September 15, 2009 / 5:24 PM / 8 years ago

UPDATE 1-Gold Canyon to evaluate rare earth prospects in Norway

* Says to evaluate deposits jointly with Japan’s JOGMEC

* Shares soar as much as 50 pct

Sept 15 (Reuters) - Canadian minerals explorer Gold Canyon Resources Inc GCU.V said it plans to evaluate rare earth prospects in Finland and Norway, jointly with Japan Oil, Gas and Metals National Corp (JOGMEC), sending its shares soaring 50 percent to a 16-month high.

The evaluation would be conducted under Gold Canyon’s joint exploration agreement with Japan’s state-affiliated JOGMEC signed earlier this year.

“The Scandinavian Peninsula hosts numerous iron oxide copper gold deposits and is, in fact, the location where a number of the rare earth elements and their natural minerals were first identified or discovered,” Gold Canyon said in a statement.

Deposits which will be evaluated include the Koldal mine, Tellenes mine, and Bidjovagge mine in Norway, and the Raajarvi mine in Finland, the company said.

Shares of Vancouver, British Columbia-based Gold Canyon surged 50 percent to 33 Canadian cents Tuesday on the Toronto Venture Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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