Canyon Gold Corp.: Phase Two Exploration as Recommended by the Technical Report

Vancouver, British Columbia--(Newsfile Corp. - January 23, 2013) - Canyon Gold Corp. (OTCQB: CGCC) (The Company) is pleased to announce its planned Phase Two Exploration as recommended by the Technical Report.

Technical Report.

Written according to National Instrument (NI) 43.101 STYLE TECHNICAL REPORT requirements.

  • The Company’s Geologist, Alex Burton, following extensive on-site field inspection of the Company’s mineral lease properties in Elko County, Nevada, completed all necessary field work for the completion and delivery to the Company of the ‘Technical Report’ on the Company’s mineral lease claims. Mr. Burton has prepared the report with consideration given to NI 43.101 Technical Report requirements, although Mr. Burton is not independent as required by NI 43-101. The report has been filed on SEDAR, the Canadian equivalent of EDGAR.

The Report states in part:

  • “The Canyon Gold Spruce Point claims have an equal chance as their neighbors to find gold mineralization in the hopes of proving up a mine.

  • The initial examination studies showed similar conditions as at the Long Canyon deposit and that standard exploration techniques used for exploring for the Long Canyon type of Carlin trend ore body should work effectively on the Canyon Gold Corp. claims.

  • The Canyon Gold property is well positioned geologically to explore for a western extension of the Long Canyon type of gold deposit.”

CanyonGold’s exploration philosophy will include proven technology successfully applied in the discovery of Carlin Type Gold Deposits. Preliminary rock samples have been collected and a test program of drainage geochemical samples have been taken. Signs of mineralization, alteration and faulting with similar characteristics to the type of fracturing and alteration seen at the long Canyon Deposit (acquired by Newmont Mining for 2.3B USD), have been discovered on the CANYON GOLD Claims, with the hope of proving up a viable ore body.

The Phase Two program will include geochemistry and geophysical surveys in stage A, at a cost of approximately $625,000 and the drilling of 12 holes averaging 750 feet per hole for a cost of $1,100,000 in Stage B.

Based on the ‘Technical Report’ that covers part of the optioned EMAC claims, CanyonGold intends to exercise its option with EMAC Handels AG to lease a total of 280 mineral lease claims bringing the total claims to 310 claims or approximately 6,613 acres of mineral lease property subject to available funding.

Visit us at: www.canyongoldexploration.com

On behalf of the Board of Directors,
Delbert G. Blewett, B.Sc.Ll.B, President & CEO,
Company Contac: 1 800 520-9485

Email: canyongold@shaw.ca, SOURCE: Canyon Gold Corp.

The Company trades on the OTC-BB/QB tier of the OTC market. Investors can find Real-time quotes and market Information for the Company on http://www.otcmarkets.com/stock/CGCC/quote

Forward-Looking Statements
This news release includes certain “forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives or expected results of the Company, are forward-looking statements that involve various risks and uncertainties. Forward looking statements in this news release include that we will carry out an exploration program and exercise our option to lease additional claims. There can be no assurance that such statements will prove to be accurate and actual outcomes and results could materially differ from what is expressed, implied, or forecasted in forward-looking statements. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; we may not be able to get equipment or labor as we need it; we with may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company’s most recent reports filed with the Securities and Exchange Commission.

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