Share Purchase Plan – Forward Development Program
Golden Cross Resources Limited (ASX:GCR) is pleased to announce that the Share Purchase Plan (SPP) which closed on 1 April 2015 raised $347,517 from the issue of 5,791,949 new Shares.
The GCR cash balance as at 31 March 2015 was $532,508. Current cash balance is $780,809.
With the positive outcome from the Copper Hill Scoping Study released 15 April 2015, the Company plans to commence a Pre-Feasibility Study (PFS) as soon as possible.
The SPP funds will facilitate initial technical programs ahead of the Company formally adopting a full PFS program and budget.
The initial programs include:
- Targeted infill and extensional drilling of the high grade zones outlined at Copper Hill Central in the 2014 drilling, to improve the definition of the high grade mineralization.
- Commencing a bench-scale metallurgical program on 2014 drill core to assess the metallurgical performance of the mineralization scheduled to be mined and treated in Years 1-5.
A detailed geo-metallurgical study was completed on the 2014 drilling data ahead of commencing the above metallurgical program.
I wish to thank Shareholders for your support of the SPP. It is a positive outcome for the Company and its Copper Hill copper-gold project, and we look forward to encouraging results over the coming months.
Further information, contact Jingmin Qian on (02) 9472 3500