Agreement signed to commence the Copper Hill Bankable Feasibility Study

Golden Cross yesterday signed a Consulting Agreement in Sydney with China National Automation Control System Corp (CACS) to commence the bankable feasibility study for the Copper Hill Project. The signing follows the successful completion of GCR’s recent $8 million Rights Issue. GCR’s cash position at 30 April was $9.9 million.

CACS is part of the China National Machinery & Equipment Corp. (Sinomach Group). Its principal business covers comprehensive electromechanical technology, trade and engineering EPC contracts. CACS was founded in 1981 and has its headquarters in Beijing’s CBD.

Since CACS was established, on a strong advanced technology base, it has established business units in the fields of electric power, petro-chemistry, metallurgy, textiles, construction materials, port construction, building construction and public city projects. CACS has undertaken and completed more than 700 electromechanical engineering projects within China and in Southeast Asia and Africa.
The overall production strategy for Copper Hill is to mine the deposit as an open pit and process 8 million tonnes of ore per annum thorough a crushing-grinding-flotation plant on site, subject to regulatory approvals. The copper-gold sulphide concentrates produced will be railed to a roaster – acid plant – Solvent Extraction-ElectroWinning (SX-EW) – Carbon-in-Leach (CIL) complex to be constructed by GCR and CACS in South Australia where there are identified acid markets and strong local support for industrial development. Sulphide flotation and roasting, acid recovery, and metal recoveries using SX-EW (for copper) and CIL (for gold) are all well-proven, tried-and-true technologies in common use around the globe.

A positive feasibility study supporting the strategy outlined above will allow the sourcing of capital from China and, once the decision-to-mine is taken, CACS will source all necessary plant and equipment from both China and Australia. The final product, SX-EW cathode copper metal, will be available for sale to CACS’ associated companies in China.
“The agreement with GCR for the Copper Hill project is significant for both companies and represents a milestone for CACS which intends to grow its business interests in Australia. CACS regards this agreement as representing its first great step on this vital continent” Mr. Kim Stanton-Cook, GCR’s MD said.

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