23/08 - Dargues Reef DFS on Track for November 2010

ÔÇ£On time and On Budget"

HIGHLIGHTS

Definitive Feasibility Study for +50,000oz pa gold operation
progressing well and on track for completion in November 2010, on time and on budget

Processing plant design completed with final quotes being collected

Decision to utilise paste-fill to allow full orebody extraction
ÔÇô selection of paste plant completed and paste design and test work underway

Final mine design in progress with several underground mining contractors invited to submit quotations

Environmental Assessment completed and lodged with NSW Department of Planning

Drilling ongoing with 2 rigs on site and resource upgrade due Q4 2010

Cortona Resources Limited (ÔÇ£CortonaÔÇØ ÔÇ£the CompanyÔÇØ) (ASX: CRC) is
pleased to provide an update on project development activities and
progress with the Definitive Feasibility Study (ÔÇ£DFSÔÇØ) at its 100%-owned
Dargues Reef Gold Project in New South Wales.

Cortona is very pleased to advise that the DFS is progressing well and is
expected to be completed on time and on budget in November 2010. The
Company is delighted with the quality of the work undertaken to date, and
the potential that has been identified for an even more robust project at
Dargues Reef.

See Attached for full details