ONE TO WATCH >>> GOLDEN CROSS update

Update on Six Farm-ins
12-09 0919


GCR now has six active farm-in properties. Drilling is either
underway or imminent, or results awaited, on four of the six
properties, as follows:

1. At Copper Hill, in the first hole of the program, MEXCHD01, MIM
intersected structurally-controlled porphyry style, quartz-magnetite
veined mineralisation. Similar styles of mineralisation occur at the
Cadia-Ridgeway system, owned by Newcrest Mining, located some 50 km
to the south.

MIM's first hole intersected 148m at 0.32 g/t gold and 0.30% copper,
including 42m at 0.64 g/t gold and 0.62% copper (See Figure).

Hole MEXCHD01 is located 100m northwest of Newcrest's hole NCR019,
which intersected 157m at 0.78 g/t gold and 0.40% copper, and 750m
southeast of hole CHRC58, which returned 217m at 1.67 g/t gold and
0.72% copper. MIM's second hole, MEXCHD02, was drilled 100m southeast
of hole NCR019 and 250m northwest of hole NCR014, which intersected
80m at 0.42 g/t gold and 0.50% copper. Results are awaited for hole
MEXCHD02.

There appears to be continuity of low-grade mineralisation along a
structure defined by a deep southeast-trending magnetic low along
strike of the porphyry system. A 0.5 g/t gold equivalent (using 1 g/t
gold =1% copper) mineralised area 1.8 km long by 150m wide has been
outlined (see Figure). Most of the drilling to date is at the
northwest end of this zone, where an inferred resource of 6.6Mt at
0.8 g/t gold and 0.8% copper has been calculated for 340,000 ounces
gold equivalent.

2. At West Wyalong the focus has been on the Gilmore Suture
structural zone. This zone contains significant gold deposits worked
in the late 1800s/ early 1900s and, more recently, has produced a
number of porphyry copper-gold style intersections. Within the joint
venture area previous explorers identified porphyry copper-gold
systems along this structure at Narragudgil and Yiddah North. During
the December 2002 quarter MIM plans to use its MIMDAS IP system over
these areas to identify sulphide drill targets.

3. At Broken Hill, Sipa Resources has commenced exploration for high
grade platinum-palladium associated with nickel and copper sulphides,
like those in the unusually high grade intersection reported last
year by GCR from hole GMS06, which returned 2m at 10.91 g/t platinum,
22.63 g/t palladium, 4.5% nickel and 6.1% copper.

Sipa has compiled past exploration data on the property and conducted
geological mapping and geochemical sampling which has identified
targets for detailed ground geophysical surveys planned for the near
future. Drilling will follow.

4. At Yellow Mountain, Triako Resources has commenced a drilling
program which will include the 6km-long gold soil anomaly outlined by
GCR, where rock chips returned up to 8.0 g/t gold.

Concurrent with the drilling, Triako is exploring one of the most
significant magnetic anomalies on the Gilmore Suture, the Melrose
Magnetic Anomaly. Triako's processing plant lies less than 20 km
away.

5. At Wagga Tank, Pasminco plans to follow up on drill results of 1m
at 10.7 g/t gold and 7.8 g/t gold, in primarily a base metal
environment, reported in GCR's June 2002 quarterly.

6. At Cargo, the large porphyry gold-copper system located only 12km
along the northwest-trending structural corridor from the
Cadia-Ridgeway deposit, Yardarino intends to commence drilling as
soon as it has outlined targets. Yardarino is hopeful this will be in
the December 2002 quarter.

Enquiries/requests to receive announcements by email: David Timms,
MANAGING DIRECTOR, Ph (02) 9482 8833, email address:
[email protected]

This report was prepared by David Timms, Managing Director and full
time employee of Golden Cross Resources Ltd, who is a Fellow of the
AIG and AusIMM and has more than five years experience in the field
of activity in which he is reporting.

A copy of the full announcement, including the Figure, is available
in PDF format on www.asx.com.au. Alternatively it is available for
purchase from ASX Customer Service on 1 300 300 279.