Funding Proposals

Heron Resources Limited (ASX:HRR) and HQ Mining Resources Holding Pty Ltd proposals to fund GCR

Heron Resources this morning releases, to the ASX, details of its binding proposal to take a 19.9% placement in GCR, taking up poart of the shortfall of the Company’s October 2013 rights issue, at a share price of $0.005 for a consideration of $1.88 million as set out in the attached document.

HQ Mining confirmed today that its attached proposal, details of which were previously announced to the ASX, is its final proposal, to take up its entitlement in a rights issue and an offer to underwrite, at no cost to GCR, for a maximum of 680 million shares at an issue price of $0.005 per share to raise $3.4 million. HQ Mining has made its proposal conditional on the Company rejecting the Heron proposal.

Shareholders will be asked at an EGM to be held in the near future to consider and vote upon the matter.

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