GOLDEN CROSS RESOURCES LTD — Capital/Financing Update 2003

Sep 29, 2003

GOLDEN CROSS RESOURCES LTD

ABN 65 063 075 178

22 Edgeworth David Ave Hornsby NSW 2077 Phone (02) 9482 8833 Fax (02) 9482 8488

ASX ANNOUNCEMENT

30 September 2003

FURTHER SUNNY CORNER DRILL RESULTS

Golden Cross Resources Ltd has received results from all thirteen RC holes drilled at its 100%-owned Sunny Corner property near Lithgow, NSW. Results reveal extensive mineralisation in what appears to be a large structural corridor.

On 24 September GCR released results for the first seven RC drill holes at Sunny Corner. These contained high grade copper, lead, zinc, gold and silver intersections with the best being 50m at 6% combined copper-lead-zinc, 1 g/t gold and 45 g/t silver, including 14m at 17% copper-lead-zinc. 3.5 g/t gold and 144 g/t silver.

Best results from the remaining six holes, numbered GSC-08 to GSC-13, are tabulated below in addition to results reported on 24 September for holes GSC-01 to GSC-07.

Hole No.	AMG East (m)	AMG North (m)	From (m)	Interval (m)	Copper (%)	Lead (%)	Zinc (%)	Gold (g/t)	Silver (g/t)
GSC-01	769150	6302930	22	16	0.2	0.4	1.9	0.03	5
GSC-03 Incl Incl Incl Incl	769127	6302864	22 22 22 22 28	50 14 6 $\mathbf{2}$ 8	0.4 0.7 0.3 0.3 1.1	1.8 6.0 3.5 3.2 7.9	3.8 10.4 5.9 5.3 13.7	1.00 3.50 7.85 20.30 0.20	45 144 254 395 61
GSC-04 Incl	769137	6302864	50 54	10 $\overline{2}$	0.2 0.4	0.8 2.1	1.6 3.7	0.02 0.02	4 $\overline{7}$
GSC-05 Incl	769193	6302866	28 30	14 6	0.7 1.4	2.9 5.3	6.2 11.8	0.07 0.13	23 47
GSC-06 Incl Incl Incl	769235	6302866	10 12 18 18	36 6 8 4	0.7 2.5 0.7 1.0	1.8 0.3 5.2 7.3	4.7 2.0 13.6 21.4	0.13 0.18 0.11 0.17	37 87 55 83
GSC-08 Incl Incl	769147	6302760	44 44 44	30 20 12	0.1 0.1 0.2	0.9 1.3 1.9	1.4 1.7 2.1	0.03 0.03 0.03	4 6 $\overline{7}$
GSC-09	769037	6302760	54	6				0.14	6
GSC-10 and Incl and	769218	6302600	$\overline{2}$ 22 22 116	10 98 20 4	0.1 0.1 0.2 0.4	0.3 0.4 0.9 1.2	0.1 0.9 2.2 2.3	0.25 0.02 0.03 0.03	6 $\overline{\mathbf{c}}$ 6 9

Sunny Corner - Best Results from First Drilling Programme

Hole GSC-08 was designed to test for mineralisation in the Sunny Corner Fault immediately to the south of the old mine. Results indicate that sulphide mineralisation extends to the south into areas not previously mined.

Hole GSC-09 was abandoned prior to reaching its target due to poor ground conditions. The final six metres of GSC-09 did however encounter anomalous gold (0.14 g/t) as it approached a major fault target. This fault zone, known as the Rollover Fault, has previously returned samples, from outcrop to the north of GSC-09, which contain 27.9 a/t aold and 1.270 a/t silver over a 4.5m interval. To date, the Rollover Fault has not been tested by drilling.

To the south of the Sunny Corner Mine hole GSC-10 drilled an extensive zone of highly The hole intersected widespread disseminated sulphide altered volcanic rock. mineralisation averaging just over 1% combined metal over approximately 100m.

Holes GSC-02, GSC-07 and GSC-11 to 13 contained disseminated sulphides with anomalous base metals, and locally gold to 0.4 g/t, but no significant intercepts.

In this first programme GCR has intersected three of at least five known, separate and parallel zones of high grade base metal sulphides containing appreciable gold (up to 20 $g(t)$ and silver (to almost 400 $g(t)$ . The zones are interpreted to lie within or adjacent to steep fault structures which trend north-south. Holes GSC-03, 05, and 06 all contain Holes GCS-01, 04, 08 and 10 contain sulphide massive sulphide mineralisation. disseminations characteristic of mineralised halos surrounding massive sulphide deposits. Drilling shows that where structures extend south of the old Sunny Corner Mine (Holes GSC-08 and 10), they contain appreciable halo-style sulphides (in excess of 1% total metal in Hole GSC-10 for example). These rocks have the potential to host high grade massive sulphide lenses within lower grade halos.

This has been the first RC drilling programme at Sunny Corner, and has been of a reconnaissance nature with the view to assessing geological controls on the distribution of mineralisation. It is clear that the programme has not tested all of the mineralised structures in the mine area and that systematic drill testing of all north-trending fault structures is required. GCR is encouraged by the results and is planning a follow-up drilling programme for the December quarter.

Northern Gold Anomaly

As reported on 9 September 2003, soil geochemical results indicate that highly anomalous gold and silver mineralisation occurs to the north of the old Sunny Corner mine. This northern gold anomaly is open to the north. GCR has just completed a programme of soil and rock chip sampling to further determine its extent, with results pending.

GCR is a gold and base metals explorer, searching in NSW for large deposits in highly prospective mineral belts, providing significant potential upside for the speculative investor.

The Company holds significant mineral tenement positions within the highly prospective Lachlan Fold Belt, which contains Cadia-Ridgeway, the highest gold site revenue earner in Australia. GCR also owns a major land position in the Curnamona Craton of western NSW, which contains the world class Broken Hill orebody, the largest deposit of its type in the world.

Enquiries/requests to receive announcements by email: Chris Torrey, Director-Exploration Ph (02) 9482 8833, email address: chris.torrey@goldencross.com.au

This report was prepared by Chris Torrey, full time employee of Golden Cross Resources Ltd, who is a Member of the AIG and has more than five years experience in the field of activity in which he is reporting.