October 21, 2017 6:34 PM ET

Metals and Mining

Company Overview of Canyon Resources Corporation

Company Overview

Canyon Resources Corporation explores, acquires, develops, and mines precious metals, gold, uranium, and other mineral properties. The company has gold production operations in the western United States, as well as conducts exploration activities for mineral properties in the western United States. The company owns Briggs Mine located in southeastern California; Kendall Mine located near Lewistown, Montana. Its properties also include Tuscarora and Adelaide properties located in Nevada; Mount Edna prospect in southeastern Humboldt County, Nevada; and Tram prospect located at the western end of Yucca Mountain in southern Nye County, Nevada. In addition, Canyon owns Converse and Sand Creek Ura...

14142 Denver West Parkway

Suite 250

Golden, CO 80401

United States

Founded in 1979

19 Employees

Phone:

303-278-8464

Fax:

303-279-3772

Key Executives for Canyon Resources Corporation

Canyon Resources Corporation does not have any Key Executives recorded.

Canyon Resources Corporation Key Developments

Motion for Asset Sale Approved for Atna Resources Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Atna Resources Inc. on May 10, 2016. The debtor has been authorized to sell substantially all its assets to Osgood Mining Company, LLC, DV Natural Resources, LLC, Solitario Exploration & Royalty Corp. and W.R.H. Nevada Properties, LLC, the winning bidders at the auction. The debtor’s assets include gold mining, exploration and development projects, including, without limitation, the Pinson Project, the Briggs Project, the Mag Open-Pit Project, the Columbia Project, certain mineral rights and exploration-stage properties in Canada and in the United States and the debtors’ interest in the Sand Creek Property along with all owned and leased unpatented and patented mining claims, real property leases, personal property, governmental permits, surety bonds, water rights, access rights, executory contracts and unexpired leases, and all other assets and rights owned or leased by the debtors. As per the asset purchase agreement dated May 5, 2016, between Osgood Mining Company, LLC and the debtor, Osgood shall purchase Pinson Project, Columbia Project, Copper Cliffs Royalty and Briggs Royalty Interest for a credit bid of $2.6 million plus assumption of certain liabilities and cure amounts. Jessica C.K. Boelter of Sidley Austin LLP represented Osgood as legal advisors. As per the asset purchase agreement dated May 3, 2016, between DV Natural Resources, LLC and the debtor, DV Natural shall purchase Briggs Project for consideration consisting of the assumption of liabilities. Charles A. Ebetino, Jr. of ENCECo, Inc. represented DV Natural as legal advisor. As per the asset purchase agreement dated May 3, 2016, between Solitario Exploration & Royalty Corp. and the debtor, Solitario shall acquire CR Montana Mineral Rights Royalty for a cash payment of $0.05 million plus assumption of liabilities. As per the asset purchase agreement dated May 3, 2016, between W.R.H. Nevada Properties, LLC and the debtor, W.R.H. Nevada shall acquire CR Montana Mineral Rights for a cash payment of $0.35 million plus assumption of certain liabilities. All the transactions shall close no later than May 13, 2016.

Notice of Auction Results Filed by Atna Resources Inc.

Atna Resources Inc. filed a notice of auction results in the US Bankruptcy Court on May 2, 2016. As per the auction conducted on May 2, 2016, Atna Resources Inc. selected 5 winning bidders for substantially all its assets. Waterton Precious Metals Fund II Cayman was selected as the successful bidder for the sale of Pinson Project, Columbia Project, Copper Cliffs Royalty and Briggs Royalty Interest for a total purchase price of $8.1 million in credit bids plus expressly assumed liabilities for all the purchased assets. DV Natural Resources, LLC was selected as the successful bidder for the sale of Briggs Project for consideration consisting of the assumption of all of Briggs reclamation and environmental obligations, the assumption of the surety bonds issued with respect to the Briggs Project and the related cash collateral and an advance deposit of $0.18 million. Solitario Exploration & Royalty Corp. was selected as the successful bidder for the sale of CR Montana Mineral Rights Royalty for $0.50 million cash payment. W.R.H. Nevada Properties, LLC was selected as the successful bidder for the sale of CR Montana Mineral Rights for $0.35 million cash payment. The execution of an asset purchase agreements for all the sale transactions is expected to be finalized on May 3, 2016.

Bidding Procedure Approved for Atna Resources Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Atna Resources Inc. on April 11, 2016. The Court approved the bidding procedures for the sale of substantially all the assets of Atna Resources Inc. by way of an auction procedure. The debtor’s assets include gold mining, exploration and development projects, including, without limitation, the Pinson Project, the Briggs Project, the Mag Open-Pit Project, the Columbia Project, certain mineral rights and exploration-stage properties in Canada and in the United States and the debtors’ interest in the Sand Creek Property along with all owned and leased unpatented and patented mining claims, real property leases, personal property, governmental permits, surety bonds, water rights, access rights, executory contracts and unexpired leases, and all other assets and rights owned or leased by the debtors. To qualify as a qualified bidder, interested parties should submit their bids by April 28, 2016 and must be accompanied by an executed asset purchase agreement and a cash deposit in the amount of 10% of the purchase price. Also, a bid must include a commitment to close the transaction by no later than May 13, 2016. The initial minimum overbid should be at least $0.1 million more than the initial purchase price plus the break-up fee plus the expense reimbursement. The debtor has scheduled an auction on May 2, 2016. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the proposed purchase price and expense reimbursement up to a cap of $0.15 million in case of termination of the asset purchase agreement. All objections to the proposed sale must be filed on or before May 3, 2016. The sale hearing is scheduled for May 5, 2016. Stephen D. Lerner of Squire Patton Boggs (US) LLP represented the debtor as legal advisor.

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