Gold Canyon Resources Inc.

Gold Canyon Resources Inc.

March 03, 2005 09:00 ET

Gold Canyon Issues Annual Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLD CANYON RESOURCES INC.

TSX VENTURE SYMBOL: GCU

MARCH 3, 2005 - 09:00 ET

Gold Canyon Issues Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Gold Canyon
Resources Inc. (TSX VENTURE:GCU) ("Gold Canyon" or "the Company") has
issued its audited financial statements for the financial year ending
November 30, 2004. The financial statements and auditors report,
together with management's discussion and analysis thereof, are
available on the Internet on the Canadian System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com.

The following table provides a brief summary of the Company's financial
operations and has been derived from the consolidated financial
statements of the Company referred to above and should be read in
conjunction with those statements and the notes to them, and with
management's discussion and analysis thereof. The following constitutes
consolidated selected financial data for the Company for the periods
indicated:



--------------------------------------------------------------
--------------------------------------------------------------
Year Ended Year Ended Year Ended
November 30, November 30, November 30,
2004 2003 2002
--------------------------------------------------------------

Total revenues $ 17,477 $ 160 $ 788
Net loss before
extraordinary items (1,214,964) (19,572) (266,656)
Net income (loss) (1,214,964) (245,602) (316,659)
Basic and diluted
earnings (loss) per share (0.06) (0.01) (0.02)
Total assets 10,172,272 7,056,037 6,827,398
Total long-term
liabilities - - -
Cash dividends - - -
--------------------------------------------------------------
--------------------------------------------------------------


The Company earns interest revenue from cash held in banks. During the
2004 fiscal year, net loss was considerably higher when compared to the
previous years because the Company had a large non-cash stock-based
compensation charge to earnings.

Gold Canyon is engaged in the acquisition and exploration of mineral and
precious metals properties and currently owns and operates the
Springpole Gold Project in the Red Lake Mining District of Ontario,
Canada and its Cordero Gallium Project in Humboldt County, Nevada,
U.S.A. Additional information can be found on the Company's website:
www.goldcanyon.ca.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Gold Canyon Resources Inc.
    Ron Schmitz
    Director
    (604) 682-3234
    (604) 682-0537 (FAX)
    or
    Gold Canyon Resources Inc.
    Ken Faulkner
    Investor Communications, Corporate Development
    (250) 862-0724
    www.goldcanyon.ca
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.