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12/01 - Plums Lode extended, drilling recommences at Majors Creek

Wednesday , 12 Jan 2011

Plums Lode extended ~150 metres below current resource, 2 RC rigs in operation targeting additional near mine resources

Latest results extend Plums Lode a further 150m down plunge of current resource envelope
6m @ 5.63g/t gold from 478m (within a zone of 10m @ 4.07g/t from 474m)
Two RC rigs have recommenced shallow drilling at Majors Creek targeting near mine prospects:

Extensions to Ruby Lode and Chinaman's
Other recent discoveries at Hughen and Carmine
New areas of interest

Cortona Resources Limited ("Cortona" "the Company") (ASX:CRC) is pleased to advise that drilling has recommenced at Majors Creek following the Christmas break.

Two RC drilling rigs are operating on site, where Cortona has recently announced high grade gold and silver discoveries that have the potential to increase the resource inventory.

Results from a deep hole at Plums Lode have confirmed broad mineralisation grading 6m @ 5.63g/t gold (within a broader zone of 10m @ 4.07g/t gold). The intercept is ~80m below the deepest previous hole, and 150m deeper than the current resource envelope, and demonstrates the potential to add significant ounces to the current resource.

Cortona's Managing Director Peter van der Borgh commented "We have jumped out of the blocks at the start of what we believe will be the most exciting year in the Company's history, one that will see Cortona realise its ambition of transitioning from gold explorer to gold producer.

"In order to build on the base case of fifty to sixty thousand ounce per annum development currently under application, we shall be aggressively drilling a range of promising shallow targets that have the potential to add to the current resources and reserves, and rapidly grow this project into a leading Australian gold story."

Cortona has identified a range of shallow gold targets close to the planned development at Dargues Reef. These include the Ruby Lode, located approximately 150 metres northeast of Dargues Reef. The discovery hole at Ruby Lode returned 12.6m @ 9.90g/t approximately 80 metres below the surface, and follow-up drilling has returned several other very significant intercepts along strike. More recently Cortona announced the discovery of high grade silver (1m @ 687g/t, or 22oz/t) at Hughen, ~600m north of Dargues.

Other key near-mine targets at Dargues include:

Chinaman's Prospect: where previous drilling returned returned 4m @ 28.0g/t ~70 metres below the surface. Three follow up holes have returned results which include 0.7m @ 77.0g/t. Chinaman's is located 100m south west of Dargues Reef;

Scarlet Prospect: located ~200m west of Dargues Reef, where a soil anomaly is coincident with historic prospecting pits;

Carmine Prospect: located 350 metres north of Dargues Reef which was discovered with an intercept of 3.4m @ 3.2g/t high up in one of the deep step out holes at Dargues Reef;
Thompsons and Thompsons South Prospects: sites of historic mining where previous drill holes have intercepted anomalous gold mineralisation; and

Additional shallow near-mine targets including historic prospecting pits, soil anomalies and Dargues ÔÇÿlook-alike' structures.

Targets further afield that have returned promising results from initial drill holes include Copper Ridge (1km), Hughen (600m), Tullock (800m), Snobs (1km) and Dreadnought (1km).

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