CAU Canyon Resources Corp

GOLDEN, Colo., Nov. 7 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU), a Colorado-based mining company, is pleased to announce that its joint venture partner in the Converse Joint Venture, New Horizon Uranium Corporation, a privately-owned corporation based in Golden, Colorado, has initiated a two-stage exploration/drilling program on its previously disclosed Sand Creek Joint Venture in Converse County, Wyoming. The Sand Creek JV, a joint venture between High Plains Uranium (TSX: HPU) and the Converse Joint Venture, covers a defined area of approximately 92,000 acres (37,300 hectares) in an area of known uranium occurrences, located east of Douglas, Wyoming. New Horizon is the operator of the Sand Creek and the Converse joint ventures. The primary goal of the Sand Creek JV is to advance as rapidly as possible to the production of uranium by the In-Situ Leach (ISL) mining method. The initial drilling program, Stage 1, will include a total of 18 holes in the western portion of the Sand Creek JV area, approximately five miles east of Douglas, Wyoming, and in the area of the Scott Ranch. Drill hole locations were selected for confirmation and augmenting of the earlier drilling completed by Canyon in the 1980s. New Horizon is preparing an amendment to its exploration permit with the Wyoming Department of Environmental Quality to add 12 more holes in a Stage 2 program planned for January 2007, provided the permit amendment is approved on a timely basis. The Stage 2 drill holes are intended to be an extension of the drilling in Stage 1. Uranium mineralization has been previously identified in sediments of the White River Formation that trends through the Sand Creek JV area. The White River formation is the same formation that hosts Cameco Corporation's Crow Butte ISL uranium operation in Nebraska. "This drilling program is a major milestone in our work on the Wyoming uranium properties and is based in part on Canyon's initial corporate exploration. The timing for Canyon is very good as the spot price of uranium has increased to around $60.00 per pound and the market is displaying strong fundamental support," said Jim Hesketh, President and CEO of Canyon. "With the recent widespread interest in uranium, we look forward to developing these important uranium properties in a highly prospective but under-explored district in Wyoming. Canyon, having contributed property and data to the joint venture, is not required to commit any funding to this current work effort," he added. Bill Wilson, President of New Horizon, said, "We are fortunate to be moving ahead on this project at this time with an experienced drilling company, particularly with the shortage of drill rigs in the area. We anticipate an on-going drilling program based on these early results to extend throughout next year." About Canyon Resources Canyon Resources Corporation, based in Golden, Colorado, was formed in 1979. The Company has a history of precious metal and uranium exploration success and can claim a number of significant discoveries. Canyon currently owns the Briggs Gold 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 projects 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, projections of favorable geologic formations, environments and similarities to existing uranium deposits. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the variability of natural geological settings, the volatility of uranium prices; potential operating risks of mining, development and expansion; the uncertainty of estimates of mineralized material and uranium 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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