Gold Canyon Closes Private Placement for Gross Proceeds of $6,000,000

VANCOUVER, BRITISH COLUMBIA, Oct 29, 2010 (Marketwire via COMTEX News Network) --

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Gold Canyon Resources Inc. (TSX VENTURE:GCU) ("Gold Canyon" or "the Company") is pleased to announce that it has closed its previously announced brokered private placement. The Company closed a brokered private placement through a syndicate of agents led by Fraser Mackenzie Limited which included Industrial Alliance Securities Inc. and Stonecap Securities Inc. (collectively, the "Agents") to sell 6,000,000 flow through units (the "FT Units") at a price of $1.00 per FT Unit for gross proceeds of $6,000,000.

The FT Units consist of one flow-through common share of the Company and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire a further common share of the Company at a price of $1.25 per common share for a period of 24 months following the closing date.

The Agents received a cash fee equal to 7% of the gross proceeds from the brokered private placement and 180,000 broker warrants entitling the Agents to acquire a further common share of the Company at a price of $1.25 per common share for a period of 24 months following the closing date.

All securities issued pursuant to the financing will be subject to a four month and one day hold period expiring on March 2, 2011.

The funds raised from the issuance of the FT Units will be used for expenditures on the Company's Springpole Gold Project which will qualify as Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act) and will be renounced in favour of purchasers for 2010.

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.

Gold Canyon entered into a Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.

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 "will", 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.