Canyon Resources Elects Not to Exercise Hycroft Option

GOLDEN, Colo., Aug. 4 /CNW/ -- Canyon Resources
Corporation (Amex: CAU), a Colorado-based mining company, announced today that
it will not be exercising its option to acquire the Hycroft mine near
Winnemucca, Nevada.  In January 2005, Canyon entered into an option agreement
with Vista Gold Corp.  (Amex: VGZ; Toronto) whereby the Company committed to
expend $0.5 million for drilling, engineering and due-diligence review over a
six month period ending August 20, 2005, to acquire the mine for $4.0 million
in cash plus $6.0 million in Canyon equity units consisting of one common
share and one warrant for half a share.  Canyon has completed its work
commitment under the option agreement.
"The results of this project review, when combined with cost of
acquisition, do not meet the project investment criteria of Canyon at this
time.  The effects of increased cost of fuel, tires, supplies, and shortages
of large scale mining equipment units and personnel are contributing factors
to this decision. The management and Board of Canyon are focused on creating
shareholder value and as such will focus on projects that meet this
requirement.  Canyon will continue to pursue a strategy of growth through
acquisition and development of our internal asset base, as well as the pursuit
of our Montana takings claim," states James Hesketh, President & CEO.
Canyon's Hycroft work program, on which $0.6 million was expended,
included drilling 33 holes totaling 12,475 feet, which confirmed average
grades for the orebody.  Detailed due diligence, engineering and cost
estimation were conducted by a team of highly experienced consultants
including Ore Reserves Engineering of Lakewood, Colorado for resource
modeling; WLR Consulting of Lakewood, Colorado for reserves, mine engineering
and costing; Kappes Cassidy of Reno, Nevada for plant costing and metallurgy;
SRK of Reno, Nevada for permit and environmental review; and SRK of Littleton,
Colorado for cash flow model review.  Contract mining, leach pad engineering
and equipment proposals were received from a number of companies and vendors.
This work culminated in the development of feasibility study level operating
plans and cost estimates, which were used as the basis for this decision.

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 metal prices,
production and reserve estimates, production costs, cash flows, environmental
and governmental regulations, availability of financing, 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 & CEO, (303) 278-8464
 Gary Huber, VP Finance and Corporate Development, (303) 278-8464
 www.canyonresources.com