Canyon buying Addwest

The option to acquire Addwest was previously held by Magma Copper which assigned the option rights to Canyon. Addwest’s assets include more than one million oz of gold, Canyon President Richard De Voto says.

Addwest’s assets include a 60% interest in the producing Kendall mine in Montana which is operated by Canyon and a 100% interest in the Briggs property. Addwest also held an option to buy a 50% interest in Western Energy’s mineral properties. These include the Seven Up-Pete gold deposit near Lincoln, Mont., and the Chartam deposit, also in Montana. Canyon must still arrange financing to pay for the acquisition.

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