Gold Canyon Resources Inc V.GCU

Share ownership of GCU

[Goldblack]

Below is a list of major shareholders of GCU that hold at least 1.0 mil shares, taken from various public listings

    Pinetree Capital                      15.513 mil shares

   Sheldon Inwentash                   4.103 mil

   Sprott funds                               20.939 mil

   VanEck funds                              3.551 mil

   Ned Goodman investments        1.500 mil

  Quantex AG                                 1.050 mil

Total of above holdings                46.656 mil

 It is interesting to Note that Pinetree Capital lists it's cost @ 10.677 mil(which equals approx .68826 cents

per share.) Based on today's market value of $1.45 per share(Total MV = $22.494 mil), that leaves Pinetree's

investment up 11.817 mil to date. Pine tree also holds a total 775,000 warrants expiring in Sept/12 & Oct/12