December 2012 Quarterly Report

HIGHLIGHTS

Copper Hill – Molong Project

  •   Financial study results under consideration by the GCR Board

Other Projects

  •  South Australia – drilling program planned, native title heritage clearances completed for three drill sites near Coober Pedy
  • Cargo – seven core holes completed at the Spur-Dalcoath and Essex mineralised systems
  •   Airborne and follow-up ground EM completed at Rast – Gilgunnia projects

Copper Hill – Molong Project

Studies of the Copper Hill project have been completed following a review of various mining and mill throughput tonnage options. A comparative analysis suggested that 8 million tonnes of ore per year, mined, milled and processed to produce a copper-gold concentrate, would deliver the best economic outcome. This model was examined in more detail using a range of metal price, mining and capital cost assumptions. The outcomes are under consideration by the GCR Board.

South Australia – Gawler Craton IOCG
Oolgelima Hill , Giddinna, Warriner Creek, Codna Hill, Koolymilka, Stuart Range

Golden Cross holds five granted tenements covering 3,166 sq. km within the northern Gawler Craton in South Australia near Coober Pedy, an emerging centre for copper-gold, iron ore and energy developments. The tenements cover several structural domains north of the highly prospective Olympic Domain, which hosts the world -class iron-oxide-copper-gold (IOCG) deposits of Olympic Dam and Carrapateena.

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