Sydney, Jan 14, 2009 AEST (ABN Newswire) - As a result of the strategic alliance between Golden Cross Resources Ltd (ASX:GCR) ("Golden Cross") and HQ Mining Resources Holding Pty Ltd ("HQ") announced on 22 December 2008, the board of Golden Cross met today to implement the board changes foreshadowed in that announcement.

As nominated by HQ, Mr Xiaoming Li and Ms Xun (Suzanne) Qiu were today appointed non-executive directors of Golden Cross. Mr Li is the Chairman and controlling shareholder of Beijing-based China United Mining Investment Co Ltd (CUMIC). HQ is the Australian investment vehicle of CUMIC.

Also nominated by HQ, Dr Hui (Steven) Xiao was today appointed executive director for new business development at Golden Cross. Dr Xiao is Managing Director of HQ and was formerly President of CUMIC.

After 10 years of service to Golden Cross, Kerry McHugh today retired from the Golden Cross Board and has agreed to continue to provide his expertise and experience as a part-time employee to Golden Cross for at least two years. The new Board thanks Kerry for his past contribution to the Company and looks forward to his ongoing involvement.

Mr Chris Torrey, who had been acting as Interim Chairman of Golden Cross, today became Chairman of Golden Cross.

Including the (non-executive) Chairman, Golden Cross has four non-executive and two executive directors.

About HQ

HQ shares common shareholders with CUMIC and is the investment arm of the CUMIC Group of Companies in Australia. CUMIC is a 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. It developed and controls the Mongolia Eleet River Iron and Steel Company, a major iron ore mining company, and is currently seeking an IPO on the Hong Kong Stock Exchange.

About Golden Cross Resources Ltd

Golden Cross Resources (ASX:GCR) is a mineral explorer with a copper-gold focus. Its major activity is the Molong Copper Hill copper-gold project 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.

 


Contact

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Direct: +61 2 8264 1003
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Fax: +61 2 9235 1920
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email: k.kartun@fcr.com.au
Web site: http://www.fcr.com.au


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