March 2012 Quarterly Report

HIGHLIGHTS
Personnel

  •  Chairman Chris Torrey has resigned to head up Silver City Minerals. Mr Torrey has guided the company through several critical phases which have seen substantial increases in the Copper Hill resource, completion of a detailed study of strategies to maximise production from Copper Hill and delivery of the Copper Hill Scoping Study. His support for GCR’s expanded exploration activities has been greatly appreciated. He has assisted in the search and selection of a new chairman and he leaves GCR with heartfelt good wishes and the thanks of directors and staff.

Copper Hill

  • 2 million tonnes per annum mill and plant capital estimate of $92 million
  • Total estimated notional capital cost, all-up, of $155 million
  • Metallurgical studies continuing with improving recoveries

Other Projects

  • Cargo twin-hole drilling completed: 3 core holes totalling 344 metres
  • Queensland Coal – new 2,250 square kilometres of tenement applications in the Eromanga Basin
  • South Australia – Gawler Craton IOCG targets – geophysical interpretation completed. Access and drill planning continuing

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