CANYON RESOURCES LIMITED — Major Shareholding Notification 2012

Mar 13, 2012

Hi: Attached is a Notice of Withdrawal to Form 604 lodged with the ASX on Dec. 12, 2011 for Canyon Resources Limited.

Regards, Marlowe

Ms. Marlowe Hanlen, Compliance Officer, Code of Ethics GCIC Ltd. (Dynamic Funds) One Adelaide Street East, 29th Floor Toronto, Ontario M5C 2V9 Tel.: 416-365-2584/Internet Fax: 647-776-7721/Email: mhanlen@dynamic.ca ****************

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	29th Floor Toronto Ontario	One Adelaide Street East	Tel: Fax:	(416) 365-2584 (647) 776-7721		GCIC Ltd.
To:		Company Announcements Office			From: Marlowe Hanlen
		Company: Australian Stock Exchange
Fax:		612-9778-0999 or 612-9347-0005			Pages: $1 + 3$
Phone:					Date: March 13, 2012
Re:						Canyon Resources Limited - Notice of Withdrawal of Form 604 filed on Dec. 12, 2011

Comments:

GCIC Ltd., (formerly Goodman & Company, Investment Counsel Ltd. by name change in January 2012) (manager of the Dynamic Funds), is lodging this Notice of Withdrawal with the ASX because a Form 604 was lodged with the ASX on December 12, 2011 for Canyon Resources Limited ("Canyon") in error. This Form 604 incorrectly disclosed our holdings in Canyon as at November 30, 2011.

The reason for this Notice of Withdrawal is that it was not necessary for GCIC Ltd. to lodge this Form 604 for Canyon because there was a less than 1% change in our holdings. In the past week, we realized that we used an incorrect issued and outstanding share capital number to calculate our percentage holdings in Canyon for November 30^th, 2011.

Therefore, please disregard the December 12, 2011 Form 604 lodged by GCIC Ltd. for Canyon, a copy of which is attached for ease of reference.

Thank you.

larlowe Hanlen (Ms.), Compliance Officer GCIC Ltd. Tel.: 416-365-2584 (direct) Internet Fax: 647-776-7721 (compliance) Email: mhanlen@dynamic.ca

:mh/Attachment

604 page 1 of 2 February 15, 2007

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	CANYON RESOURCES LIMITED
ACN/ARSN	13 140 087 261
1. Details of substantial holder (1)
Name	Bank of Nova Scotia and each of its associates/affiliates listed in Annex A
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	30 / November / 2011 25 / August / 2011 25 / August / 2011

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Fully Paid	4.585.591	10.15% undiluted	5.305.091	11.74% undiluted

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
Nov. 30, 2011	Goodman & Company. Investment Counsel Ltd.	In-market acquisitions	Average share price was AUD 0.4741	719.500 Ordinary fully paid	719,500

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder $(8)$	Nature of relevant interest (6)	Class and number of securities	Person's votes
Goodman & Company. Investment Counsel Ltd.	G&C, in its capacity as trustee and manager of various mutual funds has the power to control the voting and/or disposal of the securities and holds the securities for investment purposes	Unknown		Ordinary fully paid 5,305,091	5.305.091

604 page 2/2

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Goodman & Company, Investment Counsel Ltd.	Body corporate controlled by Bank of Nova Scotia

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Bank of Nova Scotia	40 King Street West, Toronto, Ontario, Canada M5H 3Y2
Goodman & Company, Investment Counsel Ltd.	29th Floor, 1 Adelaide Street East, Toronto, Ontario M5C 2V9

Signature

print name Jeff Cairns	Capacity: Vice President, Compliance & Administration, Investment Counsel of Goodman & Company, Investment Counsel Ltd. (a fully-owned affiliate of the Bank of Nova Scotia)
sign here	December / 2011 date
	DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(7)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be induded of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write $(8)$ "unknown".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

604 page 1 of 2 February 15, 2007

ANNEXURE A

Associates

This company is a fully-owned affiliate of Bank of Nova Scotia under section 9 of the Corporations Act by virtue of being a related corporate body of Goodman & Company, Investment Counsel Ltd.

Goodman & Company, Investment Counsel Ltd.

This is the annexure of 1 page marked A referred to in Form 604: Notice of Change of Interests of Substantial Holder signed by me.

Jeff Cairms.

Vice President, Compliance & Administration, Investment Counsel of Goodman & Company, Investment Counsel Ltd. (a fully-owned affiliate of the Bank of Nova Scotia)

ecember 8,2011

Date