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09/02 - Dargues Reef Gold Mine Set to Proceed Following Court Approval

ASX/Media Release – 9 February 2012

Land and Environment Court gives green light on 50koz pa mine

Australian gold company Cortona Resources Limited (ASX: CRC) is
pleased to advise that its 100% owned Dargues Reef Gold Mine
located near Braidwood in NSW has been approved by the NSW

Land and Environment Court (“LEC”).

The Federal Government’s Department of Sustainability,

Environment, Water, Population and Communities has previously

given its approval for the mine to proceed.

The LEC decision follows Cortona successfully reaching
agreements with Eurobodalla Shire Council, Coastwatchers
Association Inc., and the South East Regional Conservation Alliance
Inc. that resulted in some modifications to the mine operating

conditions.

The modifications are not expected to impact the forecast
production and capital cost at Dargues Reef, which is expected to
produce an average of 50,000 ounces of gold per annum over the

life of the mine.

Managing Director Peter van der Borgh said “We are very pleased
to have reached the end of this protracted approvals process, and
very pleased with the result, which clears the way for us to move

ahead with development of this project as rapidly as possible.

“The LEC ruling means that Cortona is now free to progress
outstanding permitting requirements to develop the project and we
look forward to proceeding with the Dargues Reef development for

the benefit of shareholders and the local community.”

Cortona has also received notice from the NSW Dams Safety
Committee that the design of the Tailings Storage Facility conforms
to the Committee’s requirements and is ready for construction.

Yours faithfully

Peter van der Borgh
Managing Director

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