GOLDEN CROSS RESOURCES LTD — Capital/Financing Update 2003

Oct 7, 2003

GOLDEN CROSS RESOURCES LTD

ABN 65 063 075 178

Disclosure for Share Issue

Information Notification to ASX under ASIC Class Order 02/1180 (as amended by Class Order 03/185)

8 October 2003

The Company has today issued 19.8 million shares by way of a placement of shares at 7.7 cents per share.

The shares were issued to clients of WHI Securities Pty Ltd to raise \$1,524,600 for exploration and other working capital purposes. A 5% placement fee will be paid on the funds raised.

The Company states that all information of the kind that would be required to be disclosed under subsection 713(5) of the Corporations Act, if a prospectus were to be issued in reliance on section 713 in relation to the offer of the shares, has been disclosed to ASX.

Enquiries: Daven Timms, Company Secretary, Ph (02) 9482 8833

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

GOLDEN CROSS RESOURCES LTD

ABN

ABN 65 063 075 178

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 *Class of *securities issued or to be issued

Ordinary fully paid shares

• $\overline{2}$ Number of *securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the *securities (eq. if 3 options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if *convertible securities, the conversion price and dates for conversion)

19,800,000 shares

Quotation of the shares is sought

Ordinary shares

⁺ See chapter 19 for defined terms.

$\overline{4}$ Do the *securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank $\bullet$ equally, other than in relation to the next dividend, distribution or interest payment
• 5 Issue price or consideration
• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
• $\overline{I}$ Dates of entering *securities into uncertificated holdings or despatch of certificates
• 8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)
• 9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)

$10$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Yes, the shares will rank equally with existing ordinary shares.

7.7 cents per share

To raise \$1,524,600 for exploration and other working capital purposes. A 5% placement fee will be paid on the funds raised.

8 October 2003

l Number	*Class
	157,242,112 Fully paid Ordinary Shares

Number	*Class
220.000	19.12.2003 Employee Options ex 10c
205.000	12.7.2004 Employee Options ex 10c
230,000	18.12.2004 Employee Options ex 10c
335.000	26.6.2005 Employee Options ex 10c
320,000	22.12.2005 Employee Options ex 10c
315.000	27.6.2006 Employee Options ex 10c
325.000	21.12.2006 Employee Options ex 10c
325.000	28.6.2007 Employee Options ex 10c
355.000	20.12.2007 Employee Options ex 10c
370.000	25.6.2008 Employee Options ex 10c
3,000,000	TOTAL EMPLOYEE OPTIONS EX 10c
7,600,000	30.11.2006 Director Options ex 15c
1.250,000	01.01.2006 Options ex 12.5c

Dividend policy applies to increased share capital.

⁺ See chapter 19 for defined terms.

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval required?	N/A
$12 \,$	Is the issue renounceable or non- renounceable?
13.	Ratio in which the + securities will be offered
14	Class of securities to which the offer relates
15	*Record date to determine entitlements
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17.	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has "security holders who will not be sent new issue documents
	Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing date for receipt of acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of "security holders

$+$ See chapter 19 for defined terms.

• 25 If the issue is contingent on "security holders' approval, the date of the meeting
• 26 Date entitlement and acceptance form and prospectus will be sent to persons entitled
• If the entity has issued options, and the $27_z$ terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
• Date rights trading will begin (if 28 applicable)
• 29 Date rights trading will end (if applicable)
• How do *security holders sell their 30 entitlements in full through a broker?
• How do *security holders sell part of their $31$ entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?
• *Despatch date 33

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)

$(a)$

Securities described in Part 1

$(b)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to $43$ )

Tick to indicate you are providing the information or documents

• 35 If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders
• 36 If the *securities are *equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1.000$ $1.001 - 5.000$ $5,001 - 10,000$ 10,001 - 100,000 100,001 and over
• 37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

• Number of securities for which 38 *quotation is sought
• 39 Class of *securities for which quotation is sought
• 40 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate $\bullet$ for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: in the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security).

⁺ See chapter 19 for defined terms.

Number and +class of all +securities $42^{\circ}$ quoted on ASX (including the securities in clause 38)

Number	، + ASR

Quotation agreement

• $\mathbf{f}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the 'securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for $\blacksquare$ an illegal purpose.
• There is no reason why those "securities should not be granted "quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any $+$ securities to be quoted and that no-one has any right to return any $+$ securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the ⁺securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.
• $\mathfrak{Z}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before 'quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Date: 8.10.2003 Sign here: . . . . . . . . . . . . . . . . . . . .

Print name: DAVEN TIMMS, Company Secretary $=$ $=$ $=$ $=$ $=$ $=$

⁺ See chapter 19 for defined terms.