CAU Canyon Resources Corp

Canyon Resources Raises $7.1 Million in Equity Financing GOLDEN, Colo., March 18 /PRNewswire-FirstCall/ -- Canyon Resources Corporation , a Colorado-based mining company, today announced that it has raised $7,127,300 through the sale of 1,630,970 shares of fully registered common stock ($4.37/share). The shares were registered through a shelf registration statement on Form S-3 filed in January 2004 and declared effective by the Securities and Exchange Commission on February 27, 2004. The financing was accomplished with the participation of several new investors and existing shareholders, including Passport Capital, LLC, Tocqueville Gold Fund and Octavius Capital Management. This press release does not constitute an offer of any securities forsale or a solicitation of an offer to buy. "Canyon Resources is pleased to welcome new investors and the continuing endorsement of existing shareholders with this financing. The funds will provide increased flexibility for progress on our existing projects and in our evaluation of other advanced-stage gold projects for potential acquisition or joint venture in the western U.S. and Mexico," said Richard H. De Voto, President. In addition to producing gold from its Briggs Mine in California, Canyon Resources owns the Seven-Up Pete Venture which has invested $75 million in the 10.9 million ounce McDonald Gold Project in Montana, which is constrained from current development by the anti-mining cyanide ban, Initiative 137. The Company filed suit against the State of Montana seeking to overturn I-137 or, alternatively, 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. A proposed new initiative,filed with the State of Montana on March 2, 2004, if qualified for the ballot and enacted by a vote of the citizens on November 2, 2004, would allow the use of cyanide recovery at open-pit gold mines with appropriate engineering practices and environmental safeguards. 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 metals 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. 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

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