Mr. Matt Roma reports

GOLDEN CROSS CLOSES C$5M PRIVATE PLACEMENT INCLUDING CORNERSTONE INVESTMENT BY JUPITER ASSET MANAGEMENT

Golden Cross Resources Inc. has closed its non-brokered private placement of units, raising gross proceeds of $5-million, including a $2-million lead order by Jupiter Asset Management.

Chief executive officer Matthew Roma quoted, "The strong display of financial commitment from the market and experienced institutional resource investors, including Jupiter Asset Management, has ensured that Golden Cross can ramp up its exploration efforts across the underexplored and highly prospective Reedy Creek project."

About Jupiter Asset Management

Jupiter Asset Management is a United Kingdom fund management group, managing equity and bond investments for private and institutional investors. The company manages assets across a wide range of international and U.K.-based mutual funds, investment companies and institutional mandates, as well as providing wealth management services. The company offers a variety of equity portfolios specializing in markets such as the U.K., Europe, Asia and other emerging European nations.

The private placement consisted of the issuance of 11,111,111 units priced at 45 cents per unit. Each unit consists of one common share in the capital of the company and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of 65 cents per share until July 8, 2027.

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.

In connection with the closing of the private placement, Golden Cross paid cash finders' fees totalling $295,452.17. Red Cloud Securities Inc. acted as a finder in connection with the offering.

The private placement is subject to all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. The securities issued under the private placement 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 private placement.

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.

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