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21/12 - Eurobodalla Shire Council Withdraws Appeal Against Dargues Reef Approval (from CRC)

Australian gold company Cortona Resources Limited (ASX: CRC) is
pleased to advise that Eurobodalla Shire Council has withdrawn its
appeal in the Land and Environment Court against the NSW
Government’s approval of the Dargues Reef gold mine.
The Shire’s decision follows discussions between the Company,
Council officers, experts and NSW Planning Department officers, during
which Cortona was able to alleviate the Council’s concerns regarding
the Shire’s water supply.

The decision to withdraw the appeal means that there is now just one
appeal pending. That appeal is due to be heard on 1 February 2012.
Cortona’s Managing Director Peter van der Borgh commented: “Shire
officers and their expert engineer and hydrologist  acknowledged the
responsible approach Cortona has adopted towards environmental
protection, and were satisfied that the proposed mining methods,
technologies and monitoring procedures were the best available.

“It’s pleasing to end the year on a positive note,” Mr van der Borgh said,
“Eurobodalla Shire’s withdrawal should simplify our case, which is now
chiefly concerned with perceived impacts on biodiversity. The Project
has already been approved by the Federal government under the
Environmental Protection and Biodiversity Conservation Act.

“I would like to take this opportunity to thank shareholders for their
support during the year,” he added. “Cortona remains on track to
become a significant Australian gold producer with the development of
Dargues Reef.”

Yours faithfully
Peter van der Borgh

Managing Director

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