Canyon Resources Limited (ASX: CAY) (Canyon or Company) is pleased to update shareholders on the progress of development on the Minim Martap Bauxite Project in Cameroon (Project).
The Company has received formal written notification from the Ministry of Mines in Cameroon of the commencement of the process of the negotiation for a Mining convention for the Project.'
Once finalised, the Mining Convention shall specify all the key terms of the Project between the Company and the State across all areas, including justification and scope of the project, taxes, State participation in the Project, social and environmental obligations, conditions of local employment and other key areas of agreement.
Meetings will commence in the coming days, where the Camalco technical team will present the technical aspects of the Project to the Ministry of Mines, the Cameroon State owned mining company, SONAMINES as well as other relevant Government Ministries. Canyon's Managing Director, Mr Phillip Gallagher and the Company's legal counsel will attend negotiations in Yaounde and other regional locations in Cameroon throughout November, with a final joint site visit planned for early December 2021. Following completion of negotiations and consultations, it is expected Canyon will have an agreed Mining Convention with the Ministry of Mines.
Commenting on the Mining Convention Negotiations, Canyon's Managing Director, Mr Phillip Gallagher said, 'The commencement and finalisation of negotiations for the Mining Convention is an important preconstruction milestone for the Minim Martap Project. This is the culmination of the last 3 years work since being granted the Project.
Over this period of time, the Canyon and Camalco teams have achieved an enormous amount, including identifying a JORC compliant 1 billion tonne reserve and a very high grade 100 million tonne proven reserve, along with the completion of the ESIA and logistical studies.' 'I am very proud of our team and the high quality of work completed on the Minim Martap Project. Completing a Mining Convention this year would be a great result over what has been a very hard year with global COVID-19 restrictions
Social and Environmental Presentations
Alongside the Mining Convention negotiations, final presentations are being made to villagers throughout the Minim Martap Project area regarding the outcomes of the completed environmental and social studies for the project. Canyon's local subsidiary, Camalco Cameroon S.A. and the Ministry of Environment, Nature Protection and Sustainable Development, are hosting 'town hall' style forums in 6 local villages and cities throughout the Project area. The meetings are being held at Ngaoundere, Tibati, Belabo, Ngaoundal, Minim and Martap and occur daily for 5 days in each location. The presentations are an opportunity for people living in the area to ask questions and gain a better understanding of the timing of the commencement of construction of the Project and expected impacts on the local communities.
About Canyon Resources
Summary Canyon Resources is focussed on the development of the 100% owned Minim-Martap Bauxite Project, a direct shipping ore (DSO) project development opportunity in central Cameroon. The Project is situated adjacent to the main rail line linking the region to the Atlantic port of Douala. The rail line is currently underutilised and coupled with the existing port of Douala, supports a low capex, low opex solution to deliver high grade, low contaminant, seaborne bauxite to market to fuel the large and growing aluminium industry as described in the 2020 Pre-Feasibility Study.
The country is planning a rail extension and is undergoing rail line debottlenecking upgrades, giving longer term potential for export through the newly built, deep-water port of Kribi. Canyon is planning the development of the bauxite Project in a 2 Stage, 2 Port execution programme with initial production exported though the port of Douala utilising the existing rail and port infrastructure and Stage 2 unlocking tonnes and reducing costs by utilising the planned rail extension to access the deep-water port of Kribi.
Mineral Resource estimate
The data in this announcement that relates to the Mineral Resource estimates for the Minim Martap Bauxite Project is based on information in the Resources announcement of 11 May 2021 and available to view on the Company's website and ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The Company confirms that the form and the context in which the Competent Person's findings are presented have not been materially modified from the original market announcement
Forward looking statements
All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Canyon, are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as 'anticipate', 'believe', 'could', 'estimate', 'expect', 'future', 'intend', 'may', 'opportunity', 'plan', 'potential', 'project', 'seek', 'will' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Canyon that could cause Canyon's actual results to differ materially from the results expressed or anticipated in these statements. Canyon cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Canyon does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.
Contact:
Tel: +61 8 6382 3342
Email: info@canyonresources.com.au
CANYON RESOURCES LIMITED 
