400m more shares will not stop the speeding ticket!!, page-70

GCR elects to become 100% owner of Mt Isa Phosphate tenements

" The Directors of Golden Cross Resources Limited (GCR, the Company) would like to update the market on recent developments relating to the Company’s interest in the Mt Isa Phosphate Joint Venture. As stated in GCR’s 2015 Annual Report, GCR subsidiary King Eagle Resources Pty Ltd (KER) has a 20% interest in the Mt Isa Phosphate Joint Venture, with Paradise Phosphate Limited (PPL) holding the remaining 80%. The tenements consist of EPM 14905 Quita Creek, EPM 14906 Highland Plains and EPM 14912 Lily and Sherrin Creek. On 13 July 2016 KER became aware that a receiver had been appointed to PPL. The appointment of a receiver constitutes an event of default under the joint venture agreement (JVA). On 15 July 2016 KER gave notice to the receiver that his appointment had triggered an event of default under the JVA. KER also gave notice that it elects to acquire PPL’s joint venture interest under the relevant provisions of the JVA. As KER has not been provided with any evidence that a decision to mine has been made with respect to the tenements the subject of the Joint Venture, this acquisition will be for nil consideration. PPL disputes KER’s right to make the election and acquire the interest. Discussions are continuing between the parties. GCR will continue to keep the market fully informed of developments. For further information please contact the Chairman, Mr Ken Hellsten, on (02) 9922 1266. "