Some analyst statements:

Morning Coffee

(11/8/11) "Recently, Gold Canyon Resources Inc. announced results from stepout diamond drill holes SP11-074 and -078, which have added significant strike to the southeast end of the Portage zone at its 100%-controlled Springpole Gold project, located 110km northeast of the Red Lake Mining Camp, Ontario. Management noted that the long gold intercepts encountered in holes SP11074 and -078 clearly demonstrate continuity of mineralization to at least the 0–200m section."

Tim Lee, Northland Capital Partners (10/31/11) "Gold Canyon Resources Inc. intersected 106m grading 3.36 g/t in the Portage zone at its Springpole project, which also included an intercept of 28m grading 10.1 g/t. The hole indicates potential for a higher-grade core zone and other infill holes a few hundred meters away have also returned high-grade assays."

Morning Coffee (10/31/11) "Gold Canyon Resources Inc. put in an impressive week following the announcement that hole SP11-077 intersected 106m of 3.36 g/t gold, including 28m of 10.10 g/t gold, at its 100%-controlled Springpole gold project, located 110km northeast of the Red Lake Mining Camp. . .hole SP11-077 confirms that the Portage zone exhibits a high-grade core on the 0–800m section. Additionally, the company said hole SP11-076 intersected 121m of 0.70 g/t gold, beginning at just 28m down-hole depth, effectively connecting the Portage and East extension zones in the near-surface environment."

The Gold Report Interview with Marshall Auerback (10/19/11) "We are big believers in Gold Canyon Resources Inc.'s deposit. The initial resource should be out by the end of this year and is promising to be several million ounces with grades exceeding most other bulk tonnage deposits in Canada. Looking at the dimensions of the deposit, specifically the new extension to the southeast, the potential here continues to grow far beyond what the company's initial resource will give it credit for. "

Morning Coffee (10/11/11) "Shares of Gold Canyon Resources Inc. were standing out from the crowd Friday; most recently, the Ontario-focused gold explorer announced results from step-out diamond drill holes SP11-074 and -078, which have added significant strike to the southeast end of the Portage zone at its 100%-controlled Springpole Gold project. . .the long gold intercepts encountered in holes SP11-074 and -078 clearly demonstrate continuity of mineralization to at least the 0m–200m section. Hole SP11-074 intersected 369m at 0.91 g/t gold, one of the longest continuous mineralized intervals yet encountered at Springpole."

Jeff Killeen, CIBC World Markets (9/1/11) "We are maintaining our Sector Performer rating and a $3.50 price target for Gold Canyon Resources Inc. . .the project is now operating at full capacity with four drills (two barge-based and two land-based). . .we expect the company will define approximately 3.5 Moz. in the Q411 estimate and that resource estimate will be incorporated into a preliminary economic assessment to be conducted in Q212. . .we believe that Gold Canyon represents an investment opportunity in a large gold resource with significant growth potential."

Andrew Mikitchook, GMP Securities (8/31/11) "On Tuesday, Gold Canyon Resources Inc. hosted a site visit for analysts at its 100%-owned Springpole Gold project that is the site of a 10,000–12,000m summer drill program targeting the Portage zone; the drilling is being conducted to better define the extents of the deposit, as well as to complete sufficient infill drilling to release a resource before year-end 2011. Based on the site visit, the overall progress was impressive and exceeded our expectations."

Morning Coffee (8/23/11) "Shares of Gold Canyon Resources Inc. have been outperforming its peers of late, and it may be partially due to some insider buying: One of Canada's most well-known mining investors has purchased just shy of 200,000 shares of the company since August 3 and over 382,000 shares since July 6. Also helping the stock is impressive drill results: Earlier in August, Gold Canyon announced that hole SP11-066 intersected 24m at 17.48 g/t gold (79 ft. at 0.510 oz. per ton gold) including 6m at 52.60 g/t gold at its 100%-controlled Springpole Gold Project, located 110 km. northeast of the Red Lake Mining Camp, Ontario, Canada."

The Gold Report Interview with James West (8/3/11) "Gold Canyon Resources Inc. has been a Midas Letter favorite for the last year."

Jeff Killeen, CIBC World Markets (7/24/11) "Gold Canyon Resources Inc. represents a good investment opportunity in a growing gold resource that is situated within a stable mining region with a long history of mine development. . .we are initiating coverage of the company with a Sector Performer rating and $3.50 price target. We believe the market may be underestimating the amount of ounces that will be defined at Springpole. Release of continued positive drilling results from the summer drilling program and production of a revised resource estimate will add the investor interest we believe is warranted for Gold Canyon."

FANTOMAS