Gold Canyon Resources Inc. provided an update of its comprehensive review of its 100% owned Springpole Gold Project located in the Red Lake Mining District of Ontario, Canada. An eight week field program in which numerous drill cores were re-logged, and in many cases re-sampled, was completed on September 30. This work was completed under the lead of Jefferson Chambers, formerly with Newmont Mining Corporation, and Alan Roberts with Alaska Earth Sciences. The aim of this program was to re-evaluate the geology of this unusual gold system with a focus on developing a better understanding of ore controls and geometry for the purpose of remodelling the deposit and developing new targets. A summary of reinterpreted historic drill results is attached to this news release. Preliminary results of this review program include: Confirmation that gold mineralization is associated with an alkaline igneous complex consisting of shallowly emplaced intrusions and associated diatreme breccias. This makes Springpole unique among deposits of the Canadian Shield which are commonly formed through metamorphic processes at deeper levels in the crust. Springpole has more in common with other alkaline gold deposits such as Cripple Creek, Colorado than it does with nearby neighbours such as deposits at Red Lake, Ontario. Gold mineralization appears to conform to the margins of the alkaline complex rather than shear structures cutting across it, as previously believed. Several areas along the margins of the complex are now recognized as favourable for hosting mineralization, but have little or no drilling making them desirable future drill targets. The Main, Camp and Portage zones are in all likelihood all part of the same 1,200 m long, 300 m wide NW-trending body of mineralization. This zone starts at surface at its NW end and plunges gently SE under Springpole Lake. Although mineralization under the lake was considered uneconomic in the past, present research is considering whether there might be a bulk underground target where wide-spaced historic drilling suggests the presence of a continuous, sub-vertical zone of mineralization with a true width of over 20 m and open at depth. Historic drill intercepts include 115.86 m at 1.53 grams per tonne (gpt) gold (380 ft at 0.045 ounces per ton (opt)) in hole BL-99, 35.64 m at 7.57 gpt gold (116.9 ft at 0.221 opt) in BL-121 and 106.89 m at 2.35 gpt gold (350.6 ft at 0.069 opt) in BL-308.

Gold Canyon Resources Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended August 31, 2009. For the quarter, the company reported net loss of CAD 119,894 or CAD 0.01 per share compared to CAD 359,183 or CAD 0.01 per share for the same period a year ago. Net cash provided by operating activities was CAD 89,586 compared with net cash used in operating activities of CAD 99,954 for the same period a year ago. The company reported deferred exploration costs of CAD 168,463 compared with CAD 439,233 for the same period a year ago. For the nine months, the company reported net loss of CAD 302,329 or CAD 0.01 per share compared to CAD 1,111,449 or CAD 0.02 per share for the same period a year ago. Net cash used in operating activities was CAD 246,133 compared with net cash used in operating activities of CAD 586,208 for the same period a year ago. The company reported acquisition of equipment of CAD 1,287 compared with CAD 1,536 for the same period a year ago. The company reported deferred exploration costs of CAD 382,238 compared with CAD 2,054,586 for the same period a year ago.

Gold Canyon Resources Inc. announced the commencement of a comprehensive review of its Springpole Lake Gold Project, located in the Red Lake Mining District of Ontario, Canada. The Company believes Springpole is an undervalued asset that deserves more attention, especially in light of the rising gold market conditions. The property lies within a few kilometres of timber roads originating from Red Lake. The main electric grid lies approximately 25 kilometres south of the property at South Bay.