Gold Canyon Resources Inc.: Drilling Underway at Cordero Gallium Project: Financial News

Gold Canyon Resources Inc.: Drilling Underway at Cordero Gallium Project
Monday February 4, 2008 1:54 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 4, 2008 -- Gold Canyon Resources Inc. (CDNX:GCU.V - News)(Other OTC:GDCRF.PK - News) ("Gold Canyon" or "the Company") is pleased to announce that the large diameter core drilling has started at the Company's Cordero Gallium Project in Nevada.

Further to a Company News Release dated November 26th 2007, the large diameter core drilling will complement the collection of a bulk sample for metallurgical testing in preparation for a pre-feasibility study at Cordero. The core drilling program is also designed to follow-up on the results from the previous drill campaigns and to further test the new high grade model that returned up to 245 g/t gallium over 25 feet, as well as test Rare Earth Element anomalies previously identified.

While we anticipate receiving an updated NI 43-101 compliant resource estimation, the company has started metallurgical scoping work designed to build on past metallurgical work. Mountain States R&D International, Inc. (MSRDI) of Arizona has received a bulk sample and has commenced work, having as its goal a final process flow diagram for the production of gallium and other Rare Earths occurring at Cordero. MSRDI is a world leader in mineral and environmental technology.

Mountain States R&D International, Inc. has provided analytical, metallurgical and environmental services worldwide for nearly a quarter of a century. Their metallurgical services include conceptual design and operation of mine, mill and industrial facilities.

As part of Gold Canyon's current drilling work, the Company is also commencing a program to further explore the Rare Earth Element occurrences at Cordero. The core drilling samples will provide additional material for testing at MSRDI for both gallium and Rare Earth Elements.

A minimum US$ 1,000,000 is budgeted to meet our objectives and take Cordero to the next stage.

Mr. Douglas Christopherson is the Company's qualified person as defined by National Instrument 43-101. This drilling program and metallurgical work is being conducted under Mr. Christopherson's supervision.

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 the Bear Head Uranium Project which is adjacent to their 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.

Akiko Levinson, President & Director

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain statements contained in this news release using the terms "may", "expects to", "projects", "estimates", "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 contemplate 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.

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