Copper Hill Scoping Study

  • Scoping Study completed as planned
  • Project outcomes support commencement of a Pre-Feasibility Study (PFS)
  • Enhanced Metallurgical Recoveries for higher grade samples
  • Opportunities for further project enhancements identified
  • Significant exploration potential at depth

Golden Cross Resources Limited (ASX:GCR) is pleased to announce that further to the ASX releases on 5 and 24 March 2015, the Scoping Study for a 2 – 3Mtpa (Million tonnes per annum) development, based on the 28Mt higher grade resource is now complete.

The Production Target referred to in this announcement is based on Indicated Mineral Resources (67%) and Inferred Mineral Resources (33%). There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration will result in determination of further Indicated Mineral Resources or that the production target or preliminary economic assessment will be realised.

Outcomes from the Scoping Study are positive and the Company plans to commence a Pre- Feasibility Study as soon as possible, for this style of development at Copper Hill. Resource Estimate The updated Copper Hill Scoping Study is based on the updated JORC 2012 compliant Resource Estimate*, released to ASX on 24 March 2015. This estimate honours the structural controls and geology of higher grade mineralisation and is summarised below in Table 1 extracted from the 24 March 2015 report. The 28Mt higher grade resource, and its Indicated and Inferred Mineral Resource components calculated using a 0.4% copper cutoff, on which this Scoping Study is based, is highlighted in Table 1 below.