UPPER CANYON ANNOUNCES JOINT VENTURE WITH Q-GOLD

Published October 1, 2009 at 4:55 p.m. UTC

Oct. 1, 2009 (TheNewswire.ca) --

Vancouver, B.C. - Upper Canyon Minerals Corp. (TSXV:UCM) (the "Company") announces that it has signed an Option/Joint Venture Agreement with Q-Gold Resources Ltd (TSXV:QAU) (Q-Gold). Under terms of the Agreement, the Company may earn a 49% participating interest in two large, prospective gold exploration tracts now owned by Q-Gold totalling 2,467.7 acres near Mine Centre, Ontario by meeting a total of $1.2 million of obligations as detailed below.

The northern-most tract is comprised of 1,324.5 contiguous acres of Crown Mining Leases and Patents and includes the historic "Golden Star" and "Isabella" gold mines (the "Golden Star Area").

The southern tract consists of 1,143.2 acres of contiguous Crown Mining Leases and mining claims, including the gold-bearing McKenzie Gray and Jolly Roger quartz veins (the "Nipigon Area").

Golden Star Mine

In the late 1890's, according to historical reports, the Golden Star Mine produced 10,758 ounces of gold from the #1 shaft of the "Star" vein, at an average gold grade of 0.56 ounces per ton ("opt") over a 1.1 metre vein width. Surface facilities were destroyed by a forest fire at the end of the 19th Century and production ceased. Historical estimates, circa 1939, show 10,000 tons of gold ore grading 0.45 opt remaining in the Golden Star Mine.

At the Golden Star Mine property, the gold mineralization is associated with three sub-parallel northwesterly trending vein systems which occur within metavolcanic rocks. This area will be the subject of an intensive geologic investigation by the Joint Venture during its upcoming Fall/ Winter exploration program at Mine Centre.

Isabella Mine

The Isabella Mine consists of two quartz vein systems into which a 65 foot shaft has been sunk. Limited production of high-grade gold pockets was reported during the period 1899-1934. However, the area in and around the Isabella Mine is virtually unexplored by modern methods and remains highly prospective for gold. This area will also be targeted in the Fall program described above.

Nipigon Tract

The Nipigon Area consists of six Crown Leases and ten mining claims. In addition to the gold-bearing McKenzie Gray and Jolly Roger veins, the area contains large portions of the Finger Lake Fault, an intensively sheared zone over a 20 kilometre strike length where a gold occurrences has been encountered. A small, inactive mill and two large tailings ponds with a currently inactive permit, which can be reinstated, are also included on the Nipigon Area.

The McKenzie Gray vein was the target of a recently completed 12-hole, 1,141 metre diamond drilling program conducted by Q-Gold. The objective was gold-sulfide mineralization in a lense plunging to the 100 m level and remaining open at depth as revealed by exploratory drilling by the previous owners of the Crown Leases in 1992 (see Q-Gold press release dated August 18, 2009).

Reserve estimates made by Ovalbay Geological Services Inc., in a report dated December 31, 1992 (p. 32) showed 98,702 tons grading 0.30 gold-equivalent opt in all categories (totaling 29,611 gold-equivalent ounces) attributable to previous drilling in the McKenzie Gray vein.

As a result of Q-Gold's recent drilling activity, 100 core samples from the McKenzie Gray vein are being prepared for assay, with results anticipated within 4 weeks.

Joint Venture Terms

Under the terms of the Joint Venture, in order to earn a 49% participating interest in the prospective gold properties described above, Upper Canyon will provide CDN$ 1.2 million in total benefits to Q-Gold over a 3-year period as follows (CDN$):

         Work        Cash        Upper Canyon Shares Issuable to Q-Gold ($ value)   Cumulative Participating Interest Earned   
Year 1   $ 200,000   $ 50,000    $ 50,000                                           12.5%                                      
Year 2   $ 275,000   $ 50,000    $ 50,000                                           29.0%                                      
Year 3   $ 425,000   $ 50,000    $ 50,000                                           49.0%                                      
Total    $ 900,000   $ 150,000   $ 150,000

The Joint Venture will be directed by a Management Committee with Q-Gold, which retains 51% interest, as Operator for the first year.

All the properties in the Joint Venture are subject to net smelter return production royalties ranging from 2 to 3%.

The Option/Joint Venture Agreement is subject to regulatory approvals, including those of the TSX Venture Exchange.

A Qualified Person, as defined by NI 43-101, has not done sufficient work to classify the above historical estimates as current mineral resource. Consequently, Q-Gold is not treating any of these historical estimates as current mineral resources and the historical estimates should not be relied upon for any purpose.

Richard C. Beard, P.Eng, Consulting Geologist, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this press release.

About Upper Canyon

Upper Canyon Minerals Corp. is a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM). The objective of the Company is to enhance its value via high mineralization resource properties with a goal of advancing them into commercial production. The Company is currently exploring two properties: the Josefina Silver and Base Metals Project, located in the Huarochiri Province of Lima, Peru, which comprises 5600 hectares and includes the past producing Josefina Silver and Base Metals mine and the Brosner Gold property located near Val d'Or, Abitibi, in Quebec, Canada. The Brosnor property hosts gold bearing structures, striking east-west, in which quartz-pyrite-tourmaline veins, concentrated in more competent rock units carry gold values in various amounts. The most important structure identified to date hosts two main gold zones, namely the Adelemont and Norcourt zones.

For additional information, contact Jack Bal at (604) 633-2442, fax 604-633-2462 & toll free 1-800-667-1442, e-mail [email protected], or visit website www.uppercanyonminerals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Jatinder Bal "

JATINDER (JACK) BAL

President & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.