CAU Canyon Resources Corp

GOLDEN, Colo., Oct. 23 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU), a Colorado-based mining company, is pleased to announce the results of 21 reverse circulation (RC) holes, totaling 6,140 feet, from its current infill drilling program at the Company's Reward Project located near Beatty, Nye County, Nevada. Highlights from this program include: * Hole RC-03 with 275 feet (83.8 meters) of 0.036 oz/ton Au (1.24 g/t Au), including 70 feet (21.3 meters) grading 0.054 oz/ton au (1.85 g/t Au); * Hole RC-10 with 70 feet (21.3 meters) of 0.035 oz/ton Au (1.21 g/t Au); * Hole RC-13 with 360 feet (109.7 meters) of 0.024 oz/ton Au (0.844 g/t Au), including 95 feet (28.9 meters) of 0.035 oz/ton Au (1.22 g/t Au); * Hole RC-15 with 145 feet (44.2 meters) of 0.051 oz/ton au (1.73 g/t Au), including 65 feet (19.8 meters) of 0.075 oz/ton Au (2.58g/t Au); and * Hole RC-21 with 185 feet (56.4 meters) of 0.031 oz/ton Au (1.08 g/t Au) including 60 feet (18.3 meters) of 0.066 oz/ton Au (2.26 g/t Au) "We are pleased and encouraged by the results of this program. These holes were designed to test extensions of the known mineralization and to fill in information gaps within our current pit design. The in-fill portion of the program was successful in converting some waste material in the current pit design to mineralized material. In addition, hole number 21, which represented the widest step-out in this program, intercepted significant grade (60 ft of 0.066 opt Au) in an area to the east of the deposit without any previous drilling. These positive results confirm that Reward may prove to be significantly larger than first anticipated," states James Hesketh, President & CEO. "We are currently analyzing these results and are planning additional drilling to further test the potential size of this deposit which remains open both down dip and along strike. In addition, we have commenced permitting activities and are conducting various engineering studies required to complete a feasibility study. Our goal for this project is to move rapidly towards the approval and construction stage." The program was designed with the holes positioned as step-outs from mineralization outlined in a pre-feasibility open pit study (reported on January 12, 2006), which indicated an estimate of in-situ mineralized material estimate of 3.35 million tons grading 0.031 opt gold contained within a design pit (based on a $400 gold price, a cutoff grade of 0.011 opt and an assumed slope angle of 45 degrees). This successful in-fill drilling program is expected to significantly increase the mineralized tonnage by converting waste into mineralized material. Slope angle studies have also commenced to justify use of steeper slope angles in mine design, which could decrease the strip ratio and improve project economics. A table listing the significant results (if any) of all 21 holes of this drill program at our Reward Project is presented below: Hole From To Length Length Au Assay Au Assay No. (ft.) (ft.) (ft.) (m) (opt) (gpt) RC-01 115 315 200 61.0 0.017 0.574 Incl 265 295 30 9.1 0.031 1.077 RC-01 370 435 65 19.8 0.021 0.734 RC-02 60 75 15 4.6 0.013 0.442 RC-02 135 195 60 18.3 0.017 0.577 RC-03 110 385 275 83.8 0.036 1.240 Incl 170 240 70 21.3 0.054 1.850 Incl 290 305 15 4.6 0.089 3.060 Incl 350 365 15 4.6 0.094 3.220 RC-04 No significant assays RC-05 No significant assays RC-06 0 90 90 27.4 0.019 0.656 RC-07 75 270 195 59.4 0.019 0.645 Incl 185 270 85 25.9 0.028 0.954 Incl 220 240 20 6.1 0.074 2.550 RC-08 5 30 25 7.6 0.021 0.717 RC-09 30 60 30 9.1 0.025 0.848 RC-09 185 215 30 9.1 0.021 0.720 RC-10 0 70 70 21.3 0.035 1.210 RC-11 15 25 10 3.0 0.018 0.608 RC-12 No significant assays RC-13 0 360 360 109.7 0.024 0.844 Incl 135 230 95 28.9 0.035 1.220 Incl 320 335 15 4.6 0.141 4.850 RC-14 0 145 145 44.2 0.050 1.720 Incl 0 80 80 24.4 0.069 2.360 RC-15 0 145 145 44.2 0.051 1.730 Incl 40 105 65 19.8 0.075 2.580 RC-16 35 60 25 7.6 0.028 0.982 RC-17 No significant assays RC-18 No significant assays RC-19 0 80 80 24.4 0.042 1.41 Incl 20 30 10 3.0 0.227 7.77 RC-20 0 100 100 30.4 0.022 0.766 RC-21 185 370 185 56.4 0.031 1.078 Incl 310 370 60 18.3 0.066 2.255 Incl -- Included in the preceding drill hole mineralization intercept. As a result of these positive drilling results, a substantial follow-up drill program is in the planning process. We moved the drill rig to our Briggs, California project from Reward, as assays were pending for this Reward drilling program, where in-fill drilling has commenced on high grade targets to create added confidence in our ability to develop mineralization that may be amenable to underground mining. Assay analysis was performed by ALS Chemex of Sparks, Nevada, using a 30 gram fire assay with AA finish. The drilling and assay program has been performed under the direction of Mr. Bill Fleshman, PGeo, AUSIMM, as a qualified person. About Canyon Resources Canyon Resources, based in Golden, Colorado, was formed in 1979. The Company has a history of precious metals exploration success and can claim a number of significant discoveries. Canyon currently owns the Briggs Mine in California and is currently evaluating the re-start of that operation. Canyon is also evaluating the potential development of the Reward Gold Project in Nevada. For additional information on Canyon Resources and its properties, please visit our website at http://www.canyonresources.com/. This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Such forward-looking statements include, among others, feasibility studies for the Briggs and Reward projects, mineralized material estimates, drilling capability and the potential reopening or expansion of the Briggs Mine. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the volatility of gold prices; potential operating risks of mining, development and expansion; the uncertainty of estimates of mineralized material and gold deposits; and environmental and governmental regulations; availability of financing; the outcome of litigation, as well as judicial proceedings and force majeure events and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. Most of these factors are beyond the Company's ability to control or predict. FOR FURTHER INFORMATION, CONTACT: James Hesketh, President and CEO (303) 278-8464 Valerie Kimball, Investor Relations (303) 278-8464 DATASOURCE: Canyon Resources Corporation CONTACT: James Hesketh, President and CEO, or Valerie Kimball, Investor Relations, both of Canyon Resources Corporation, +1-303-278-8464 Web site: http://www.canyonresources.com/

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