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Gold Canyon Proposes Additional Private Placement For Up To $360,000



GOLD CANYON RESOURCES INC.

GCU: TSX-V
Suite 810 - 609 Granville Street, P.O.

Box 10356 Pacific Centre, Vancouver, BC, Canada V7Y 1G5
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 682-0537
www.goldcanyon.ca
January 21, 2010
NEWS RELEASE
GOLD CANYON PROPOSES ADDITIONAL PRIVATE PLACEMENT
FOR UP TO $360,000
Gold Canyon Resources Inc.

(GCU: TSX-V) ("Gold Canyon" or "the Company") is pleased to
announce that it is undertaking an additional private placement (as a follow-on to the private
placement announced January 12, 2010) of common share units (the "Units") at a price per Unit of
$0.21 for gross proceeds to the Company of up to $360,000.

This private placement is in addition to
the private placement of $1,500,000 that was announced on January 12, 2010.

Each Unit is comprised
of one common share in the capital of the Company and one non-transferable share purchase warrant
of the Company, exercisable at any time up to 4:30 p.m.

(Vancouver time) on the date which is
twenty-four months from the date of issue of the Units for one common share at a price of $0.35 per
share.

Completion is subject to the receipt of subscription proceeds and TSX Venture Exchange
acceptance.

No finders fees will be payable.
Any securities to be issued will be subject to a hold period of four months from the closing date in
accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian
securities laws and such other further restrictions as may apply under foreign securities laws.
The anticipated proceeds of the offering would be used for additional work on Gold Canyon"s
Springpole Gold Project, Rare Earth Element projects and general corporate purposes.
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
2
For further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 682-0537

Certain statements contained in this news release using the terms "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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

The
securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the "U.S.

Securities
Act") or any state securities laws and may not be offered or sold within the United States or to U.S.

Persons unless registered under
the U.S.

Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.




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