GOLDEN CROSS RESOURCES LTD — Capital/Financing Update 2012

May 30, 2012

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GOLDEN CROSS RESOURCES LTD

ABN 65 063 075 178

ASX Announcement

22 Edgeworth David Ave Hornsby NSW 2077 Phone (02) 9472 3500 Fax (02) 9482 8488

31 May 2012

GCR SELLS QUEENSLAND COAL TENEMENTS to FUND MAJOR DRILLING PROGRAMS and PROJECT DEVELOPMENTS

Golden Cross Resources (GCR) announces the sale of its Queensland Surat and Galilee Basin Coal Tenements to a Queensland-based coal explorer. GCR will retain its 2500 km[2] Eromanga Basin coal applications.

Whilst the specific details of the Queensland Coal Tenement sale are subject to confidentiality, the completion of the transaction represents an immediate and significant cash injection to GCR. This will enable an expanded and focused exploration campaign on the company’s priority projects.

Mr. Kim Stanton-Cook, Managing Director of GCR, said: “The funds will enable us to make further progress with exploration at the Molong Project, including metallurgical and financial studies now underway at Copper Hill.

“Further metallurgical test-work and a scoping study can now be funded at the Cargo gold project near Orange in New South Wales. GCR can also continue its core drilling program at Cargo to define further gold resources.

“GCR intends, once land access is granted, to drill test the geophysical anomalies defined within its IOCG projects in the Gawler Craton of South Australia.

“GCR’s Cobar region projects in New South Wales also hold well-advanced targets and this new funding will allow drilling to commence within our Canbelego and Rast tenement areas.”

The company now has sufficient funds to fund its planned exploration and development activities.

CORPORATE DIRECTORY

Board of Directors Issued Share Capital Registered Office Kim Stanton-Cook Managing Director Golden Cross Resources Ltd Golden Cross Resources Ltd Li Xiaoming Non Executive Director has 1,361 million ordinary 22 Edgeworth David Avenue Jingmin Qian Non Executive Director shares on issue listed on the Hornsby NSW 2077 Suzanne Qiu Non Executive Director ASX. Australia David Timms Non Executive Director Li Yan Alternate Director for Mr Li Share Registry Phone: (61 2) 9472 3500 Company Secretary Boardroom Limited Fax: (61 2) 9482 8488 Level 7 www.goldencross.com.au Simon Lennon 207 Kent Street Sydney NSW 2000 . Please direct shareholding enquiries to the Share Registry. Phone (61 2) 9290 9600 Fax (61 2) 9279 0664

About Golden Cross Resources Ltd

Golden Cross Resources (ASX:GCR) is a mineral explorer with a copper-gold focus. Its major project is the Copper Hill copper-gold deposit in central NSW. GCR also has many other high quality projects across Australia as well as prospective joint ventures funded and managed by GCR’s partners.

The Copper Hill Constrained Resource, (Lewis Mineral Resource Consulting, ASX announcement 13 Dec. 2011) of 153 million tonnes, contains 493,000 tonnes of copper and 1.33 million ounces of gold. The initial 30 million tonne planned open pit contains 120,000 tonnes copper and 480,000 ounces of gold.

The Cargo Gold project contains 280,000 ounces of near-surface gold in an Inferred Resource (H&S Consultants, ASX announcement 21 May 2012) of 10 million tonnes at 0.84 g/t gold.

About China United Mining Investment Corporation (CUMIC)

CUMIC is a privately owned, Beijing-based investment company specialising in mineral and mining investment. CUMIC has a portfolio of exploration and mining assets in various parts of the world, focusing on iron, copper and gold. CUMIC developed and controls the Mongolia Eleet River Iron and Steel Company, a major iron ore mining company.

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