As filed with the Securities and Exchange Commission on October 15, 2007
Registration No. 333-144205
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT
NO. 2
to
FORM S-3
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
CANYON RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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1040
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84-0800747
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(State or other jurisdiction of
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(Primary Standard Industrial
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(I.R.S. Employer
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incorporation or organization)
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Classification Code Number)
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Identification Number)
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14142 Denver West Parkway, Suite 250
Golden, Colorado 80401
(303) 278-8464
(Name, address, including zip code, and telephone number, including area code, of registrants principal executive offices)
James K. B. Hesketh
President and Chief Executive Officer
14142 Denver West Parkway, Suite 250
Golden, Colorado 80401
(303) 278-8464
(Name, address, including zip code, and telephone number, including area code, of agent for service)
With copies to:
Richard J. Mattera, Esq.
Hogan & Hartson LLP
1200 Seventeenth Street, Suite 1500
Denver, Colorado 80202
(303) 899-7300
Approximate date of commencement of proposed sale to the public:
As soon as practicable after
this Registration Statement becomes effective.
If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box.
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If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following
box.
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If this Form is filed to register additional securities for an offering pursuant to
Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering.
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If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.
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If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.
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If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box.
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The Registrant hereby amends this Registration Statement on such date or dates as may be necessary
to delay its effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant to said Section 8(a), may
determine.
The information in this preliminary prospectus is not complete and may be changed. These securities
may not be sold until the registration statement filed with the Securities and Exchange Commission
is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion, dated October 15, 2007
PROSPECTUS
17,901,072 Shares
Canyon Resources Corporation
Common Stock
The selling stockholders are offering 17,901,072 shares of our common stock. Of these
17,901,072 shares of common stock, 8,288,770 shares were acquired by the selling stockholders
pursuant to either private placements or other exempt transactions between us and the selling
stockholders. In addition, up to 9,612,302 shares of common stock may be acquired at various
prices per share upon the exercise of warrants by the selling stockholders. All of these shares of
common stock are being sold by the selling stockholders named in this prospectus, or its
transferees, pledgees, donees or successors-in-interest. The selling stockholders will receive all
proceeds from the sale of the shares of our common stock being offered in this prospectus. We will
receive, however, the exercise price of the warrants upon exercise by the selling stockholders of
their warrants.
The selling stockholders may sell the shares of common stock being offered by them from time
to time on the American Stock Exchange, in market transactions, in negotiated transactions or
otherwise, and at prices and at terms that will be determined by the then prevailing market price
for the shares of common stock or at negotiated prices directly or through a broker or brokers, who
may act as agent or as principal or by a combination of such methods of sale. For additional
information on the methods of sale, you should refer to the section entitled Plan of Distribution
on page 16.
Our common stock trades on the American Stock Exchange under the symbol CAU. On October 12,
2007, the closing price of our common stock on the American Stock Exchange was $0.42.
Investing in our common stock involves risks. See Risk Factors beginning on page 2.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus is
, 2007.
TABLE OF CONTENTS
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TABLE OF CONTENTS
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SUMMARY
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1
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RISK FACTORS
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2
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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9
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USE OF PROCEEDS
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10
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DIVIDEND POLICY
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10
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DESCRIPTION OF OUR COMMON STOCK
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10
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THE SELLING STOCKHOLDERS
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11
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PLAN OF DISTRIBUTION
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14
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LEGAL MATTERS
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15
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EXPERTS
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16
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WHERE YOU CAN FIND MORE INFORMATION
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16
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INCORPORATION BY REFERENCE
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16
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You should rely only on the information contained in this document or to which we have referred
you. We have not authorized anyone to provide you with information that is different. This document
may only be used where it is legal to sell these securities. The information in this document may
only be accurate on the date of this document.
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SUMMARY
This summary highlights information contained elsewhere in this prospectus. It does not
contain all of the information that you should consider before investing in our common stock. You
should read the entire prospectus carefully, including our financial statements incorporated by
reference from our Annual Report on
Form 10-K
and Quarterly Reports on
Form 10-Q
. You should read
Risk Factors beginning on page 2 for more information about important risks that you should
consider before investing in our common stock.
As used in this prospectus, unless the context otherwise requires, the terms Canyon
Resources, we, our and us refer to Canyon Resources Corporation and its consolidated
subsidiaries.
Canyon Resources Corporation
General
Canyon Resources Corporation is a Colorado-based company organized in 1979 to explore,
acquire, develop, and mine precious metal and other mineral properties. We are involved in all
phases of the mining business from early stage exploration, exploration drilling, development
drilling, feasibility studies and permitting, through construction, operation and final closure of
mining projects.
Our gold production facilities are located in California and we have projects in Montana,
California and Nevada. Our exploration and development efforts have emphasized precious metals
(gold, silver and uranium), but base metals and industrial minerals may also be considered. After
we identify and acquire mineral properties, we evaluate the properties by geologic mapping, rock
sampling, and geochemical analyses. Properties we believe have favorable geologic conditions are
considered for further exploration, farmed out or joint ventured. In order to test the mineral
potential of a property we may take samples, trench, review old data and when deemed reasonable,
perform exploration drilling.
Our staff and consultants further evaluate properties with a demonstrated inventory of
mineralized rock. We conduct various studies including calculation of tonnage and grade,
metallurgical testing, development of a mine plan, environmental baseline studies and economic
feasibility studies. If the economics of a project are favorable, we develop a plan of operations
and submit the plan to the required governmental agencies for their review. We and the appropriate
government authorities generally require vigorous environmental reviews prior to issuance of
permits for the construction of a mining operation.
We have conducted a portion of our mineral exploration through joint ventures with other
mining companies in the past. We have also independently financed the acquisition of mineral
properties and conducted exploration and drilling programs and implemented mine development and
production from mineral properties in the western United States.
Other information
Our common stock trades on the American Stock Exchange under the symbol CAU. Our principal
executive offices are located at 14142 Denver West Parkway, Suite 250, Golden, Colorado 80401. Our
telephone number is (303) 278-8464. Our website address is www.canyonresources.com. Except for
any documents that are incorporated by reference into this prospectus that may be accessed from our
website, the information available on or through our website is not part of this prospectus.
1
RISK FACTORS
Our business, operations and financial condition are subject to various risks. You should consider
carefully the following risk factors, in addition to the other information set forth in this
prospectus, before deciding to participate in the offering. If any of these risks and
uncertainties actually occurs, our business, financial condition or results of operations could be
materially and adversely affected, the value of our common stock could decline, and you may lose
all or part of your investment.
SPECIFIC RISKS RELATED TO US
The Exercise Of Options, Warrants, And Conversion Of Our Existing Debentures And The Future
Issuances Of Common Stock Will Dilute Current Shareholders And May Reduce The Market Price Of Our
Common Stock.
As of October 12, 2007 we have a substantial amount of outstanding options, warrants and
convertible debentures that if completely exercised would dilute existing stockholders ownership
by approximately 39%. While a substantial portion of our outstanding warrants and options are
exercisable at prices in excess of the current market price of our common stock, if our share price
increases substantially and these securities are exercised, then shareholders may experience
substantial dilution of book value per share of our common stock. The issuance of additional
securities may also reduce the market price of our common stock, but would also be a significant
source of funds. The Board of Directors has the authority to authorize the offer and sale of
additional securities without the vote of or notice to existing shareholders up to the AMEX limit
of 20% of the outstanding shares. Based on the need for additional capital to fund the re-start of
the Briggs Mine and other future mines, it is likely that we will issue additional securities to
provide such capital, and that such additional issuances may involve a significant number of shares
some of which may be offered at a discount to the current market price.
Failure To Extend The Life Of The Briggs Mine Would Significantly Reduce Our Gold Production.
Currently the Briggs Mine, located in California, is recovering only minimal ounces of gold from
the old leach pads. We placed our Briggs Mine in production in 1996 and it has produced over
550,000 ounces of gold. Portions of the mine are currently being reclaimed while we perform
activities designed to evaluate the re-start of the mine. The evaporation of the final water
balance from the old leach pad could be completed in 2007 and only minor amounts of gold are
expected to be recovered from these activities during 2007. As of December 31, 2006, we declared
reserves of approximately 130,000 ounces of gold at the Briggs Mine recoverable by open pit or
underground mining methods. Development of these reserves is dependant upon financing at reasonable
terms and a sufficient gold price to provide a reasonable return on investment. In May 2007, we
sold equity to primarily fund a planned underground test mining operation to evaluate the
profitability of the underground reserves and mineralized material. The ultimate success of the
Briggs underground test depends largely on our ability to control ore grade dilution and
effectively manage production and mine development. The Company has delayed indefinitely its plan
to perform underground test mining at the Briggs Mine until adequate financing can be secured.
Montana Regulatory Authorities May Impose Reclamation Requirements On Our Closure Of The Kendall
Mine That Would Significantly Increase Our Funding Requirements For Such Closure.
Our wholly-owned subsidiary, CR Kendall Corporation, expects to spend approximately $2.1 million
through mine closure. In 1999 and 2000, the Montana Department of Environmental Quality (DEQ)
proposed an increase in the required reclamation bond amount from the existing $1.9 million to
approximately $14.2 million. We believe the revised bond amount exceeds the cost of remaining work
and our subsidiary filed an administrative appeal to the DEQs actions, which is still pending. In
February 2001, CR Kendall Corporation entered into an agreement with the DEQ under which the $1.9
million supporting the then existing bond was transferred to an interest bearing account at the DEQ
for use in continuing reclamation at the Kendall minesite and the appeals regarding bond amounts
were stayed.
In January 2002, we became aware that the DEQ intends to proceed with an Environmental Impact
Statement (EIS) to determine the closure requirements for final reclamation at our Kendall Mine.
After a long hiatus the EIS has been reactivated and work is ongoing and we are working closely
with the DEQ to finalize it. Depending on the
outcome of the EIS, the reclamation costs may vary from our current estimate. The release of our
financial
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obligation on the property will only take place once the regulatory agencies have given
final approval to all closure measures and are satisfied that the mine has met all reclamation
requirements. There is no assurance of agency satisfaction with our mine closure. The amounts
necessary to achieve a final mine closure may be impacted by the outcome of the described pending
matters and we may not have sufficient funds to complete the Kendall reclamation if such matters
are resolved adversely to us, which would have a material adverse effect on our business.
Unfavorable Resolution Of The McDonald Lawsuit Would Prevent Us From Realizing Its Value.
The McDonald deposit was discovered and drilled by the Seven-Up Pete Venture (SPV). This large,
low grade, deposit is highly amenable to gold recovery utilizing cyanide recovery technology with
heap leaching. Cyanide recovery technologies for new open pit gold and silver mines were made
illegal in the State of Montana in 1998 with the passage of the anti-cyanide ballot initiative
I-137. We, along with other co-plaintiffs, filed suit against the State of Montana in state and
federal courts in April 2000 seeking to overturn I-137 or, alternatively, to obtain a takings
damage award for the value of the SPV properties
(Seven-Up Pete Venture, et al. v The State of
Montana)
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We reinstated our federal lawsuit in the U.S. District Court for the District of Montana, which
later dismissed our takings claims stating, in part, a lack of jurisdiction. We have subsequently
filed a notice to appeal to the U.S. Court of Appeals for the Ninth Circuit. All briefs before this
Court have now been filed and we are scheduled to be heard by the Court on November 7, 2007. In
addition, the Company has filed a breach of contract complaint against the State of Montana related
to the termination of the McDonald Gold Projects state mineral leases.
Gold Production At Our Briggs Mine Involves Many Steps And The Amount Of Gold To Be Recovered Is
Not Known With Certainty.
We have historically produced gold at our Briggs Mine using the heap leaching process. This process
involves the application of cyanide solutions by drip irrigation to ore stacked on an impervious
pad. As the solution percolates through the heap, gold is dissolved from the ore into solution. In
March 2005, we stopped adding cyanide to the process and have been rinsing the pad with water
only, since that time. The result of this rinsing is that the water pushes out any residual gold
that was previously dissolved when we were adding cyanide. This rinse solution is collected and
processed with activated carbon that collects the gold from the solution onto the carbon. Through
the subsequent process of pressure stripping the gold is returned to solution in a more highly
concentrated state. This concentrated solution of gold is further processed in an electrowinning
circuit, which collects the gold onto electric cathodes which are melted into gold bars. In October
2005, we achieved our goal of producing all of the previously estimated recoverable gold on the
leach pad. This estimated recoverable gold quantity was computed based on estimates derived from
laboratory leach column tests of the ore and then applying the estimated recovery percentage to the
ores on the leach pad. Subsequent (after October 2005) gold production is now above the amounts
forecasted within the recovery models used at the mine and are, therefore, highly speculative and
we cannot know with certainty the amount of gold to be recovered from the Briggs Mine. During 2007,
approximately 250 to 350 ounces of gold are expected to be recovered and sold and it is expected
that the leach pad solutions will continue to be recirculated until most of the water is evaporated
which is expected to take another six to nine months.
Recent California Legislation and Regulations May Prohibit Us From Developing Any Projects Adjacent
To Our Briggs Mine.
On April 10, 2003, the California State Mining and Geology Board (CSMGB) enacted a Backfill
Regulation that essentially requires that all future metal mines be backfilled, with certain
exceptions, to the original contour of the landscape. In April 2003, the California Legislature
passed a bill which stipulates that, if a project is located within one mile of a Native American
sacred site and on limited use lands within the California Desert Conservation Area (CDCA), new
open-pit metal mine projects must be backfilled during reclamation. The Briggs project is located
in the Panamint Range within the designated limited use land of the CDCA. Any new open pit
developments on our properties outside the existing Briggs plan of operations area may be required
to comply with these regulations, although the bill recognizes that under certain circumstances
existing permit areas may be extended to incorporate mining locations necessary for the continued
operation or expansion of the existing operation without the backfilling requirement.
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We May Have Obligations At The Briggs Mine, Which May Adversely Impact Liquidity.
The Briggs Mine operates under permits granted by various agencies including BLM, Inyo County,
California, the California Department of Conservation, and the Lahontan Regional Water Quality
Control Board (Lahontan). The Company has posted cash and reclamation bonds with these agencies
in the amount of $4.3 million of which $4.2 million are reclamation bonds supported by a surety.
All surety bonds are subject to annual review and adjustment.
In 1999, in response to a demand for an increase in collateral by the surety company who issued the
above described bonds, the Company granted a security interest in 28,000 acres of mineral interests
in Montana. In addition, the Company agreed to make cash deposits with the surety company totaling
$1.5 million over a three year period at the rate of $0.5 million per year, commencing June 30,
2001. The Company has made deposits totaling $0.5 million during 2007 as of October 12, 2007. As
of October 12, 2007 the cash collateral portion of the surety bonds was approximately $0.9 million.
In June 2007, the surety filed a civil action in the U.S. District Court for the District of
Colorado against the Company for monies due of $1.25 million and unspecified costs, damages and
legal expenses. The Company answered the complaint in July 2007.
In September 2007, the Company settled the complaint through negotiations with the surety company.
The settlement requires the Company to make further collateral deposits totaling approximately
$0.75 million over a three year period. The Company is required to make accelerated deposits to the
collateral account if it raises non-project financing greater than $10 million and when asset sales
exceed $1.0 million. Any accelerated deposits will be applied against the next scheduled payment
and total deposits will not exceed the $0.75 million maximum. The suretys request for monies as
collateral represents a reimbursable deposit to the Company to support required future reclamation
of the Briggs Mine site and therefore no liability has been accrued.
We Have A History Of Losses, Which May Continue In The Future.
Our operating history has resulted in losses from operations for the past five fiscal years. We
also anticipate a loss from operations for the fiscal year ended December 31, 2007. In the past the
Briggs Mine has been profitable during a given fiscal year; however, our operations as a whole may
be unprofitable due to:
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significant reduction in gold production;
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exploration and development costs on properties from which no revenue is derived;
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continuing general and administrative costs;
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interest expense associated with debt; and
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changes in estimated reclamation cost.
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Our Briggs Mine ceased mining operations in early 2004. Although we have developed and acquired
several new sources of potential gold production in and around the Briggs Mine, there is no
assurance that we will be successful in developing profitable gold mining operations in the future.
RISKS RELATED TO OUR MINERAL EXPLORATION AND DEVELOPMENT ACTIVITIES
We May Not Have Sufficient Funding For Exploration, Which May Hinder Our Growth.
Historically, we have funded our exploration activities through joint venture partners as well as
using our own cash resources. Additional funding from existing partners or third parties, however,
may be necessary to conduct detailed and thorough evaluations of, and to develop certain
properties. Our ability to obtain this financing will depend upon, among other things, the price of
gold and the industrys perception of its future price. Therefore, availability of funding is
dependent largely upon factors outside of our control, and cannot be accurately predicted. We do
not know from what sources we will derive any required funding. If we cannot raise additional
funds, as to which there can be no assurance, we will not be able to fund certain exploration
activities. Until additional funds become available, we anticipate restricting our exploration
activities to those necessary to maintain our property rights and to provide information used in
permitting our advanced projects.
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We May Not Have Sufficient Funding To Achieve Production If Our Exploration and Development Is
Successful.
It is likely we will be required to obtain additional financing in order to develop our ore
reserves at the Briggs Mine or to continue to explore and develop our other properties. The amount
of such financing could be reduced if we were able to sell other non-core assets or were able to
enter into joint ventures on one or more of our properties. We will need to seek additional
development funding for the Reward and Seven-Up Pete projects if one or both of those projects are
successful in obtaining environmental and operational permits and if a decision is made to develop
the project. However, there can be no assurance that we will be able to obtain the required funds
for all or any of our projects.
The Nature Of Mineral Exploration And Production Activities Involves A High Degree Of Risk; We
Could Incur A Writedown On Our Investment In Any Project.
Exploration for minerals is highly speculative and involves greater risk than many other
businesses. Many exploration programs, including some of ours, do not result in the discovery of
mineralization and any mineralization discovered may not be of sufficient quantity or quality to be
profitably mined. Uncertainties as to the metallurgical amenability of any minerals discovered may
not warrant the mining of these minerals on the basis of available technology. Our operations are
subject to all of the operating hazards and risks normally incident to exploring for and developing
mineral properties, such as:
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encountering unusual or unexpected formations;
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environmental pollution;
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personal injury and flooding;
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decrease in recoverable reserves due to a lower precious metal price; and
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changing environmental laws and regulations.
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If management determines that, based on any factors including the foregoing, capitalized costs
associated with any of our mineral interests are not likely to be recovered, we would incur a
writedown on our investment in such property interest. We have experienced writedowns of this type
from time to time. During the second quarter of 2005, we wrote off our carrying value of the
McDonald Gold Project by approximately $9.2 million.
Our Industry Is Highly Competitive, Mineral Lands Are Scarce, And We May Not Be Able To Obtain
Quality Properties.
In addition to us, many companies and individuals engage in the mining business, including large,
established mining companies with substantial capabilities and long earnings records. There is a
limited supply of desirable mineral lands available for claim staking, lease, or acquisition in the
U.S. and other areas where we conduct exploration activities. We may be at a competitive
disadvantage in acquiring mining properties since we must compete with these individuals and
companies, many of which have greater financial resources and larger technical staffs. The annual
exploration budgets for major mining companies typically are tens of millions of dollars. Our
exploration/development budget for 2007 is expected to be approximately $2.5 million some of which
may be capitalized as Briggs development costs. Mineral properties in specific areas which may be
of interest or of strategic importance to us may be unavailable for exploration or acquisition due
to their high cost or they may be controlled by other companies who may not want to sell or option
their interests at reasonable prices.
Gold Prices Are Volatile And Declines Have An Adverse Effect On Our Share Price And Business Plan.
The market price of minerals is extremely volatile and beyond our control. Basic supply/demand
fundamentals generally influence gold prices. The market dynamics of supply/demand can be heavily
influenced by economic policy. Fluctuating metal prices may have a significant impact on our
results of operations and operating cash flow. Furthermore, if the price of a mineral should drop
dramatically, the value of our properties which are being explored or developed for that mineral
could also drop dramatically and we might not be able to recover our investment in those
properties. The decision and investment necessary to put a mine into production must be made long
before the first revenues from production will be received. During the prior five years, the
average annual price of gold has
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increased from $310 per ounce in 2002 to $603 per ounce in 2006 and has averaged approximately $668
per ounce during 2007 as of October 10, 2007. Price fluctuations between the time that we make such
a decision and the commencement of production can completely change the economics of the mine.
Although it is possible for us to protect against some price fluctuations by entering in to
derivative contracts (hedging) in certain circumstances, the volatility of mineral prices
represents a substantial risk in which no amount of planning or technical expertise can eliminate.
The average annual gold price per ounce since 2002 based on the London PM Fix is as follows:
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2002
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2003
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$310
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445
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$
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603
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We Must Comply With Complex Environmental Regulations Which Are Increasing And Costly.
Compliance with environmental quality requirements and reclamation laws imposed by Federal, state,
provincial, and local governmental authorities may:
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require significant capital outlays;
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materially affect the economics of a given property;
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cause material changes or delays in our intended activities; and
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expose us to lawsuits.
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These authorities may require us to prepare and present data pertaining to the effect or impact
that any proposed exploration for or production of minerals may have upon the environment. The
requirements imposed by any such authorities may be costly, time consuming, and may delay
operations. Future legislation and regulations designed to protect the environment, as well as
future interpretations of existing laws and regulations, may require substantial increases in
equipment and operating costs and delays, interruptions, or a termination of operations. We cannot
accurately predict or estimate the impact of any such future laws or regulations, or future
interpretations of existing laws and regulations, on our operations.
Historic mining activities have occurred on certain of our properties. If such historic activities
have resulted in releases or threatened releases of regulated substances to the environment,
potential for liability may exist under federal or state remediation statutes. Except as discussed
in our periodic filings with the SEC, we are not aware of any such claims under these statutes at
this time, and cannot predict whether any such claims will be asserted in the future.
Title To Mineral Properties Can Be Uncertain And We Are At Risk Of Loss Of Ownership.
Our U.S. mineral properties consist of private mineral rights, leases covering state and private
lands, leases of patented mining claims, and unpatented mining claims. Many of our mining
properties in the U.S. are unpatented mining claims to which we have only possessory title. Because
title to unpatented mining claims is subject to inherent uncertainties, it is difficult to
determine conclusively ownership of such claims. These uncertainties relate to such things as
sufficiency of mineral discovery, proper posting and marking of boundaries and possible conflicts
with other claims not determinable from descriptions of record. Since a substantial portion of all
mineral exploration, development and mining in the U.S. now occurs on unpatented mining claims,
this uncertainty is inherent in the mining industry.
The present status of our unpatented mining claims located on public lands allows us the exclusive
right to mine and remove valuable minerals, such as precious and base metals. We also are allowed
to use the surface of the land solely for purposes related to mining and processing the
mineral-bearing ores. However, legal ownership of the land remains with the U.S. We remain at risk
that the mining claims may be forfeited either to the U.S. or to rival private claimants due to
failure to comply with statutory requirements.
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Legislation Has Been Proposed That Would Significantly Affect The Mining Industry.
Members of the U.S. Congress have repeatedly introduced bills which would supplant or alter the
provisions of the Mining Law of 1872. If enacted, such legislation could change the cost of holding
unpatented mining claims and could significantly impact our ability to develop mineralized material
on unpatented mining claims. Such bills have proposed, among other things, to either eliminate or
greatly limit the right to a mineral patent and to impose a federal royalty on production from
unpatented mining claims. Although it is impossible to predict at this point what any legislated
royalties might be, enactment could adversely affect the potential for development of such mining
claims and the economics of existing operating mines on federal unpatented mining claims. Passage
of such legislation could adversely affect our financial performance.
The Economics And Ore Grades At Current And Future Development Properties Are Uncertain, And We
Could Experience A Write-down On Our Investment.
Decisions as to whether any of the mineral development properties, which we now hold or which we
may acquire in the future, contain commercial ore reserves and whether such properties should
therefore be sold, retained or brought into production will depend upon the results of exploration
programs and/or feasibility studies and the recommendations of duly qualified engineers or
geologists. There can be no assurance that any of the development properties we now hold, or which
we may acquire, will contain a commercial ore reserve, and therefore, no assurance that we will
ever generate a positive cash flow from the sale of production on such properties. In addition,
once we decide to place a property into production, risks still exist that the amount and grade of
the reserves may be significantly less than predicted. To the extent we experience negative
adjustments to the tonnages and grades of our reserves, the actual production unit costs and
profitability would be adversely affected. Depending upon the extent of such an effect on any of
our properties, we could incur a writedown on the recorded value of our mine properties.
Our Operating Costs Could Be Adversely Affected By Inflationary Pressures Especially To Labor And
Fuel Costs
The global economy is currently in a period of high commodity prices and as a result the mining
industry is attempting to increase production. This has caused significant upward price pressures
in the operating costs of mining companies especially in the area of skilled labor. The skilled
labor needed by the mining industry is in tight supply and its cost is increasing. Many of our
competitors have lower costs and their mines are located in better locations that may give them a
competitive advantage in employee hiring and retention.
The cost of fuel to run machinery and generate electricity is closely correlated to the price of
oil. Over the past two years the price of oil has risen significantly and has increased the
operating cost of mines dependant on fuel and oil to run their business. Continued upward price
pressures in our operating costs may cause us to generate significantly less operating cash flows
than expected which would have an adverse impact to our business.
RISKS RELATED TO OUR COMMON STOCK
We Are Subject To The Continued Listing Criteria Of The American Stock Exchange.
Our common stock is currently listed on AMEX. In order to maintain our listing on AMEX, we must
maintain certain share prices, financial and distribution targets, including maintaining a minimum
amount of stockholders equity and a minimum number of public stockholders. In addition to
objective standards, AMEX may delist the securities of any issuer if in its opinion, the issuers
financial condition and/or operating results appear unsatisfactory; if it appears that the extent
of public distribution or the aggregate market value of the security has become so reduced that
AMEX may request that we take corrective action; if the issuer sells or disposes of principal
operating assets or ceases to be an operating company; if an issuer fails to comply with AMEXs
listing requirements; if an issuers common stock sells at what AMEX considers a low selling
price and the issuer fails to correct this via a reverse split of shares of common stock after
notification by AMEX; or if any other event shall occur or any condition shall exist which may
cause AMEX to request that we take corrective action, in its opinion, unadvisable.
7
If AMEX were to delist our common stock, investors could face material adverse consequences,
including, but not limited to, a lack of a trading market for our securities, decreased analyst
coverage of our securities, an inability for us to obtain additional financing to fund our
operations, and possible liquidated damages related to past equity financings.
The Price Of Our Common Stock Has A History Of Volatility, Which May Prevent Shareholders From
Realizing A Profit From Their Investment During Particular Time Frames.
The market price for shares of our common stock may be highly volatile depending on news
announcements or changes in general market conditions. In recent years, the stock market has
experienced extreme price and volume fluctuations. From January 1, 2005 to October 12, 2007, our
stock closed in a range from a high of $1.34 to a low of $0.23 per share. Such volatility may
cause large swings in the value of a shareholders investment in us.
We Have Change In Control Provisions That Discourage A Corporate Takeover And Could Deprive
Shareholders Of Opportunities To Sell At Temporarily Higher Prices.
In March of 1997 and again in March of 2007, our Board adopted a Shareholder Rights Agreement
designed to protect and maximize the value of our outstanding equity interest in the event of an
unsolicited attempt by an acquirer to take us over, in a manner or on terms not approved by the
Board. Takeover attempts frequently include coercive tactics to deprive a corporations Board of
Directors the opportunity to negotiate or otherwise act in the best interest of its stockholders.
Our Board believes these tactics often deprive stockholders of the full value of their shares. The
Shareholder Rights Agreement, however, may have the effect of rendering more difficult or
discouraging any acquisition of us deemed undesirable by the Board. The Shareholder Rights
Agreement will cause substantial dilution to a person or group that attempts to acquire us on terms
or in a manner not approved by the Board, except pursuant to an offer conditioned upon the
elimination, purchase or redemption of the rights provided for in the Shareholder Rights Agreement.
8
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated herein by reference contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the
Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange
Act):
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i.
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any statements contained herein or therein regarding the prospects for our business
or any of our services;
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ii.
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any statements preceded by, followed by or that include the words may, will,
seeks, believes, expects, anticipates, intends, continues, estimates,
plans or similar expressions; and
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iii.
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other statements contained herein or therein regarding matters that are not
historical facts.
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Forward-looking statements in this prospectus and our filings with the SEC include, without
limitation, statements regarding:
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financial position;
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business strategy;
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budgets;
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amount, nature and timing of capital expenditures;
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mining production;
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potential reserves or mineralized material;
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operating costs and other expenditures;
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future net revenues from production and estimates of potential gold reserves;
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cash flow and anticipated liquidity; and
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prospect development and property acquisitions.
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Our business and results of operations are subject to risks and uncertainties, many of which
are beyond our ability to control or predict. Because of these risks and uncertainties, actual
results may differ materially from those expressed or implied by forward-looking statements, and
investors are cautioned not to place undue reliance on such statements, which speak only as of the
date thereof. In addition to the specific risk factors described in the section entitled Risk
Factors, important factors that could cause actual results to differ materially from our
expectations and may affect our operations, revenues or the common stock, include, but are not
limited to:
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availability of financing on acceptable terms or the inability to obtain additional
financing through capital markets, joint ventures, or other arrangements in the future;
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difficulty in extrapolating drill hole results to establish mineralization;
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the outcome of the McDonald and Kendall Mine litigation as well as other possible
judicial proceedings;
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unanticipated grade, geological, metallurgical, processing or other problems;
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operational risks of mining, development and exploration and force majeure events;
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the effects of competition;
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availability and cost of material and equipment;
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uncertainty of reserve estimates and timing of development expenditures;
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the impact of gold price fluctuations;
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our ability to find, acquire, market, and develop new properties;
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the impact of current and future laws and governmental regulations;
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climactic conditions;
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liability for environmental claims;
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the impact of the departure of any key officers; and
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general economic, market or business conditions.
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We do not intend to update these forward-looking statements except as required by law.
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9
USE OF PROCEEDS
The proceeds from the sale of the shares of common stock offered pursuant to this prospectus
are solely for the account of the selling stockholders. Accordingly, we will not receive any
proceeds from the sale of the shares of common stock offered by this prospectus. However, we will
receive the exercise price of any common stock we sell to the selling stockholders upon exercise by
them of their warrants. If warrants to purchase all of the underlying 9,612,302 shares of common
stock are exercised for cash, we would receive approximately $6,613,000 of total proceeds, before
expenses, subject to any adjustment due to the anti-dilution provisions of the warrants. The
selling stockholders are not obligated to exercise the warrants, many of which have exercise prices
well above the trading price of our common stock, and if none are exercised, we will not receive
any proceeds. We would expect to use any proceeds we receive from the exercise of warrants for
general working capital purposes.
DIVIDEND POLICY
We currently intend to retain our future earnings, if any, to finance the further development
and expansion of our business and do not intend to pay dividends for the foreseeable future. Any
future determination to pay dividends will be at the discretion of our board of directors and will
depend on our financial condition, results of operations, capital requirements, restrictions
contained in future financing instruments and other factors our board of directors deems relevant.
DESCRIPTION OF OUR COMMON STOCK
For a full description of our common stock, please see the documents identified in the section
Incorporation by Reference in this prospectus. As of the date of this prospectus, we are
authorized to issue 150,000,000 shares of our common stock. As of October 12, 2007, we had
53,037,824 issued and outstanding shares of common stock, and had reserved an additional (1)
17,533,790 shares of common stock for issuance upon exercise of outstanding warrants, (2) 597,826
shares of common stock for issuance upon conversion of our convertible debentures, and (3)
2,631,000 shares of common stock for issuance upon exercise of outstanding options under our
various stock and compensation incentive plans, and (4) 3,231,065 shares of common stock for future
issuance under the Canyon Resources Corporation 2006 Omnibus Equity Incentive Plan. Each share of
common stock is entitled to one vote in the election of directors and other matters.
Our common stock is issued in registered form, and our transfer agent is Computershare Trust
Company, Inc., 350 Indiana Street, Suite 800, Golden, Colorado 80401.
10
THE SELLING STOCKHOLDERS
We initially issued the common stock and warrants to the selling stockholders on May 25, 2007,
as initial purchasers in transactions exempt from the registration requirements of the Securities
Act. The warrants were issued with different terms as follows: (i) warrants to purchase 2,403,076
shares of common stock at an exercise price of $0.64 per share that are exercisable beginning
November 25, 2007 for a period of one year from the effectiveness of this Registration Statement;
and (ii) warrants to purchase 7,209,226 shares of common stock at an exercise price of $0.704 per
share that are exercisable beginning November 25, 2007 until May 25, 2011.
The selling stockholders, including their transferees, pledges, donees or other successors,
may from time to time offer and sell pursuant to this prospectus any or all of the shares of common
stock and the shares of common stock issuable upon exercise of the warrants. Any selling
stockholder may also elect not to sell any shares of common stock or shares of common stock
issuable upon exercise of the warrants held by it. Only those shares of common stock and shares of
common stock issuable upon exercise of the warrants listed below or in any prospectus supplement
hereto may be offered for resale by the selling stockholders pursuant to this prospectus. None of
the selling stockholders has, or had, any position, office or other material relationship with us
or any of our affiliates beyond their investment in or receipt of our securities, except for Kuhns
Brothers, Inc., and Gregory Dryer, who is an employee of Kuhns Brothers, Inc., the placement agent
for the private placement described above.
Each of Kuhns Brothers, Inc. and Lindsay A. Rosenwald, M.D., the managing member of Otago
Partners, LLC are affiliated with registered broker dealers. However, no selling stockholder acted
as an underwriter in connection with the private placement and each selling stockholder made
representations and warranties in the subscription agreements pursuant to which the common stock
and warrants were sold that the selling stockholder purchased the common stock and warrants in the
ordinary course of business and did not have, directly or indirectly, any intention of distributing
any of the common stock purchased or the common stock issuable upon the exercise of warrants or any
agreement, arrangement or understanding with any other persons regarding the distribution of the
common stock.
The following table is prepared based on information supplied to us by the selling
stockholders. Although we have assumed for purposes of the table below that the selling
stockholders will sell all of the shares offered by this prospectus, because the selling
stockholders may offer from time to time all or some of their shares covered under this prospectus,
or in another permitted manner, no assurances can be given as to the actual number of shares that
will be resold by the selling stockholders or that will be held by the selling stockholders after
completion of the resales. In addition, the selling stockholders may have sold, transferred or
otherwise disposed of the common stock or the warrants in transactions exempt from the registration
requirements of the Securities Act, since the date the selling stockholders provided the
information regarding their securities holdings. Except as described above, there are currently no
agreements, arrangements or understandings with respect to the resale of any of the shares covered
by this prospectus. Pursuant to the subscription agreements pursuant to which the common stock and
warrants were sold, each of the selling stockholders warranted and covenanted to us that the
selling stockholder purchased the common stock in the ordinary course of business and did not have,
directly or indirectly, any intention of distributing any of the common stock or any agreement,
arrangement or understanding with any other persons regarding the distribution of the common stock,
notwithstanding that certain of the investors are broker dealers as described above.
The common stock offered by this prospectus may be offered from time to time by the persons or
entities named below:
11
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Shares Beneficially Owned
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Shares Beneficially Owned
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Prior to the Offering
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After the Offering (1)
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Number of
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Number of
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Shares
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Number of
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Shares
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Underlying
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Shares
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Underlying
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Name of Selling Stockholder
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Number
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Warrants
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Percent
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Offered
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Number
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Warrants
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Percent
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CGM C/F Ronald I Heller IRA
(2)
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445,633
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445,633
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1.67
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%
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891,266
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*
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Crescent International Ltd.
(3)
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713,012
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713,012
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2.65
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%
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1,426,024
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*
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Gregory C. Dryer
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1,206,278
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2.22
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%
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794,117
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412,161
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*
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Hedgehog Capital LLC (4)
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2,616,873
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2,470,031
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9.16
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%
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3,565,062
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834,342
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687,500
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2.83
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%
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Heller Capital Investments,
LLC (5)
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891,266
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891,267
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3.31
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%
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1,782,533
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*
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Iroquois Master Fund Ltd.
(6)
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891,266
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1,088,636
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3.66
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%
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1,782,533
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197,369
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*
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Robert Kalman
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81,563
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44,563
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*
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89,126
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37,000
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*
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Kuhns Brothers, Inc. (7)
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605,800
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1.13
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%
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529,412
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76,388
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*
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Lloyd I. Miller Trust A4 (8)
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1,359,180
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1,359,180
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5.00
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%
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2,718,360
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*
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MilFam I, L.P. (9)
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1,359,180
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1,359,180
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5.00
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%
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2,718,360
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*
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Otago Partners, LLC (10)
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356,506
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556,507
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1.70
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%
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713,013
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200,000
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*
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Xodarap Partners, LLC (11)
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516,633
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497,644
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1.89
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%
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891,266
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71,000
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52,011
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*
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*
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Indicates less than 1%.
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(1)
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Assumes all of the common shares registered are sold.
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(2)
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The foregoing amounts do not include the following shares owned by
Heller Capital Investments, LLC shown below. Ronald I. Heller has
investment power and voting control over all of the foregoing shares
of common stock. Mr. Heller disclaims beneficial ownership of these
securities.
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(3)
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Maxi Brezzi and Bachir Taleb-Ibrahimi share investment power and
voting control over the foregoing shares, but disclaim beneficial
ownership of such shares.
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(4)
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The foregoing amounts do not include the following shares: (i)
426,481 shares of common stock owned by Hedonic Capital LLC, (ii)
346,741 shares of common stock underlying warrants owned by Hedonic
Capital LLC, (iii) 346,741 shares of common stock owned by David T.
Lu, or (iv) 173,371 shares of common stock underlying warrants owned
by Mr. Lu. Mr. Lu is the managing member of both Hedgehog Capital
LLC and
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12
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Hedonic Capital LLC and has investment power and voting
control over all of the foregoing shares of common stock. Mr. Lu
disclaims beneficial ownership of these securities.
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(5)
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The foregoing amounts do not include the shares owned by CGM C/F
Ronald I Heller IRA shown above. Ronald I. Heller has investment
power and voting control over all of the foregoing shares of common
stock. Mr. Heller disclaims beneficial ownership of these
securities.
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(6)
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Joshua Silverman has investment power and voting control over the
foregoing shares of common stock. Mr. Silverman disclaims beneficial
ownership of these securities.
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(7)
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John D. Kuhns and Mary E. Fellows have investment power and voting
control over these securities. Mr. Kuhns and Ms. Fellows disclaim
beneficial ownership of these securities. Kuhns Brothers, Inc. is
affiliated with a registered broker-dealer.
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(8)
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The foregoing amounts do not include shares owned by MilFam I, L.P.
shown below, or (i) 700 shares of common stock owned by Milfam II
L.P. or (ii) 18,000 shares of common stock owned by Lloyd I. Miller,
III. Mr. Miller has investment power and voting control over the
foregoing shares of common stock. Mr. Miller disclaims beneficial
ownership of these securities.
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(9)
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The foregoing amounts do not include shares owned by Lloyd I. Miller
Trust A4 shown above, or (i) 700 shares of common stock owned by
Milfam II L.P. or (ii) 18,000 shares of common stock owned by Lloyd
I. Miller, III. Mr. Miller has investment power and voting control
over the foregoing shares of common stock. Mr. Miller disclaims
beneficial ownership of these securities.
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(10)
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Lindsay A. Rosenwald, M.D. is the managing member of Otago Parners,
LLC and has investment power and voting control over the foregoing
shares of common stock. Mr. Rosenwald disclaims beneficial ownership
of these securities.
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(11)
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Justin C. Fine, Manager, has investment power and voting control over
these securities. Mr. Fine disclaims beneficial ownership of these
securities.
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13
PLAN OF DISTRIBUTION
The selling stockholders, which as used herein includes donees, pledgees, transferees or other
successors-in-interest selling common stock or interests in common stock received after the date of
this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their common
stock or interests in common stock on any stock exchange, market or trading facility on which the
common stock is traded or in private transactions. These dispositions may be at fixed prices, at
prevailing market prices at the time of sale, at prices related to the prevailing market price, at
varying prices determined at the time of sale, or at negotiated prices.
The selling stockholders may use any one or more of the following methods when disposing of
common stock or interests therein:
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ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;
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block trades in which the broker-dealer will attempt to sell the common stock as
agent, but may position and resell a portion of the block as principal to facilitate
the transaction;
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purchases by a broker-dealer as principal and resale by the broker-dealer for its
account;
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an exchange distribution in accordance with the rules of the applicable exchange;
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privately negotiated transactions;
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short sales effected after the date of this prospectus;
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through the writing or settlement of options or other hedging transactions, whether
through an options exchange or otherwise;
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broker-dealers may agree with the selling stockholders to sell a specified number of
such common stock at a stipulated price per share;
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a combination of any such methods of sale; and
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any other method permitted pursuant to applicable law.
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The selling stockholders may, from time to time, pledge or grant a security interest in some
or all of the common stock owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the common stock, from time to
time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act amending the list of selling stockholders to include the
pledgee, transferee or other successors in interest as selling stockholders under this prospectus.
The selling stockholders also may transfer the common stock in other circumstances, in which case
the transferees, pledgees or other successors in interest will be the selling beneficial owners for
purposes of this prospectus.
In connection with the sale of our common stock or interests therein, the selling stockholders
may enter into hedging transactions with broker-dealers or other financial institutions, which may
in turn engage in short sales of the common stock in the course of hedging the positions they
assume. The selling stockholders may also sell our common stock short and deliver these securities
to close out their short positions, or loan or pledge the common stock to broker-dealers that in
turn may sell these securities. The selling stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other financial
institution of shares of common stock offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction). The selling stockholders may agree to
14
indemnify any broker-dealer that participates in transactions involving the sale of shares of
common stock against certain liabilities, including liabilities arising under the Securities Act.
The aggregate proceeds to the selling stockholders from the sale of the common stock offered
by them will be the purchase price of the common stock less discounts or commissions, if any. Each
of the selling stockholders reserves the right to accept and, together with their agents from time
to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly
or through agents. We will not receive any of the proceeds from this offering.
The selling stockholders also may resell all or a portion of the common stock in open market
transactions in reliance upon Rule 144 under the Securities Act of 1933, provided that they meet
the criteria and conform to the requirements of that rule.
The selling stockholders and any underwriters, broker-dealers or agents that participate in
the sale of the common stock or interests therein may be underwriters within the meaning of
Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn
on any resale of the common stock may be underwriting discounts and commissions under the
Securities Act. Selling stockholders who are underwriters within the meaning of Section 2(11) of
the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.
To the extent required by applicable law, our common stock to be sold, the names of the
selling stockholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular
offer will be set forth in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the Registration Statement that includes this prospectus.
In order to comply with the securities laws of some states, if applicable, the common stock
may be sold in these jurisdictions only through registered or licensed brokers or dealers. In
addition, in some states the common stock may not be sold unless it has been registered or
qualified for sale or an exemption from registration or qualification requirements is available and
is complied with.
We have advised the selling stockholders that the anti-manipulation rules of Regulation M
under the Exchange Act may apply to sales of stock in the market and to the activities of the
selling stockholders and their affiliates. In addition, we will make copies of this prospectus (as
it may be supplemented or amended from time to time) available to the selling stockholders for the
purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling
stockholders may indemnify any broker-dealer that participates in transactions involving the sale
of the common stock against certain liabilities, including liabilities arising under the Securities
Act.
We have agreed to indemnify the selling stockholders against liabilities, including
liabilities under the Securities Act and state securities laws, relating to the registration of the
common stock offered by this prospectus.
We have agreed with the selling stockholders to keep the Registration Statement of which this
prospectus constitutes a part effective until the earlier of (1) such time as all of the common
stock covered by this prospectus have been disposed of pursuant to and in accordance with the
Registration Statement, (2) the date on which the common stock (other than stock held by our
Affiliates) may be sold pursuant to Rule 144(k) of the Securities Act, and (3) May 25, 2013.
LEGAL MATTERS
The validity of the issuance of the common stock offered by this prospectus will be passed
upon for us by Hogan & Hartson LLP, Denver, Colorado.
15
EXPERTS
Technical Reports
Certain scientific and technical information relating to our mining properties, which is
incorporated by reference into this prospectus from our Annual Report on Form 10-K for the fiscal
year ended December 31, 2006, is based on reports prepared by WLR Consulting, Inc. and Practical
Mining LLC.
Independent Registered Accounting Firm
The consolidated financial statements for the years ended December 31, 2006, 2005, and 2004,
which are incorporated by reference into this prospectus from our Annual Report on Form 10-K for
the fiscal year ended December 31, 2006, have been so incorporated in reliance upon the report of
Ehrhardt Keefe Steiner & Hottman PC, independent registered accounting firm, given on their
authority as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC, a registration statement on Form S-3, of which this prospectus is
a part, under the Securities Act with respect to the common stock offered hereby. This prospectus
does not contain all of the information included in the registration statement. Statements in this
prospectus concerning the provisions of any document are not necessarily complete. You should
refer to the copies of the documents filed as exhibits to the registration statement or otherwise
filed by us with the SEC for a more complete understanding of the matter involved. Each statement
concerning these documents is qualified in its entirety by such reference.
We are subject to the informational requirements of the Exchange Act and, accordingly, file
reports, proxy statements and other information with the SEC. The SEC maintains a web site at
http://www.sec.gov that contains reports and information statements and other information regarding
registrants that file electronically with the SEC. You may read and copy the registration
statement, these reports and other information at the public reference facility maintained by the
SEC at the SECs Public Reference Room at 100 F Street, N.E., Washington, DC 20549. You may obtain
information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330.
You may read and copy our SEC reports, proxy statements and other information at the American
Stock Exchange at 86 Trinity Place, New York, New York 10006.
INCORPORATION BY REFERENCE
The SEC allows us to incorporate by reference into this prospectus the information that we
file with them. This means that we can disclose important information to you in this document by
referring you to other filings we have made with the SEC. The information incorporated by
reference is considered to be part of this prospectus, and later information we file with the SEC
that is incorporated or deemed to be incorporated by reference into this prospectus will update and
supersede this information. We incorporate by reference the documents listed below, and any
filings we make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange
Act after the initial filing of the registration statement that contains this prospectus and before
the time that we sell all the securities offered by this prospectus:
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our Annual Report on Form 10-K for our fiscal year ended December 31, 2006, filed
with the SEC on March 2, 2007;
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our Quarterly Report on Form 10-Q for our fiscal quarters ended March 31, 2007 and
June 30, 2007 filed with the SEC on May 9 and August 13, 2007;
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our Current Reports on Form 8-K filed with the SEC on January 4, February 7, March
5, March 23, May 9, May 15, May 25, May 30, June 1, August 13, August 28, and September
5, 2007 (except to the extent any information contained in a current report is
furnished to, and not filed with, the SEC);
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16
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our Definitive Proxy Statement on Schedule 14A filed with the SEC on April 18, 2007;
and
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the description of our common stock as set forth in our Registration Statement on
Form 8-A filed with the SEC on August 6, 1996 (File No. 001-11887).
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This prospectus may contain information that updates, modifies or is contrary to information
in one or more of the documents incorporated by reference in this prospectus. You should rely only
on the information incorporated by reference or provided in this prospectus. We have not authorized
anyone else to provide you with different information. You should not assume that the information
in this prospectus is accurate as of any date other than the date of this prospectus or the date of
the documents incorporated by reference in this prospectus.
Upon your written or oral request, we will provide at no cost to you a copy of any and all of
the information that is incorporated by reference in this prospectus.
Requests for such documents should be directed to:
James K. B. Hesketh
President and Chief Executive Officer
Canyon Resources Corporation
14142 Denver West Parkway, Suite 250
Golden, Colorado 80401
Telephone: (303) 278-8464
You may also access the documents incorporated by reference in this prospectus through our
website www.canyonresources.com. Except for the specific incorporated documents listed above, no
information available on or through our website shall be deemed to be incorporated in this
prospectus or the registration statement of which it forms a part.
17
17,901,072 Shares
Canyon Resources Corporation
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 14.
Other Expenses of Issuance and Distribution.
Set forth below are the expenses expected to be incurred in connection with the issuance and
distribution of the securities registered hereby. With the exception of the Securities and Exchange
Commission registration fee, the AMEX listing fee and the amounts set forth below are estimates.
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SEC registration fee
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$
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363
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AMEX listing fee
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45,000
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Placement Agent Fees
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192,188
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Fees and expenses of legal counsel
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45,000
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Accounting fees and expenses
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9,000
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Miscellaneous
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1,000
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Total
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$
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292,551
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Item 15.
Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law (the DGCL) provides as follows:
(a) A corporation shall have power to indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right
of the corporation) by reason of the fact that the person is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in connection with such action, suit or
proceeding if the person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the persons conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the
person did not act in good faith and in a manner which the person reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) A corporation shall have power to indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, or suit by or in the
right of the corporation to procure a judgment in its favor by reason of the act that the person is
or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against expenses (including attorneys fees)
actually and reasonably incurred by the person in connection with the defense or settlement of such
action or suit if he acted in good faith and in a manner the person reasonably believed to be in or
not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to
be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other
court shall deem proper.
(c) To the extent that a present or former director or officer of a corporation has been
successful on the merits or otherwise in defense of any action, suit or proceeding referred to in
subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein, such
person shall be indemnified against expenses (including attorneys fees) actually and reasonably
incurred by such person in connection therewith.
(d) Any indemnification under subsections (a) and (b) of this section (unless ordered by a
court) shall be made by the corporation only as authorized in the specific case upon a
determination that indemnification of the present or former director, officer, employee or agent is
proper in the circumstances because the person has met the applicable standard of conduct set forth
in subsections (a) and (b) of this section. Such determination shall be made, with respect to a
person who is a director or officer at the time of such determination, (1) by majority vote of
directors who were not parties to such action, suit or proceeding, even though less than a quorum,
or (2) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (3) if there are no such directors or if such directors so direct, by
independent legal counsel in a written opinion, or (4) by the stockholders.
(e) Expenses (including attorneys fees) incurred by an officer or director in defending any
civil, criminal, administrative or investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action, suit or proceeding upon receipt of
an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as
authorized in this section. Such expenses (including attorneys fees) incurred by former directors
and officers or other employees and agents may be so paid upon such terms and conditions, if any,
as the corporation deems appropriate.
(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the
other subsections of this section shall not be deemed exclusive of any other rights to which those
seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote
of stockholders or disinterested directors or otherwise, both as to action in such persons
official capacity and as to action in another capacity while holding such office.
(g) A corporation shall have power to purchase and maintain insurance on behalf of any person
who is or was a director, officer, employee or agent of the corporation, or is or was serving at
the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such
person and incurred by such person in any such capacity, or arising out of such persons status as
such, whether or not the corporation would have the power to indemnify such person against such
liability under this section.
(h) For purposes of this section, references to the corporation shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate existence had continued,
would have had power and authority to indemnify its directors, officers, and employees or agents,
so that any person who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation as director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, shall stand in the same position under this section with respect to the resulting or
surviving corporation as such person would have with respect to such constituent corporation if its
separate existence had continued.
(i) For purposes of this section, references to other enterprises shall include employee
benefit plans; references to fines shall include any excise taxes assessed on a person with
respect to any employee benefit plan; and references to serving at the request of the corporation
shall include any service as a director, officer, employee or agent of the corporation which
imposes duties on, or involves services by, such director, officer, employee or agent with respect
to any employee benefit plan, its participants or beneficiaries; and a person who acted in good
faith and in a manner such person reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a manner not opposed to
the best interests of the corporation as referred to in this section.
(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this
section shall, unless otherwise provided when authorized or ratified, continue as to a person who
has ceased to be a director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person.
(k) The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine
all actions for advancement of expenses or indemnification brought under this Section or under any
bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. The Court of
Chancery may summarily determine a corporations obligation to advance expenses (including
attorneys fees).
Article 6 of the Registrants Bylaws provides as follows:
Each person who was or is a party or is threatened to be made a party to or is involved in any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative and whether by or in the right of the Corporation or otherwise (a
proceeding
), by reason of the fact that he or she, or a person of whom he or she is the legal
representative, is or was a director or officer of the Corporation or is or was serving at the
request of the Corporation as a director, officer, employee, partner (limited or general) or agent
of another corporation or of a partnership, joint venture, limited liability company, trust or
other enterprise, including service with respect to an employee benefit plan, shall be (and shall
be deemed to have a contractual right to be) indemnified and held harmless by the Corporation (and
any successor to the Corporation by merger or otherwise) to the fullest extent authorized by, and
subject to the conditions and (except as provided herein) procedures set forth in the Delaware
General Corporation Law, as the same exists or may hereafter be amended (but any such amendment
shall not be deemed to limit or prohibit the rights of indemnification hereunder for past acts or
omissions of any such person insofar as such amendment limits or prohibits the indemnification
rights that said law permitted the Corporation to provide prior to such amendment), against all
expenses, liabilities and losses (including attorneys fees, judgments, fines, ERISA taxes or
penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such
person in connection therewith;
provided,
however
, that the Corporation shall
indemnify any such person seeking indemnification in connection with a proceeding (or part thereof)
initiated by such person (except for a suit or action pursuant to
Section 6.2
hereof) only if such
proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. Persons
who are not directors or officers of the Corporation and are not so serving at the request of the
Corporation may be similarly indemnified in respect of such service to the extent authorized at any
time by the Board of Directors of the Corporation. The indemnification conferred in this
Section
6.1
also shall include the right to be paid by the Corporation (and such successor) the expenses
(including attorneys fees) incurred in the defense of or other involvement in any such proceeding
in advance of its final disposition;
provided,
however
, that, if and to the extent
the Delaware General Corporation Law requires, the payment of such expenses (including attorneys
fees) incurred by a director or officer in advance of the final disposition of a proceeding shall
be made only upon delivery to the Corporation of an undertaking by or on behalf of such director or
officer to repay all amounts so paid in advance if it shall ultimately be determined that such
director or officer is not entitled to be indemnified under this
Section 6.1
or otherwise; and
provided
further
, that, such expenses incurred by other employees and agents may be
so paid in advance upon such terms and conditions, if any, as the Board of Directors deems
appropriate.
Article 9 of the Registrants Amended and Restated Certificate of Incorporation provides as
follows:
No director of the corporation shall be liable to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director, except for liability (i) for any
breach of the directors duty of loyalty to the corporation or its stockholders, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of the
law, (iii) for paying dividends or approving a stock purchase or redemption which is illegal or
otherwise impermissible or prohibited under the Delaware General Corporate Law, or (iv) for any
transaction from which the director derived an improper personal benefit.
The effect of the foregoing provisions is to permit, under certain circumstances,
indemnification of the Companys officers and directors for civil and criminal liability, such as
negligence gross negligence, and breach of duty, so long as such person acted in good faith in a
manner he reasonably believed to be in or not opposed to the best interests of the Company, and
which he reasonably believed to be lawful.
Item 16.
Exhibits
The following documents are filed as exhibits to this registration statement:
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Exhibit
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Number
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Description
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3.1
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Amended and Restated Certificate of Incorporation of Canyon Resources Corporation
(filed as Exhibit 3.1 to the Companys Current Report on Form 8-K (File No.
001-11887) on June 1, 2007, and incorporated by reference)
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3.2
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Amended and Restated Bylaws of Canyon Resources Corporation (filed as Exhibit 3.2
to the Companys Current Report on Form 8-K (File No. 001-11887) on June 1, 2007,
and incorporated by reference)
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4.1
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Specimen Common Stock Certificate (filed as Exhibit 4.1 to the Companys Amendment
No. 1 to Registration Statement on Form S-1 (File No. 333-130692) on February 24,
2006, and incorporated herein by reference)
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4.2
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Rights Agreement, dated March 23, 2007, between Canyon Resources Corporation and
Computershare Trust Company, N.A., as Rights Agent (filed as Exhibit 4.1 to the
Companys Current Report on Form 8-K (File No. 001-11887) on March 23, 2007, and
incorporated by reference)
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4.3
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Form of Series A Warrant to Purchase Common Stock (filed as Exhibit 10.2 to the
Companys Current Report on Form 8-K (File No. 001-11887) on May 30, 2007, and
incorporated herein by reference)
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4.4
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Form of Series B Warrant to Purchase Common Stock (filed as Exhibit 10.3 to the
Companys Current Report on Form 8-K (File No. 001-11887) on May 30, 2007, and
incorporated herein by reference)
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4.5
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Form of Subscription Agreement (filed as Exhibit 10.1 to the Companys Current
Report on Form 8-K (File No. 001-11887) on May 30, 2007, and incorporated herein by
reference)
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5.1**
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Opinion of Hogan & Hartson LLP as to the legality of the securities being registered
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23.1*
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Consent of Ehrhardt Keefe Steiner & Hottman PC
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23.2*
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Consent of WLR Consulting, Inc.
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23.3*
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Consent of Practical Mining LLC
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23.4**
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Consent of Hogan & Hartson LLP (contained in Exhibit 5.1)
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24.1**
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Powers of Attorney (included on signature page)
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*
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Filed herewith
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**
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Previously Filed
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Item 17.
Undertakings
(a)
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The undersigned registrant hereby undertakes:
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(1)
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To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
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(i)
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To include any prospectus required by section 10(a)(3) of the Securities Act of
1933;
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(ii)
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To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information in the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) (§ 230.424(b) of this
chapter) if, in the aggregate, the changes in volume and price represent no more than a
20% change in the maximum aggregate offering price set forth in the Calculation of
Registration Fee table in the effective registration statement;
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(iii)
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To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;
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Provided
, however,
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(A)
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Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
registration statement is on Form S-8 (§239.16b of this chapter), and the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
registration statement; and
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(B)
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Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not
apply if the registration statement is on Form S-3 (§239.13 of this chapter) or
Form F-3 (§239.33 of this chapter) and the information required to be included in a
posteffective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) (§230.424(b) of this chapter) that is part of the registration
statement.
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(C)
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Provided further
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the registration statement is for an offering of asset-backed
securities on Form S-1 (§ 239.11 of this chapter) or Form S-3 (§ 239.13 of this
chapter), and the information required to be included in a post-effective amendment
is provided pursuant to Item 1100(c) of Regulation AB(§ 229.1100(c)).
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(2)
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That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
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(3)
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To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
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(4)
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That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B
or other than prospectuses filed in reliance on Rule 430A (§230.430A of this chapter),
shall be deemed to be part of and included in the registration statement as of the date it
is first used after effectiveness. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such first use, supersede or modify any statement that
was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.
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(b)
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The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrants annual report pursuant to
Section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plans annual report
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pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
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(c)
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The undersigned registrant hereby undertakes to deliver or cause to be delivered with the
prospectus, to each person to whom the prospectus is sent or given, the latest annual report
to security holders that is incorporated by reference in the prospectus and furnished pursuant
to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act
of 1934; and, where interim financial information required to be presented by Article 3 of
Regulation S-X are not set forth in the prospectus, to deliver, or cause to be delivered to
each person to whom the prospectus is sent or given, the latest quarterly report that is
specifically incorporated by reference in the prospectus to provide such interim financial
information.
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(d)
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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Golden, State of Colorado on this 15th
day of October, 2007.
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CANYON RESOURCES CORPORATION
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By:
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/s/ David P. Suleski
David P. Suleski
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Vice President and Chief Financial Officer
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Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed on by the following persons in the capacities and on the dates indicated:
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Signature
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Capacity in Which Signed
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Date
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President and Chief
Executive Officer and Director
(Principal Executive
Officer)
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October 15, 2007
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/s/ David P. Suleski
David P. Suleski
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Vice President and Chief
Financial Officer (Principal
Financial Officer and Principal
Accounting Officer)
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October 15, 2007
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Director
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October 15, 2007
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Director
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October 15, 2007
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Director
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October 15, 2007
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Director
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October 15, 2007
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*By:
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/s/ David P. Suleski
David P. Suleski, Attorney-in-Fact
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EXHIBIT INDEX
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Exhibit
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Number
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Description
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3.1
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Amended and Restated Certificate of Incorporation of Canyon Resources Corporation
(filed as Exhibit 3.1 to the Companys Current Report on Form 8-K (File No.
001-11887) on June 1, 2007, and incorporated by reference)
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3.2
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Amended and Restated Bylaws of Canyon Resources Corporation (filed as Exhibit 3.2
to the Companys Current Report on Form 8-K (File No. 001-11887) on June 1, 2007,
and incorporated by reference)
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4.1
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Specimen Common Stock Certificate (filed as Exhibit 4.1 to the Companys Amendment
No. 1 to Registration Statement on Form S-1 (File No. 333-130692) on February 24,
2006, and incorporated herein by reference)
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4.2
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Rights Agreement, dated March 23, 2007, between Canyon Resources Corporation and
Computershare Trust Company, N.A., as Rights Agent (filed as Exhibit 4.1 to the
Companys Current Report on Form 8-K (File No. 001-11887) on March 23, 2007, and
incorporated by reference)
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4.3
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Form of Series A Warrant to Purchase Common Stock (filed as Exhibit 10.2 to the
Companys Current Report on Form 8-K (File No. 001-11887) on May 30, 2007, and
incorporated herein by reference)
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4.4
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Form of Series B Warrant to Purchase Common Stock (filed as Exhibit 10.3 to the
Companys Current Report on Form 8-K (File No. 001-11887) on May 30, 2007, and
incorporated herein by reference)
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4.5
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Form of Subscription Agreement (filed as Exhibit 10.1 to the Companys Current
Report on Form 8-K (File No. 001-11887) on May 30, 2007, and incorporated herein by
reference)
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5.1**
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Opinion of Hogan & Hartson LLP as to the legality of the securities being registered
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23.1*
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Consent of Ehrhardt Keefe Steiner & Hottman PC
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23.2*
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Consent of WLR Consulting, Inc.
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23.3*
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Consent of Practical Mining LLC
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23.4**
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Consent of Hogan & Hartson LLP (contained in Exhibit 5.1)
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24.1**
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Powers of Attorney (included on signature page)
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*
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Filed herewith
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**
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Previously Filed
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Canyon Resource (AMEX:CAU)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Canyon Resource (AMEX:CAU)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024