Canyon Copper Corp. (TSXV:CNC,OTCBB:CNYC) entered into an agreement with Sandfield Resources Ltd. to transfer up to a 70% interest in the Moonlight Copper-Porphyry Property to Sandfield. Sandfield will earn a 60% interest in the property under the terms of the Agreement and will be able to earn an additional 10% interest by issuing Canyon 2,500,000 common shares and acquiring an additional $3,000,000 of exploration expenditures by the fifth year of the Agreement.
As quoted in the press release:
Under the terms of the Agreement, Sandfield will earn a 60% interest in the Moonlight Property (the “Initial Interest”) upon:
(a) paying Canyon $125,000 on TSX Venture Exchange approval of the Agreement;
(b) issuing Canyon 500,000 common shares on the date Sandfield lists its common shares on the TSX Venture Exchange;
(c) incurring $100,000 of exploration expenditures on or before May 31, 2013;
(d) paying Canyon $125,000 and incurring an additional $500,000 of exploration expenditures by the second anniversary of the Agreement; and
(e) paying Canyon $125,000, issuing Canyon 2,500,000 common shares and incurring an additional $1,000,000 of exploration expenditures by the third anniversary of the Agreement.
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