Copper Focus & Project Rationalisation

Copper Focus & Project Rationalisation

• GCR’s focus on copper exploration and Copper Hill development

• Withdrawal from Notakwanon uranium JV

• GCR has relinquished low-priority tenements in NSW and Queensland.

• GCR’s Panama copper exploration supported by Panamanian Government

• GCR’s exploration team encouraged by African field trips

Golden Cross Resources Limited (ASX code GCR, “GCR”) intends to focus on advancing its 100%-owned Copper Hill copper-gold project, as flagged in recent announcements and set out in the prospectus for the recent, successful $8 million rights issue. CACS has commenced the feasibility study for the project and GCR has called for expressions of interest from consultants for water and environmental studies. GCR is also planning more exploration, infill drilling and advanced metallurgical test-work at Copper Hill. A house and 2.5 hectare land package have been purchased, adjacent to Copper Hill, and beside the rail line, to be used as an office and as a field operations facility. A core storage shed and workshops will also be constructed.

GCR has advised its joint venture partner, Altius Resources, that it has withdrawn from the Notakwanon uranium project in Labrador, eastern Canada. The project remains prospective but the high cost of drilling is beyond GCR’s resources at this time.

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