GOLDEN CROSS RESOURCES LTD — Management Reports 2007

Aug 13, 2007

GOLDEN CROSS RESOURCES LTD ABN 65 063 075 178

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

14 August 2007

GCR enters New Uranium Joint Venture in Eastern Canada

Golden Cross Resources (ASX:GCR) has signed an agreement with Altius Resources Inc whereby GCR may earn a 50% interest in two uranium properties in eastern Labrador:

• Notakwanon - by issuing 25 million GCR shares and spending C$3.5 million on exploration over five years; and

• Nuiklavik – by issuing 15 million GCR shares and spending C$2 million on exploration over five years.

Both properties are subject to a 2% gross sales royalty on uranium and a 2% net smelter return royalty on other metals. The shares will be issued progressively over five years.

The Notakwanon Property is located 70 km west of Sango Bay and 65 km south of the Voisey’s Bay nickel-copper-cobalt mine and has potential for volcanic-hosted/associated uranium mineralisation. Uranium occurrences were discovered in this area during geological mapping by Canadian government geologists in 1982 who reported grab samples containing up to 1.81% U3O8. A major structure with uranophane showings and high spectrometer readings extending for several hundred metres provides an immediate drill target. See attached for maps and photographs of the properties.

The Nuiklavik Property is located approximately 80 km south of Voisey’s Bay and 20 km from the coast. The project incorporates a middle Proterozoic peralkaline caldera complex within the Nain geological province. Radioactivity is associated with numerous pyrite occurrences yielding elevated base metals, molybdenum, fluorine and rare earth elements within the 13 km-diameter caldera. The exploration target is volcanic-hosted uranium.

The significance of the peralkaline assemblage in this caldera setting is that it closely resembles the late-Jurassic Streltsovka caldera in eastern Russia – host to 20 uranium deposits containing more than 280,000 tonnes of U3O8.

Both the Nuiklavik and Streltsovka calderas:

• contain similar rock sequences dominated by felsic volcanics;

• have a high fluorine content;

• are marked by the presence of rare metal and rare earth assemblages; and

• have alkaline granite basements.

The requirements for sourcing, transporting and hosting uranium mineralisation are present and are supported by outcropping zones showing high radioactivity.

The Notakwanon and Nuiklavik properties comprise a large land package of approximately 720 sq km that has no previous record of uranium exploration. A 5,800 line-kilometre helicopter-borne magnetometer and radiometric survey is underway on both properties. Fieldwork is planned for late August and September to evaluate geophysical anomalies.

Altius Resources Inc. is a wholly owned subsidiary of Altius Minerals Corporation (TSX:ALS). Altius Minerals Corporation’s principal business activities include the generation and acquisition of projects related to natural resources opportunities, primarily in Newfoundland & Labrador, Canada. Altius Resources, with Fronteer Resources, formed Aurora Energy which controls a substantial portion of Labrador’s Central Mineral Belt containing the Michelin and other uranium deposits. A new NI 43-101 compliant resource

GOLDEN CROSS RESOURCES LTD ABN 65 063 075 178

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was announced by Aurora Energy on 13 February 2007. The current resource includes a Measured and Indicated resource of 58 million pounds of U308, with an additional Inferred resource of 38 million pounds of U308. For more information please visit www.altiusminerals.com

GCR’s entry into uranium exploration in Canada continues its approach to search the world for drill-ready projects that give the greatest chance of early discovery in countries of high prospectivity and low sovereign risk. Canada has a dynamic mining industry, a well established uranium mining culture and an advanced nuclear industry.

GCR’s Managing Director, Kim Stanton-Cook, back from a visit to the properties, said today:

“This is a great deal for GCR; it can earn 50% in two highly prospective uranium properties with no previous systematic exploration. Airborne surveys are underway, and follow-up fieldwork planned to test the radiometric anomalies and repeats of high-grade uranium found at surface in the 1980s. Canada is a great country in which to explore for uranium, the Altius team is one GCR is proud to be associated with and we are very excited about our prospects.”

GCR Exploration Update

There has been progress on GCR’s other properties. At Copper Hill, mining and financial studies continue and selected overseas companies are reviewing the data with a view to seeking off-take agreements or farming in to the project. Work continues to refine geochemical and geophysical anomalies east and south of Copper Hill.

Extensive IP surveys are planned next month at Veraguas in Panama and at Canbelego near Cobar, with line clearing well advanced on both properties. A drill contractor will be available in Panama in October, allowing time for full IP data review.

Inco-CVRD remains committed to the Broken Hill joint venture, drilling will commence on the GCR-CBH Yellow Mountain joint venture in September and Tri Origin Minerals intends to drill at Cullerin within the next few months. Kempfield, Sunny Corner and West Wyalong have been farmed-out to Perth-based Kempfield Silver and preliminary drilling has been carried out. Cybele Resources has successfully carried out the first phase of drilling at Cargo and is now planning its deep drilling program.

A review of the Bowen, Queensland, tenement applications (now proceeding through land claim determinations) reveals strong similarities between the GCR ground and the nearby Mount Carlton geological setting. Mount Carlton is reported to contain 12.6 million tonnes at grades of 2.11 g/t gold, 52 g/t silver and 0.3% copper.

GCR’s cash position at 31 July 2007 was approximately $5.1 million.

Golden Cross is a gold, uranium and base metals explorer holding tenements in the Lachlan Fold Belt, Curnamona Province and Thomson Orogen of New South Wales, the Mount Isa, Georgetown and Bowen regions of Queensland and the Yilgarn Block of Western Australia, and exploration interests in Panama and Labrador, Canada. GCR continues to take its 100%-owned Copper Hill project forward, with mining and financial studies in progress.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Kim Stanton-Cook, who is a member of the Australian Institute of Geoscientists, is a full-time employee of GCR, has visited most of the prospects set out above and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Kim consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Notakwanon and Nuiklavik Uranium Project Locations – Labrador, Canada

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Notakwanon Project – uranium in lake sediments

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Nuiklavik Project – minor mineral occurrences

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Nuiklavik Project – south of caldera centre, flow banded rhyolite. Weakly radioactive: 3x – 4x background total count.

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Notakwanon – steep slope marking fault structure in highly silicified felsic volcanic. Elevated to very high total count spectrometer readings of +10,000 counts per second.

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Uranophane, Ca(UO2)2(SiO3OH)2·5H2O staining in silicified tuff with fluorite