Gold Canyon Negotiates New Lease; Amends Net Smelter Royalties Related to Certain Springpole Gold Project Claims

VANCOUVER, BRITISH COLUMBIA, Sep 24, 2010 (Marketwire via COMTEX News Network) --

Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that it has entered into a new twenty-one year lease agreement with the owner of ten (10) patented claims forming part of the Company's Springpole Gold Project in the Red Lake Mining District of Ontario, Canada for the purposes of facilitating the further exploration, development of and, if deemed economically viable, production from such patented claims.

The new lease replaces the original 1986 lease agreement between the land owner and Gold Fields Canadian Mining Limited (a predecessor of interest by way of assignment to Gold Canyon) and series of amendments to that original agreement. Gold Canyon continues to have the right to explore and, when and if deemed appropriate, commence commercial production from the ten patented claims (KRL No. 11233, 11234, 11235, 12896, 12897, 12898, 12899, 12900, 12901 and 13043) subject to the annual payment of advanced royalties. These patented claims are subject to a 3.0% net smelter royalty ("NSR") in favour of the landowner (reduced from a 5% NSR as set out in the original agreement). This royalty can be bought down to 1% by Gold Canyon at any time upon payment of $1.0M per 1% royalty to the landowner. All previous payments made under the original agreement to date will not be carried forward under the new lease, regardless of whether designated as advance royalty paid on account of the properties subject to the original agreement.

"With our recent re-negotiations of the NSRs on the overall Springpole Gold Project, the NSRs now range up to 3% with provision to be able to reduce to 2% or less. The reduction of the royalty on these ten patented claims is very significant, because part of this claim block encompasses the Portage Zone where Gold Canyon is presently expanding a discovery through drilling," states Dr. Quinton Hennigh, technical advisor to Gold Canyon.

Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person pursuant to National Instrument 43-101 responsible for, and has reviewed and approved, the technical information contained in this news release. Dr. Hennigh is acting as a technical advisor to Gold Canyon.

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