snapshot of a gold speccy

GCR are a polymetallic focused company (U, Ni, Pb, Cu, Ag, Au, Zn). They also have interests in phosphate and coal with UCG thrown in. So, from that perspective they are not a pure gold company.

However, their most advanced and flagship project, referred to as Copper Hill, is a porphry style copper gold prospect near Molong (Orange NSW). This is in the same district as Newcrests Cadi - Ridgeway project.

The Cu-Au resource of Copper Hill has been defined as 421,000 tonnes of copper and 1.20 million ounces of gold. No serious drilling style exploration has occurred on this prospect over the last 2 years so any 'upside' to this resource has not been contemplated. Instead management have been occupied with a pre-feasibility study - which is now focused on getting the ore treatement flowchart into a priced infrastructure setup.

From their website I have cut and pasted the following statement relevant to Copper Hill which is of interest regarding possible use of the sulphuric acid byproduct. References to iron production are also noted:

"There are a number of potential buyers of acid even in the local market the largest of which is Alkane's proposed zirconia project in Dubbo. Plus the iron product, which will be high grade and relatively 'clean', could be sold to steel manufacturers worldwide."

Potential for expanded exploration at Copper Hill is real. IP surveys and soil testing have identified numerous targets, some showing similar spatial/ geochestry characteristics to Copper Hill itself. Repeated ore bodies nearby could substantially increase the mineable resources in the area - especially if the gold grades are higher.

Nearly all the projects owned by GCR are within Australia, with some notable O/S projects including gold/ copper in Panama and Uranium/ rare earth metals in Labrador Canada.

Of late GCR have entered into an alliance with a Chinese mining investment house. I include the following statement from their website:

"In late 2008 GCR and HQ Mining Resources Holding Pty Ltd (“HQ”) 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."

IN also include this statement from the HQ website for your information:

"The mission of the company is to invest $200 million over the next 3 to 5 years in Golden Cross Resources and its projects, to acquire resources in the Australia-Pacific Region and to build several world class copper and gold companies."

Anyone interested in a well rounded exploration speccy with potential backing (funding) to advance copper gold plays into mines would do themseleves a favour by looking at GCRs website.

www.goldencross.com.au

What particularly excites me is the UCG prospects in QLD and Olympic Dam - Prominant Hill tenements in SA that GCR have recently got their hands on. Watch this space as the market becomes aware of these.

Anyway there is way too much to discuss re: GCR here so I leave it over to you.

Declaration: I own GCR shares

Cheers GC