Mr. Matt Roma reports

GOLDEN CROSS RESOURCES ANNOUNCES C$3M NON-BROKERED PRIVATE PLACEMENT

Golden Cross Resources Inc. has arranged a non-brokered private placement to raise gross proceeds to the company of up to $3-million.

The offering will consist of units at a price of 45 cents per unit. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of 65 cents per share for a period of two years from closing of the offering.

The company intends to use the proceeds of the offering to accelerate exploration drilling and development of the company's Reedy Creek high-grade gold project located in Victoria, Australia.

Golden Cross may pay finders' fees on some portion of the gross proceeds of the offering to certain arm's-length parties who assist the company in introducing subscribers to the offering. The offering is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued under the offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the offering. Golden Cross reserves the right to increase the total number of units issued pursuant to the offering for up to gross proceeds of $5-million.

Members of the company's management team may participate in the offering, including subscriptions from related parties of the company as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The participation of management in the offering is exempt from formal valuation and minority shareholder approval requirements pursuant to exemptions contained in sections 5.5(c) and 5.7(1)(a) of MI 61-101.

About Golden Cross Resources Inc.

Golden Cross Resources is a Canadian mineral exploration company engaged in the advancement of its 100-per-cent-owned Reedy Creek high-grade gold project in Victoria, Australia, which comprises two tenements of land located approximately 10 kilometres northeast of and contiguous to Southern Cross Gold's Sunday Creek gold discovery.

We seek Safe Harbor.