Golden Cross Resources (GCR)

Shares / Stock Code

GCR

Stock Exchange / Sharemarket

ax

Golden Cross Resources (GCR) is a gold and base metals explorer searching for large deposits in highly prospective mineral belts providing significant potential upside for the investor. GCR was listed on ASX on 27 March 1996. In October 1998, work done by a 50:50 joint venture between GCR and Imperial Mining NL confirmed the presence of a copper and gold mineralised system at the Cargo area. GCR now holds 100% of the Cargo project.

GCR’s current portfolio of tenements contains world class exploration potential, with which we have attracted leading mining companies as farm-in partners who help us fund our exploration. GCR's primary focus is the Copper Hill Project in central NSW. Copper Hill has an Indicated and Inferred Resource of 133 million tonnes containing 421,000 tonnes of copper and 1.2 million ounces of gold.

In late 2008 GCR and HQ Mining Resources Holding Pty Ltd announced a strategic alliance. HQ is the Australian investment vehicle of Beijing-based China United Mining Investment Co Ltd (CUMIC).The alliance will provide Golden Cross with an immediate injection of funds, as well as operational, development and marketing assistance with the opportunity for further financial support. HQ will use Golden Cross as its platform for future growth in Australia, Southeast Asia, the Pacific, and the Americas.

GCR's Chairman, Chris Torrey, said "The alliance of Golden Cross and HQ marks the commencement of new growth phase for Golden Cross, which will provide exploration and development skills in concert with HQ’s funding capacity, commercial ability and contacts to source capital equipment for potential mining operations."

The company aims to acquire large-scale projects, adding value through high quality geological surveys and developing exploration models that attract larger companies as joint venture partners.

The base metals industry is very competitive globally. GCR's competitors include other Australian exploration companies. Its consumers include the industrial sector, wholesalers and private investors.