONTACT: Kendra Johnston, Investor Relations Manager, Tel: (604) 684-2285, kjohnston@atna.com; Valerie Kimball, U.S. Investor Relations, Tel: (303) 278-8464, vkimball@canyonresources.com
SOURCE Atna Resources Ltd.
giabull
16 years ago
Canyon Resources calls meeting to vote on merger
Wednesday January 23, 3:41 pm ET
Canyon Resources Corp. has called a special meeting of shareholders to vote on the company's merger with a Canadian company.
The Golden-based gold miner (AMEX: CAU - News) agreed in November to merge with Vancouver-based Atna Resources Ltd. in a deal valued at nearly $26 million.
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The meeting will be 3 p.m. March 6 at Table Mountain Inn, 1310 Washington Ave., Golden.
The merged company will focus on gold mining efforts in the West. Atna owns a stake in gold mines in Nevada, while Canyon owns mines in Nevada and California.
Jim Hesketh, president and CEO of Canyon, will become president and chief operating officer of the merged company. David Watkins of Atna will remain CEO and chairman. David Suleski, CFO of Canyon, will assume the same role at Atna.
Canyon will drop off the American Stock Exchange if the merger goes through. Atna, which also trades in the United States as ATNAF on the Over-the-Counter market, said it does not qualify for an AMEX listing because its stock trades for less than $2 a share.
Published January 23, 2008 by The Denver Business Journal
jake89
16 years ago
Well if the merger goes through with Atna ,
Atna is already traded both in the US and Canada.
TSE:ATN
Other OTC:ATNAF
From the conference call:
"Operator: Your next question as a follow-up question from (Catherine Gignac) with Wellington West.
(Catherine Gignac): Hi there, I just wanted to finish up with the fact that this will be — Atna will continue to be a Canadian Incorporated company with a US wholly owned subsidiary in Canyon, is that correct?
Man: That’s correct. Correct, yeah.
(Catherine Gignac): And you’ll maintain the US listing then, and.
Man: Plan is not to maintain it in the short term or reconsider it as we move forward and — reconsider as we move forward.
(Catherine Gignac): Okay, thank you.
"
"Operator: Your next question comes from (Sam Robotsky) with (SER) Asset Management.
(Sam Robotski): Yeah. Good afternoon, good morning.
Will you be — your trade — Atna is currently traded on Toronto. So will it trade in the NASDAQ, there’s a bulletin board or some kind of thing or you will wait till you’re up for that.
Man: Yeah. Right now, Atna does have a — you can trade on Atna through (ATNAF) I believe is the US call sign
"
jake89
16 years ago
Atna Reports Progress at Pinson Gold Mine, Nevada
http://www.atna.com/s/News.asp?ReportID=280157&_Type=News-Releases&_Title=Atna-Reports-Progress-at-Pinson-Gold-Mine-Nevada
Vancouver, B.C. (January 08, 2008). Atna Resources Ltd. (ATN: TSX) is pleased to report progress of work by Pinson Mining Company (Barrick Gold) at the Pinson Gold Mine located in the Getchell Gold Belt, Nevada. Atna owns a 70% interest in the property and Pinson Mining Company (PMC) owns 30%. PMC may reverse the parties' interests by spending US$30 million on further work to advance and develop the property before April 6, 2009. PMC commenced material work on the project in August 2007. Initial plans called for 50,000 feet of surface drilling, 35,000 feet of underground drilling, and 4,000 feet of underground development.
Dewatering to enable underground development began in August. A rapid infiltration basin (RIB) to handle the water is under construction and a second RIB will be installed to handle any overflow needs. Bids have been called for the underground development, which is expected to begin in Q1 2008. Three core drills and one reverse circulation (RC) rotary drill are presently in operation on the property. Twenty three holes have been completed (RC pre-collar and core tail); 11 holes are pre-collared and cased; four holes are in progress. A total of 26,899 feet, including 20,364 feet of RC and 6,535 feet of core drilling, was completed through the end of November. Analytical turn-around is an issue, with PMC experiencing 3 to 5 week delay from sample delivery to receipt of analytical results.
PMC has focused drilling in four principle target areas: 1) infill definition drilling in the Range Front/Ogee/CX West zones, 2) infill drilling in the CX zone, 3) exploration drilling in the HPR-104 area, and 4) in the Summer Camp area near the northern property boundary with the Getchell Mine property. Highlights of the results are reported as follows:
Range Front/Ogee/CX West
Early results include a high grade drill intersection (BRFC-019) of gold mineralization confirming the tenor and grade in the Ogee zone. High grade gold intersections in the CX West zone (BRFC-009, 010) underscore the potential to add new mineralization in the CX-West zone to the total estimated resource at Pinson. CX West is a mineralized structure between the Range Front and Ogee structures which was encountered at the end of Atna's 2006 drill program and which made a minor contribution to the June 2007 resource estimate. No assays are yet available from core within the Range Front resource envelope. However, broad intersections of gold mineralization in the hanging wall of the Range Front (BRFC-022 & 023) indicate additional opportunities to increase the deposit resource. Core-tails drilled on strike outside the south boundary of the resource estimate (BRFC - 002, 003) cut zones of lower grade mineralization. Data is partial and incomplete, as work is in progress. Additional core assaying and drilling of core tails is required to enable full reporting and interpretation. Highlights of the drill intersections are reported in the following table:
-----------------------------------------------------------------------
Drill Hole From Length Gold
Number (ft) To (ft) (ft) (oz/t) Zone
-----------------------------------------------------------------------
BRFC-002(1) 445.0 485.0 40.0 0.049 Range Front - south of
resource envelope
-----------------------------------------------------------------------
including 445.0 450.0 5.0 0.181
-----------------------------------------------------------------------
BRFC-003(1) 573.0 598.0 25.0 0.037 Range Front - south of
resource envelope
-----------------------------------------------------------------------
BRFC-007(2) 210.0 230.0 20.0 0.069 Range Front (hanging wall)
-----------------------------------------------------------------------
BRFC-009(2) 60.0 80.0 20.0 0.599 CX-West (RC)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
BRFC-010(2) 245.0 300.0 55.0 0.299 CX-West (RC)
-----------------------------------------------------------------------
BRFC-019(3) 375.0 405.0 30.0 0.352 Ogee (RC)
-----------------------------------------------------------------------
including 380.0 400.0 20.0 0.497
-----------------------------------------------------------------------
-----------------------------------------------------------------------
BRFC-020a(3) 445.0 460.0 15.0 0.131 Range Front (hanging wall)
-----------------------------------------------------------------------
BRFC-022(4) 650.0 740.0 90.0 0.284 Range Front (hanging wall)
-----------------------------------------------------------------------
including 650.0 665.0 15.0 0.867
-----------------------------------------------------------------------
including 700.0 720.0 20.0 0.540
-----------------------------------------------------------------------
BRFC-023(3) 630.0 640.0 10.0 0.128 Range Front (hanging wall)
-----------------------------------------------------------------------
and 675.0 695.0 20.0 0.215 Range Front (hanging wall)
-----------------------------------------------------------------------
including 675.0 685.0 10.0 0.343
-----------------------------------------------------------------------
(1) Core-tail completed; assays complete.
(2) Core-tail completed; assays complete on pre-collar; assays pending
on core-tail.
(3) Pre-collar RC only, core-tail not yet completed; pre-collar assays
complete.
(4) Hole deviated and would have twinned existing hole. Core-tail not
planned.
CX Zone
PMC is conducting definition drilling in the CX zone and has completed 8 pre-collar RC holes with 5 core tails. Assays have been received from only one of the completed core-tails: hole number BCXC-018 cut 11.8 feet grading 0.236 oz/ton gold in the core-tail, confirming this area within the CX resource shell. Three of the pre-collar holes deviated from the planned path and no core-tails will be done, as they would only twin existing core holes.
--------------------------------------------------------------
Drill Hole From Length Gold
Number (ft) To (ft) (ft) (oz/t) Zone
--------------------------------------------------------------
BCXC-018(1) 1060.2 1120.6 60.4 0.097 CX
--------------------------------------------------------------
including 1060.2 1072.0 11.8 0.236
--------------------------------------------------------------
(1) Core-tail completed; assays complete.
HPR - 104 and Summer Camp Exploration Targets
Drill hole HPR - 104 intersected strongly anomalous gold values (555 feet grading 0.096 oz/ton Au from 1,500 to 2,055 feet) in previous drilling of favorable host stratigraphy 800 feet north of the main Pinson mineralization. An exploration hole drilled in the current program by PMC to test this gold anomaly deviated more than 250 feet from its intended course and failed to explore the previous intercept in a meaningful way. Summer Camp is about 3 miles north of the Pinson resource area and straddles the main structural trend as defined by gravity surveys and geologic mapping between Pinson and the Getchell Mine. All analytical data is pending at Summer Camp.
All sample preparation and gold assays in this press release were completed by American Assay Laboratories in Reno, Nevada, an independent analytical laboratory with a Certificate of Laboratory Proficiency PTP-MAL from the Standards Council of Canada. Gold assays were completed by standard fire assay methods with an atomic absorption finish or a gravimetric finish for higher grade samples. Pinson Mining Company has instituted a rigorous QA/QC protocol which includes certified assay standards and blanks, replicates, and duplicate samples which bolsters American Assay's own internal QA/QC program.
This press release was prepared under the supervision and review of William Stanley, V.P. Exploration of Atna, a Licensed Geologist, and Qualified Person with the ability and authority to verify the authenticity and validity of information contained within this news release.
For further information, please visit our website, www.atna.com, or contact:
ATNA RESOURCES LTD., Kendra Johnston, Investor Relations Manager & Geologist;
Tel: (604) 684-2285, E-mail: kjohnston@atna.com
Forward-Looking Statements
Except for the statements of historical fact that may be contained herein, this news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drilling and other exploration results; fluctuating commodity prices and exchange rates; the possibility of project cost overruns or unanticipated costs and expenses; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; environmental risks and hazards; and other risks and uncertainties disclosed in the Company's current Annual Information Form filed with the Canadian securities regulatory authorities and Form 20-F filed with the United States Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
jake89
16 years ago
Canyon Resources Initiates Drilling at its Briggs Area Projects
GOLDEN, Colo., Dec. 5 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (Amex: CAU - News). Canyon Resources Corporation is pleased to announce that it has initiated a 10,000 foot drilling campaign that will focus on work at both the Cecil R gold property, located four miles north of its Briggs Mine in Inyo County, California, and at the Briggs Mine itself. Harris Exploration Drilling and Associates Inc. has been contracted for the reverse circulation (RC) drilling that commenced operation today.
Gold mineralization at Cecil R occurs along a consistent and continuous shallow-dipping oxidized detachment fault zone, a planar feature located immediately below an upper plate cover of unconsolidated gravels. These gravels mantle the flat topped broad ridges at low elevations along the western foot of the Panamint Range. Exploration attention has been turned to this property because of its consistency and amenable configuration to open pit mining. Limited past exploration at Cecil R has demonstrated the continuity of the gold-mineralized zone with true widths of mineralization ranging from several feet to 90 feet. The property has in-place mineralized material estimated as 5.75 million tons at an average grade of 0.024 opt gold at a 0.015 opt cutoff grade, open in all directions along the generally 15 degree westerly dipping fault plane. Three companies have had exploratory drilling programs at Cecil R: in 1973 Homestake Mining Company drilled three holes followed by Inspiration Copper Company in 1978 who drilled 18 RC holes. Between 1991 and 2006, Canyon Resources drilled a total of 30 RC holes on Cecil R. Drilling results from these three campaigns form the basis of the mineralized material estimate.
Although some infill drilling has been planned in the incipient campaign, the present drilling program was designed primarily to step out from the known mineralization to potentially increase the area of known gold mineralization. Recent geological field work has demonstrated that the gold-bearing detachment structure continues below gravels which drape ridges to the south of the area drilled in the past. Six of the 30 planned holes will be drilled in this area. Permits for these programs have been approved and drill roads have been prepared.
Upon completion of the planned Cecil R drilling program, the drill rig will be moved to the bottom of the BSU pit of the Briggs Mine from where a minimum of three holes are planned to further explore the Goldtooth structure. These holes will provide crucial information on the down-dip and northward extension of the high-grade Goldtooth mineralized structure discovered during the 2006 drilling campaign. The planned drill holes will provide further exploration information on the region just north of Hole R-16 which had an intersection of 18 feet grading 0.48 ounce per ton of gold.
For additional information on Canyon Resources, please visit our website at http://www.canyonresources.com.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Such forward-looking statements include, among others, feasibility and drilling studies for the Briggs and Cecil R projects, mineralized material estimates, reserves estimates, drilling capability and the potential reopening or expansion of the Briggs Mine. 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 reserves, 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.
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