Some smoke coming from CAY today - another tolga play. Rumours are the deal is signed on the Birsok Bauxite project in Cameroon with the Cameroonian government. A rush in to get some shares late today is showing a bit off smoke.
About Canyon Resources Limited -
In 2013, Canyon announced a farm-in transaction to acquire up to 75% of the Birsok Bauxite Project in Cameroon, which is considered highly prospective for high grade DSO bauxite. The Birsok Bauxite Project is strategically located in an emerging bauxite region of Cameroon (Figure 2), contiguous with the world class Minim Martap bauxite deposit and approximately 10km from an operating rail line. In addition to the bauxite assets, Canyon currently has a 25% Joint Venture interest (Acacia 75%) in a portfolio of prospective mineral exploration projects in Burkina Faso, which cover an area of approximately 2,400km² over 13 permits in the Birimian greenstone belts of the West African craton.
Short Term Trading Week Starting: 20 November, page-60
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