Gold Canyon Resources Inc.
TSX VENTURE : GCU
PINK SHEETS : GDCRF

Gold Canyon Resources Inc.

October 15, 2008 13:29 ET

Gold Canyon Reports on Horseshoe Island Project

(Gold, Platinum, Palladium, Nickel, Copper)-Red Lake Mining District of Ontario, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce additional positive exploration results from the Horseshoe Island Project, located 5 miles (8 km) west of the contiguous Springpole Gold Project. Previous staking has linked the Horseshoe Island and Springpole properties, creating a total site area of 28,935 acres.

During 2008, additional Mobile Metal Ion (MMI) soil geochemistry explored the potential of the western portion of the property, where a significant gold anomaly had been discovered during the 2007 summer field programs. This new gold anomaly has now been extended from 400 meters to 650 meters in strike and a second parallel gold with copper anomaly has also been discovered which covers 800 meters in strike. In 2007, MMI soil surveys covered an area that hosts a discrete layered gabbro within a broader alkalic intrusive body associated with the Horseshoe Island Gold Occurrence, and an area of the Swain Lake Deformation Zone (SLDZ) believed to host additional gold potential. Results to date for the 2008 summer program can be seen in the attached map (please refer to the map located on our website www.goldcanyon.ca under "Latest News"), along with recommendations.

The Company has commissioned an updated independent NI 43-101 Technical Report for the Horseshoe Island Project.

This news release has been reviewed by Mr. Garry Smith, P.Geo, Director and VP Exploration for Gold Canyon and a Qualified Person as defined by National Instrument 43-101.

About Gold Canyon Resources Inc.:

Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005 - all in the Red Lake Mining District of Ontario, Canada.

Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.

Additional information can be found on the Company's website: www.goldcanyon.ca.

Akiko Levinson, President & Director

Certain statements contained in this news release using the terms "may", "expects to", "project", "estimate", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/1015gcu.pdf

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gold Canyon Resources Inc.
    Akiko Levinson
    President & Director
    (604) 682-3234 or Toll Free: 1-888-242-3234
    (604) 682-0537 (FAX)
    Email: info@goldcanyon.ca
    Website: www.goldcanyon.ca