Gold Canyon and Akiko Settlement dated April 26, 1996.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 29, 1996-- Gold Canyon Resources Inc. ("Gold Canyon") announces that subject to regulatory approval, it has reached a settlement with Akiko Gold Resources Ltd. ("Akiko") of the dispute as to whether Akiko has the right to acquire from Gold Canyon a 20 percent interest in the Springpole Property located in Northwestern Ontario.

Under the terms of the settlement, Gold Canyon will pay Akiko CDN $1.6 million and Akiko will transfer to Gold Canyon any interest or claim it has or may have in the Springpole Property, including any right to acquire a percentage of Gold Canyon's interest in the property. Payment is to be made in two stages within 97 days after approval by the VSE. Gold Canyon has also agreed to pay Akiko $2.00 for each ounce of gold produced from the Springpole Property in excess of 1,500,000 ounces, subject to Gold Canyon's right at any time within three years after approval by the VSE to terminate this obligation upon payment of US $2.1 million.

This settlement removes the possibility of expensive and protracted litigation, and more importantly removes any possible doubt that Gold Canyon owns and will continue to own 50 percent of the Springpole Property.

GOLD CANYON RESOURCES INC.

Michael Levinson

Chairman of the Board

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

CONTACT: Gold Canyon Resources Inc.

Michael Levinson,

Chairman of the Board

604/682-3234

604/682-0537 (Fax)