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Golden Cross Resources (GCR) has completed the first round of core drilling at the Spur-Dalcoath gold targets within the Cargo Project. The Cargo Goldfield lies 15 kilometres west of Cadia and has been mined intermittently for over 140 years. Previous explorers, Billiton Australia (Shell Metals) and Cyprus Gold, drill-tested several anomalous gold zones in the 1970’s and 1980’s and defined what may be, potentially, payable bodies of nearsurface gold mineralisation. GCR followed up with extensive drilling here in the late 1990’s.

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• Scoping Study delivered with plant capital cost estimate at $92 million
• Total Geological Resource: 215 million tonnes at 0.3% copper and 0.24 g/t gold
• Constrained Resource:153 million tonnes containing 511,000 tonnes of copper and 1.35 million ounces of gold
• Metallurgical studies continuing

Other Projects

• Cargo drilling completed: 6 holes totalling 757.9 metres
• Gawler Craton copper-gold: progress with access and other approvals for planned drilling

A revised resource estimate for Copper Hill has been made by Richard Lewis, principal of Lewis Mineral Resource Consulting Pty Ltd, FAusIMM, who is a Competent Person under the meaning of the 2004 JORC Code.
The new resource is bounded by a pit design based on elevated copper and gold metal prices. There is additional mineralization estimated outside this pit design, but at present does not have reasonable prospects of eventual economic extraction and cannot be included as a resource. These resources and additional mineralization are shown in Table 1.
The total resources are the same grade and lower in tonnes than those reported in June 2011. The changes have resulted from the additional drilling carried out, the different modelling technique used and do not include the resources outside the Reporting Pit.

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Copper Hill

• Preliminary capital cost estimate studies well advanced
• Mill and Plant Scoping Study with preliminary detailed plans prepared
• Geological Resource: New resource estimate underway
• Metallurgical studies for Mill and Plant throughput options continuing
• Four core holes for 756 metres and 15 RC holes for 1,122 metres

Other Projects

• Drilling at Cargo planned for October
• Drilling planned to test Gawler Craton magnetic-gravity anomalies
• Canbelego – Rosevale: new airborne magnetic survey results are encouraging

Copper Hill
Brisbane-based engineering firm, Calder Maloney Pty Limited, has been retained to complete a Scoping Study of the proposed 2 million tonne per annum mining and mill throughput plan.
The study is very comprehensive and at quarter’s end included a complete equipment list, design criteria and mass balance for the mill and plant flowsheet. A detailed high voltage distribution network for the concentrate plant, mine service area, bore fields and tailings water return has been designed.

Over 50% of the capital cost of the process plant and site infrastructure will be attributable to the crushing, grinding and flotation process to recover copper and gold in concentrate for sale.
A project capital cost estimate is anticipated in the December Quarter.
Following completion of the latest round of drilling, a new Copper Hill geological resource will be estimated and announced in the December Quarter.

Copper Hill – Metallurgy
The current metallurgical test work progress has slowed somewhat as a result of laboratory testing and analytical backlogs but advances continue to be made.
Extensive testing over a range of parameters for the various ore types includes milling parameters, flotation circuit configurations and reagent suites all of which require evaluation to ensure an optimum economic outcome.

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Notice is hereby given that the 2011 Annual General Meeting of the members of the Golden Cross Resources Ltd (the Company) will be held at History House, 133 Macquarie St, Sydney, NSW at 4.00pm on Thursday 17 November 2011 for the following business:

Financial Report

Re-election of Mr Li Xiaoming as a Director

Re-election of Ms Xun (Suzanna) Qiu as a Director

Remuneration Report

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