CAU Canyon Resources Corp

Canyon Resources Acquires Reward Property, Nye County, Nevada GOLDEN, Colo., Jan. 26 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU), announced today that it has acquired the Reward gold property, near Beatty, in Nye County, Nevada, through mineral leases with several private owners of unpatented BLM lode claims. The Reward property contains an intensely sheeted, north-south shear zone and associated veins, which vary from steeply dipping to modest dip (45 degrees) to the east, within a Proterozoic metasedimentary sequence of quartzitic beds, schists, and dolomites. The Reward gold-mineralized structure has been sampled by 100 holes totaling 34,899 feet drilled by a number of mining entities over the past 15 years. Gold mineralization has been encountered over a strike length of more than 2,400 feet and to a depth of 400 feet along the Reward structure. The width of mineralization within the structural zone ranges from a few feet to up to 200 feet and individual drillholes have encountered up to 65 feet of 0.146 oz/ton gold and 150 feet of 0.076 oz/ton gold. The mineralized structure remains open and untested at depth and along strike to the south. Initial metallurgical test work conducted by previous owners indicates that the gold contained in the mineralized rock at Reward is amenable to recovery by either conventional heap-leaching or milling. "Canyon Resources has leased the Reward property because it offers an opportunity for further delineation, resource expansion, and development of a relatively high grade, open-pit mine with modest exploration/development capital. We plan to conduct engineering analyses and additional drilling of the project, with the ultimate goal of delineating a mineable deposit containing 250,000 to 500,000 ounces of gold. The size of the project and its location make it potentially attractive for the use of the Company's Briggs mining equipment which is becoming available soon," said Richard H. De Voto, President. In addition to producing gold from its Briggs Mine in California, Canyon owns the Seven-Up Pete Venture which owns the 10.9 million ounce McDonald Gold Project in Montana, which is constrained from current development by the anti-mining initiative, I-137. The Company has filed suit against the State of Montana seeding to overturn I-137 or to obtain a damage award, which could be as much as $500 million, for the lost value of the Seven-Up Pete properties, including the McDonald Gold Project. In addition, the Company recently announced that it has obtained an option to purchase the Hycroft Mine in Nevada from Vista Gold Corporation. Actual results may differ materially from any forward-looking statement whether expressed or implied in this news release. The following risks and uncertainties which could cause actual results to vary include, but are not limited to speculative nature of mineral exploration, precious metal prices, production and reserve estimates, production costs, cash flows, environmental and governmental regulations, availability of financing, judicial proceedings and force majeure events. Most of these factors are beyond the Company's ability to control or predict. FOR FURTHER INFORMATION, SEE http://www.canyonresources.com/ or contact: Richard H. De Voto, President or Gary C. Huber (303) 278-8464 Vice President-Finance DATASOURCE: Canyon Resources Corporation CONTACT: Richard H. De Voto, President, or Gary C. Huber, Vice President-Finance, both of Canyon Resources Corporation, +1-303-278-8464 Web site: http://www.canyonresources.com/

Copyright