Gold Canyon Resources: Rare Earth Elements Associated With Gallium at Cordero.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 2002

Gold Canyon Resources Inc. (CDNX:GCU) (the "Company") is pleased to confirm that, as previously announced, certain Rare Earth Elements (REE's) are present in anomalous to highly anomalous amounts at the Company's Cordero Gallium Project, Nevada. The REE's cerium, neodymium, lanthanum and gadolinium show a consistent, strong, positive relationship to all of the gallium intervals examined. Samarium, holmium, erbium, ytterbium, lutetium and thulium show weak positive anomalies in approximately 20% of the gallium intervals examined.

The length weighted average concentrations of REE's which exhibit a positive association with gallium for previously reported, second order included drill intercepts, (those intercepts generally exceeding 50 grams gallium per Metric Tonne) is summarized below in Table 1:

Table 1. Average Content, Positively Associated REE's and Exotic
Metals for +50 gr/T

Gallium intercepts from 2001 RC Drilling Program

Element                   Content (grams per Metric Tonne)
Gallium (Ga)                           141.4
Cerium (Ce)                            497.2
Neodymium (Nd)                         165.5
Lanthanum (La)                         174.0
Gadolinium (Gd)                         34.3
Samarium (Sm)                           50.0
Holmium (Ho)                            17.2
Erbium (Er)                             17.3
Ytterbium (Yb)                          17.3
Lutetium (Lu)                            6.1
Thulium (Tm)                            10.5

REE's and other elements occurring in spatial association with the gallium represent potential by-product or co-products, with potential to add incremental value to the project if these elements can be economically recovered and marketed. At this time, however, there can be no assurance given that the Company will be able to extract or refine economically any of these elements associated with the gallium, or that the Company will be able to market successfully these metals if extracted.

Sample Chain of Custody, Preparation and Analysis

All drill samples represent five foot drill intervals. Drilling was reverse circulation (RC) type drilling, completed with an MPD 1000 track mounted RC drill, manufactured by Drill Systems of Canada. The drill was owned and operated by Drift Exploration of High River, Alberta, Canada. All samples were collected by the drilling contractors personnel under the supervision of Gold Canyon geologists. These samples were then collected from the drill sites by Inspectorate Rocky Mountain personnel, again under the supervision of Gold Canyon personnel, and transported to Inspectorate Rocky Mountain's Reno laboratory facility. Samples were then dried and stage crushed to 80% minus 10 mesh. A 300 gram sample was then riffle split and pulverized to minus 200 mesh in a ring and puck type pulverizer. Inspectorate's Rocky Mountain Geochemical laboratory in Reno, Nevada, analyzed these pulps for gallium and certain other elements by acid digestion and Inductively Coupled Plasma (I.C.P.), at their Reno facility. A representative split of the original pulp was then sent to Inspectorate's New Orleans, La facility for analysis of REE's and certain other Exotic Metals by means of X-ray Floresence (XRF). For the purpose of this study, gallium values obtained by I.C.P. analysis were used to define the intervals examined for potential co-product concentrations of rare earth elements (REE's).

For reference, Table 2 below shows the relative crustal abundance for rare earth elements (REE's) and gallium.

Table 2. Average Abundance (in Parts per Million) of Rare Earth
Elements & Gallium in the Earth's Crust and three Common Rocks.
(Krauskopf, 1979)

Element            Crust     Granite     Basalt     Shale
Cerium              70          50        100        90
Neodymium           30          35         20        30
Lanthanum           35          55         10        40
Gadolinium           7           8          6         6
Erbium               3.5         4.5        3         3.5
Samarium             7           9          5         7
Holmium              1.5         2          1         1.5
Europium             1.2         1          1.5       1.4
Thulium              0.5         0.6        0.5       0.6
Ytterbium            3.5         4          2.5       3.5
Yttrium             35          40         30        35
Lutetium             0.6         0.7        0.5       0.6
Thorium              8.5        20          1.5      12
Praseodymium         8          10          4         9
Thallium             0.8         1.2        0.2       1
Selenium             0.05        0.05       0.05      0.6
Dysprosium           6           6.5        4         5
Terbium              1           1.5        0.8       1

Gallium             18          18         18        25

      Note: 1ppm = 1 gram per Metric Tonne,
                 1 Metric Tonne = 2,200 pounds = 1.1 US tons.

Additional information about REE's including historical price information can be found on the United States Geological Website at http://www.minerals.usgs.gov/minerals/pubs/metal_prices/

REE contents for previously announced drill intercepts will be posted on the Company's website at, http://www.gcu-vse.com. For those unfamiliar with Gold Canyon, or the Company's projects, additional information can be found on the Company's website: http://www.gcu-vse.com.

GOLD CANYON RESOURCES INC.

Michael Levinson, Chairman of the Board, President & Director

Robert Carrington, Chief Executive Officer

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