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November 2010

30/11 - DARGUES REEF GOLD PROJECT FEASIBILITY STUDY : ROBUST GOLD MINE CONFIRMED

50,000oz per annum GOLD MINE CONFIRMED, DEVELOPMENT TARGETED TO COMMENCE 2011.

HIGHLIGHTS

┬À Positive Feasibility Study confirms viability of Phase 1 underground mining operation at Dargues Reef Gold Project, NSW.

┬À Key Phase 1 outcomes include:

§ Ore production rate of 330,000tpa.

§ Average annual production of 50,000oz pa.

§ Production of 248,900 recovered ounces over an initial 6 year mine life.

§ Estimated average life-of-mine cash operating cost of A$628/oz (excluding royalties and contingencies)

24/11 - Drilling Confirms New Shallow Gold Discovery at Dargues Reef

Cortona Resources would like to inform you of todayÔÇÖs ASX Announcement:

Drilling Confirms New Shallow Gold Discovery at Dargues Reef

HIGHLIGHTS

ÔÇó Further shallow gold mineralisation intersected 150m north of Dargues Reef, confirming the discovery of a new gold lode, the ÔÇ£Ruby LodeÔÇØ.

Best results include:

§ 3m @ 4.30g/t Au from 18m

§ 9m @ 3.96g/t Au from 95m (incl. 6m @ 4.98g/t)

§ 6m @ 3.50 g/t Au from 117m

§ 12.6m @ 9.90g/t (reported previously)

ÔÇó Gold mineralisation open along strike and at depth

10/11 - COUNCIL REPORT

The November meeting of Palerang Council was moved to the National Theatre in anticipation of a large public gallery.

The agenda included the Council Submission to the Department of Planning on the Dargues Reef Mine and several questions from the gallery addressed the loss of Council staff positions in Braidwood.

Web sites of possible relevance

[ 3 ] ENVIRONMENTAL IMPACT ASSESSMENT UNDER THE COMMONWEALTH LEGISLATION
DETAILS OF THE LEGISLATION [ 1 ]AND THE CONDITIONS ( ÔÇ£TRIGGERSÔÇØ ) FOR IT TO BE APPLICABLE [ 2 ].

HTTP://WWW.APH.GOV.AU/LIBRARY/INTGUIDE/LAW/ENVLAW.HTM

HTTP://WWW.APH.GOV.AU/LIBRARY/PUBS/RN/1999-2000/2000RN15.HTM

[ 4 ] FOREIGN INVESTMENT REVIEW BOARD ÔÇô
INVESTMENTS EXEMPT FROM APPROVAL, INCLUDING FOR INVESTMENT IN COMPANIES VALUED BELOW $231 MILLION

HTTP://WWW.FIRB.GOV.AU/CONTENT/MONETARY_THRESHOLDS/MONETARY_THRESHOLDS.ASP?PF=1

[ 5 ] CHANGES IN GOLD PRICE

05/11 - Gold mine plans for Majors Creek trouble locals

Cortona Resources plans to extract $350 million worth of gold from Majors Creek near Braidwood over the next six years.

Locals in the quiet southeast village fear noise from mining and rock crushing 24 hours a day, seven days a week.

But Cortona's managing director Peter Van der Borgh says it has to operate continuously to be economical for the investment.

05/11 - Community fights 24-7 mine

The proponents of a gold mine planned near Braidwood in New South Wales are confident they can satisfy concerns raised by local residents.

The mine at Majors Creek was last active in 1916 and will be reopened next year.

Residents are worried about the impact the mine's 24 hour operations will have on traffic and the environment.

But Cortona Resources managing director Peter van der Borgh says the mine has to run 24 hours a day, seven days a week.

05/11 - Palerang expresses concern over mine

Supporters and opponents of an underground gold mine proposed for Majors Creek went head-to-head yesterday at a local council meeting in Braidwood.

Cortona Resources' Dargues Reef gold project is expected to generate up to 80 jobs but the suggested economic benefits are being weighed against the impact on the environment and community.

Palerang Council yesterday voted to express concern about the ''adverse implications'' of the project, about 60km south-east of Canberra.

03/11 - Change of venue - ordinary meeting Braidwood 4 November

03 Nov 2010

The venue of Council's next ordinary meeting to be held on Thursday, 4 November 2010, has been changed from Council's meeting room in Park Lane, Braidwood, to the Braidwood National Theatre Community Centre, in Wallace Street.

The ordinary meeting, starting at 2.00 pm, will be preceded by the Finance & Audit Committee meeting, which starts at 1.00 pm.

The change in venue has been arranged to accommodate the larger number of members of the public expected to attend this meeting.

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