Gold Canyon Resources Inc.
TSX VENTURE : GCU

Gold Canyon Resources Inc.

December 29, 2006 14:27 ET

Gold Canyon Resources Inc.: Grant of Incentive Stock Options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2006) - Gold Canyon Resources Inc. ("Gold Canyon" or "the Company") (TSX VENTURE:GCU) announces that it has granted incentive stock options to certain directors, senior officers and consultants to purchase an aggregate of 1,075,000 common shares at an exercise price of $0.35 per share, representing the closing price of the Company's common shares on December 28, 2006, as reported on the TSX Venture Exchange (the "Exchange"), less an allowable discount. The options and shares issuable upon exercise, if any, will be subject to a four-month hold period from the date of grant in accordance with Exchange policy. The options expire on December 29, 2008. The grant was pursuant to the Company's Rolling Stock Option Plan, which was re-affirmed by the shareholders of the Company on April 27, 2006, and subsequently accepted by the Exchange.

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 Project, the Favourable Lake Poly-metallic Project and Bear Head Uranium Project 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.

Akiko Levinson, President & Director

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

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