The Gold Report

Gold Canyon Resources Inc. TICKER: GCU:TSX.V Visit Company Website Gold Canyon Resources Inc. is engaged in the acquisition and exploration of mineral and precious metals properties. The company controls a 100% interest in the Springpole Gold and Horseshoe Island projects and the Favourable Lake property (currently under option to Shoreham Resource) in Ontario's Red Lake Mining District. Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the company also holds 100% interest in the Cordero Gallium Project in Humboldt County, Nevada, U.S.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Morning Coffee (1/27/12) "Gold Canyon Resources Inc. got investors excited Thursday after announcing that it has received assays for two holes drilled in the Portage zone in December 2011, highlighted by hole SP11-106 that intersected 127.5m of 3.51 g/t gold, including 50m at 7.73 g/t gold. . .although hole SP11-106 is positioned just 50m further northwest from hole SP11-104 (148m of 1.66 g/t gold), its grades are significantly higher, suggesting there is a higher-grade chute present in this area."

Killian Charles, Industrial Alliance Securities (1/26/12) Gold Canyon Resources Inc. released two new drill holes and updated the schedule for its resource estimate. . .the company reports that its resource will be delayed. . .the resource can now incorporate all holes drilled in the previous exploration campaign. . .the high-grade intercept in hole SP11-106 represents a potential high-grade chute that remains open to depth. Hole SP11-107 supports GCU's theory that the Portage Zone continues below the Main Zone. . .we continue to believe that the Springpole gold project contains a substantial gold resource."

Morning Coffee (1/19/12) "Shares of Gold Canyon Resources Inc. were on the move Wednesday as investors were speculating/hoping for the release of the company's revised NI-43-101-compliant resource at its Springpole gold project. . .in mid-December, Gold Canyon announced the completion of gold assays from samples submitted from its 2011 resource drilling program. Those assays made up the last group that are intended to be included in the forthcoming NI 43-101 technical report and mineral resource statement, due to be released in January 2012. . .at least 50,000m of drilling is planned at Springpole in 2012."

Morning Coffee (1/4/12) "In mid-December, Gold Canyon Resources Inc. announced the completion of gold assays from samples submitted from its 2011 resource drilling program its Springpole gold project in northwestern Ontario. . .the company's management highlighted that the completed sample assays included results from five diamond drill holes: SP11-097, -098, -099, -100 and -104, which all tested the Portage Zone ore body. The results included multiple long intercepts of gold mineralization, including 148m at 1.66 g/t gold which includes 24m at 5.94 g/t gold in hole SP11-104."

Andrew Mikitchook, GMP Securities (12/15/11) "Gold Canyon Resources Inc. released the last five holes from the 100%-owned Springpole project that will be included in the January 2012 resource. . .highlight intercepts include holes 104 and 98, both drilled on the 450m section that intercepted 148m of 1.66 g/t and 121m of 1.67 g/t, respectively. . .the 121m intercept from hole 98 appears to be the longest and highest-grade intersection to date from the Bridge zone to the east of the main Portage zone, suggesting potential to add ounces and reduce strip ratios. . .we maintain our Buy rating and $5.85 target."

• Corporate Fact Sheet (2/3/12)

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