CANYON RESOURCES LIMITED — Capital/Financing Update 2012

May 1, 2012

Canyon Resources Limited ACN 140 087 261 Level 3, 10 Outram Street West Perth WA 6005 www.canyonresources.com.au

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2 May 2012

Canyon Enters into Earn In Agreement with

Rumble Resources

Canyon Resources Limited (“Canyon” or “the Company”) is pleased to announce that it has entered into an agreement with ASX listed Rumble Resources Limited (Rumble, ASX: RTR) for them to earn a 75% interest in Canyon’s Derosa Project in Burkina Faso.

Under the agreement, Rumble is entitled to earn a 75% interest in the Derosa Project by spending A$3,000,000 on the project.

The agreement is subject to due diligence by Rumble. Upon completion of the due diligence Rumble will:

• Issue Canyon 1,500,000 shares in Rumble Resources; and

• Pay Canyon A$50,000 as a refund of vendor payments.

Canyon will retain a 25% “free carry” interest in the project up to the decision to do a prefeasibility report.

Under the Agreement:

• Rumble will spend a minimum of A$250,000 before it can withdraw from the joint venture;

• Upon spending A$1,500,000 Rumble will earn a 51% interest in the project; and

• Rumble will earn a 75% interest in the Project by spending A$3,000,000 on exploration, inclusive of remaining vendor payments, by 31 March 2017.

Canyon’s Board believe that this agreement offers the Company an excellent opportunity to focus its efforts on its remaining four projects, while maintaining an interest in the Derosa Project.

Enquiries:

Phil Gallagher

Managing Director T: +61 8 9413 7300 E: pgallagher@canyonresources.com.au