GOLDEN CROSS RESOURCES LIMITED G O L D E N C R O S S R E S O U R C E S L T D
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GCR |
G O L D E N C RO S S |
R E S O U R C E S L T D |
A N N U A L R E P O R T
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ANNUAL REPORT...
CONTENTS | |
Chairman's Review .................................................................... | 1 |
Board of Directors and Project Locations .................................. | 2 |
Review of Exploration ................................................................ | 4 |
Directors' Report ...................................................................... | 20 |
Corporate Governance Statement............................................ | 24 |
Statements of Financial Performance ...................................... | 26 |
Statements of Financial Position .............................................. | 27 |
Statements of Cash Flows........................................................ | 28 |
Notes to and Forming Part of the Financial Statements .......... | 28 |
Directors' Declaration................................................................ | 38 |
Independent Audit Report to the Members .............................. | 39 |
Summary of Mining Tenements and Areas of Interest ............ | 40 |
Shareholder Information .......................................................... | 41 |
COMPANY PARTICULARS . . . | |
DIRECTORS: | SECRETARY: |
Lex Hansen, BSc, MBA, FAusIMM, FAICD | Daven Timms |
Chairman | BSc LLB (Hons), |
ASIA, MAusIMM | |
David Timms, BSc (Hons), PEng, FAIG, FAusIMM | |
Managing Director | AUDITOR: |
Kerry McHugh, B.Comm (Hons) | PricewaterhouseCoopers |
Non-executive Director | Chartered Accountants |
201 Sussex Street | |
Daven Timms, BSc LLB (Hons), ASIA, MAusIMM | Sydney NSW 1171 |
Executive Director | |
SOLICITORS: | |
PRINCIPAL AND REGISTERED | Allen Allen & Hemsley |
OFFICE IN AUSTRALIA: | The Chifley Tower |
2 Chifley Square | |
22 Edgeworth David Avenue | Sydney NSW 2000 |
Hornsby NSW 2077 | |
Ph (02) 9482 8833 | SHARE REGISTER: |
Fax (02) 9482 8488 | |
Email gcr@dot.net.au | Registries Limited |
Website www.reflections.com.au/goldencross | Level 2, 28 Margaret Street |
Sydney NSW 2000 | |
Ph: (02) 9279 0677 | |
STOCK EXCHANGE LISTING: | |
BANKERS: | |
Golden Cross Resources Ltd's shares are listed on the | |
Australian Stock Exchange (Listing Code GCR) | Westpac Banking Corporation |
60 Martin Place | |
Sydney NSW 2000 |
Golden Cross Resources Ltd
ANNUAL REPORT...
CHAIRMAN'S REVIEW
Dear Shareholder,
Over the year in review Golden Cross Resources was successful in making some key acquisitions while continuing to add resources and value to its portfolio of properties. GCR has 100% ownership of 19 properties in New South Wales and mineral resources have been established on 11 of those properties. The gold content of these mostly inferred resources amounts to over 1.2 million ounces.
In April GCR announced it had entered into an agreement with Orchid Capital Limited to purchase Orchid's 100%-owned subsidiary Challenger NL for 6 million GCR shares and $50,000. On completion of the purchase Challenger will own all the assets comprising the Adelong Gold Project including the mining lease, exploration licence, security bonds, freehold land, buildings, and mining and processing equipment.
The Adelong Gold Project has inferred resources totalling 1.3 Mt at 2.9 g/t gold containing 121,000 oz of gold. The indicated and inferred resources of the Challenger and Challenger Extended zones, lying within the mining lease, are 796,000 tonnes at 3.0 g/t gold containing 76,800 ounces.
Adelong provides opportunity for GCR to establish a strong cash flow to fund the development of the Company.
Resources Management Group has been appointed project manager and is working towards commencing gold production at Adelong early in the new year.
Drilling at Broken Hill intersected significant widths of high grade platinum group metals, in a layered ultramafic, which has attracted the attention of several major mining companies. A follow-up drilling programme is planned to expand the resources.
Broad widths of mineralisation were intersected at Kempfield including narrower widths of high grade silver-lead- zinc. This may enable GCR to produce a bankable feasibility study for a mining operation without having to sell all of the barite concentrate produced.
Four properties are farmed out and an additional six are the subject of farm-out discussions. Drilling by our joint venture partners is currently underway on two properties, Wagga Tank and McPhails.
GCR is proud to report it has provided a safe and harmonious place for its staff and contractors to work.
I would like to take this opportunity to express GCR's thanks to outgoing Chairman, Mr Lindsay MacAlister. Lindsay has guided the company very effectively over the last five years and his efforts have been much appreciated by the Board, management and shareholders.
I would also like to register the Board's appreciation of the support given to GCR by the clients of stockbroking firm William Noall Limited who have strongly supported several placements of shares over the past two years. The Board will be doing its utmost to see that their faith in the Company is rewarded by exploration and development success for the benefit of all shareholders.
Finally, I would like to express the Board's appreciation to shareholders for their continued support and patience and to employees for their dedication, hard work and salary sacrifice.
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Chairman of Directors
Sydney, 27 September 2001
Golden Cross Resources Ltd
ANNUAL REPORT...
BOARD OF DIRECTORS AND PROJECT LOCATIONS
Golden Cross Resources Ltd Board of Directors
Left to right: Kerry McHugh, Daven Timms, David Timms, Lex Hansen (joined the Board on 31 August 2001, Chairman of Directors).
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Golden Cross Resources Ltd
ANNUAL REPORT... |
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Golden Cross Resources Ltd
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Golden Cross Resources Ltd. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 10:45:06 UTC.
