Gold Canyon Negotiates Amendments to Royalties Related to Certain Springpole Project Claims

Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) reported that it has entered into an agreement with Jubilee Gold Inc. to give effect to the transfer of legal ownership of five patented claims forming part of the Company’s Springpole Gold Project in the Red Lake Mining District of Ontario, Canada.

The press release is quoted as saying:

Legal title to the five patented claims (KRL No. 11229, 11230, 11231, 12868 and 12869) will be transferred to Gold Canyon. These patented claims will be subject to a 3.0% net smelter royalty in favour of Jubilee (from a 5% net smelter royalty as set out in the original agreement), 1% of such royalty redeemable by Gold Canyon at any time upon payment of $1.0M to Jubilee.

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