LAS VEGAS, May 22, 2014 (GLOBE NEWSWIRE) -- Canyon Gold Corp. (OTCQB:CGCC) (The Company) is pleased to announce the acquisition of 100% of the issued and outstanding shares of MARSHALL THOMSEN LTD., a British Columbia corporation entering the cannabis industry as a producer of cannabis products for distribution to the medical community.
CanyonGold on May 21, 2014 executed a Definitive Agreement with Marshall Thomsen acquiring 100% of its issued and outstanding shares whereby Marshall Thomsen becomes a wholly owned subsidiary of CanyonGold.
CanyonGold, to provide increased value to its shareholders, acquired Marshall Thomsen to enter the lucrative Cannabis Industry and be part of a promising future world trend.
"Joining the Team of CanyonGold provides the opportunity to build and operate a superior production center for cannabis with a view to a very bright future for the Company and value to its shareholders," says Tom Thomsen, President of the newly acquired subsidiary.
Marshall Thomsen applied to Health Canada for a license as a commercial grower of cannabis under the new regulations issued by Health Canada. We are pleased to confirm that the subsidiary has acquired the right to a 20 acre property in the Fraser Valley of British Columbia where it plans to build a facility of, initially, 90,000 square feet, allowing for future expansion on the site. The initial facility will be capable of producing up to 6 million grams of cannabis per year.
The New System under Canada Health:
In the new system, licensed producers are able to grow an unlimited amount of product. They must sell the product to patients through an e-commerce website and ship directly to either the patient's place of residence, or doctor's office. The entire process, from seed to sale, must be documented and managed by the licensed vendor. The product must meet stringent quality assurance tests before it can be sold, and if the product does not pass the testing it must be destroyed. Proof of destruction must be provided if requested by Health Canada and strong records must be kept. There are also strict regulations as to where operations can be located, and all employees and members of the management team must complete security clearance checks.
CanyonGold's IR Group.
The Company, to complement its diversification, has engaged the services of North Arm Capital of Point Roberts, WA to provide investor relations and shareholder communications services. Business Development Director Ron Hughes comments: "We are very excited to be joining CanyonGold in its new venture, and look forward to providing quality communication services in this emerging industry."
Change at the Helm:
With consideration to the new direction taken and the future separation of the present subsidiary LCGRC, the Company appointed Mr. Delbert Blewett of Solana Beach, CA to the position of President and CEO. Mr. Stephen Studdert stepped down from his position on the Board of Directors and chairman of the Strategy Committee of CanyonGold and accepted the position of President of the wholly-owned gold subsidiary Long Canyon Gold Resources Corp. We thank Mr. Studdert for his services on the Board of Directors of Canyon Gold and are pleased to appoint Mr. Studdert to the Board of the gold subsidiary. Under the guidance of Mr. Studdert the gold subsidiary will continue with its expansion and development plans.
CanyonGold's Subsidiaries.
MARSHALL THOMSEN (a wholly owned subsidiary).
CanyonGold, through its subsidiary, is entering the commercial production industry of cannabis, a renewable resource. The subsidiary has acquired the right to a 20-acre property to build and establish a production center in the Fraser Valley of British Columbia. The application for the license has been submitted to Health Canada. The planned new center provides for potential production of 6 million grams of cannabis in the first full year of operation.
Long Canyon Gold Resources Corp. 'LCGCR' (a wholly owned subsidiary) owns and or controls through certain options a 100% interest in 310 mineral lease claims in the Spruce Ridge Area of Nevada and in addition it controls a 100% interest in 180 mineral lease claims in the Pequop Mountains of the Long Canyon Trend Area of Nevada. It is the company's intention to explore its claims for the same type of target, a large tonnage gold deposit similar to the West Pequop Mountains Long Canyon type of Carlin Type gold deposit.
The Company continues to seek funding for its Gold Subsidiary to implement its planned Phase Two exploration program on its Mineral Claims in Elko County of Nevada.
Visit us at: www.canyongoldexploration.com with a link to www.marshallthomsen.com
On behalf of the Board of Directors, Delbert Blewett, President & CEO
The Company trades on the OTC-BB/QB tier of the OTC market. Investors can find Real-time quotes and market Information for the Company on http://www.otcmarkets.com/stock/CGCC/quote
Forward-Looking Statements
This news release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives or expected results of the Company, are forward-looking statements that involve various risks and uncertainties. Forward looking statements in this news release include that we will carry out an exploration program and exercise our option to lease additional claims. There can be no assurance that such statements will prove to be accurate and actual outcomes and results could materially differ from what is expressed, implied, or forecasted in forward-looking statements. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; we may not be able to get equipment or labor as we need it; we with may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's most recent reports filed with the Securities and Exchange Commission.