December 18, 2007:  Golden Cycle Gold Corporation Joint Venture Operations Update

August 8, 2007:  Golden Cycle Gold Corporation Reports Completion of the Mine Life Extension Pre-Feasibility Study at its Joint Venture

March 12, 2007:  Golden Cycle Gold Corporation Announces a 1.1 Million Contained Gold Ounce Ore Reserve Increase at Year End 2006 at Its Joint Venture in Cripple Creek, Colorado

January 3, 2007:  Golden Cycle Gold Corporation Operations Update

August 28, 2006:  Golden Cycle Gold Corporation Announces the Sale of Its Illipah Gold Prospect in White Pine County, Nevada

April 28, 2005:  Golden Cycle Gold Corporation Announces the Commencement of Exploration Drilling at Its Illipah gold Prospect in Nevada

August 16, 2004:  Golden Cycle Gold Corporation Announces the Appointment of Donald L. Gustafson as Vice President – Exploration

June 15, 2004:  Golden Cycle Gold Corporation Reports Annual Meeting Results and a Stock Split

May 5, 2004:  Golden Cycle Gold Corporation Reports Cripple Creek & Victor Gold Mining Company Has Announced a Further 10% Decrease in Joint Venture Gold Production at its Cripple Creek Production Facility for 2004

Archived Releases

This following releases include forward-looking statements involving risk and uncertainties that could cause actual results to vary materially from projected results. These include but are not limited to changing commodity prices; differences in ore grades and tons mined from those anticipated; successful mining and milling at currently planned rates; changes in project parameters as plans continue to be refined; continued compliance with environmental permits; the results of current exploration activities and new exploration opportunities; the conclusion of feasibility studies currently under way; and the political and economic risks associated with foreign operations. Please refer to a discussion of these and other factors in the company's 10-K, 10-Q and other Securities and Exchange Commission filings which will be provided to you upon request.

The Board of Directors of Golden Cycle, upon determination of the fairness of the Transaction from a financial point of view by PI Financial (US) Corp., has determined that the Transaction is in the best interests of Golden Cycle and its shareholders and has agreed to recommend that Golden Cycle shareholders approve the Transaction.  The Transaction value represents a premium to the market value of Golden Cycle’s shares and is expected to provide Golden Cycle shareholders with the opportunity to realize added liquidity via AngloGold Ashanti’s ADSs and to benefit from AngloGold Ashanti’s diverse property portfolio.

Golden Cycle’s primary business and asset is its minority joint venture participation interest in Cripple Creek & Victor Gold Mining Company (“CC&V”), which is majority owned and operated by AngloGold Ashanti.  The CC&V joint venture was created in January 1991 as a means to develop the Cripple Creek Mining District based on the land holdings consolidated by Golden Cycle.  Golden Cycle provided the land holdings to the CC&V joint venture and a predecessor-in-interest to AngloGold Ashanti provided, among other things, the capital in the form of an initial loan.  Under the terms of the CC&V joint venture agreement, AngloGold Ashanti is entitled to 100% of the net proceeds from CC&V until completion of several intermediate stages, including repayment of the initial loan, at which time Golden Cycle becomes entitled to, among other matters, its share of 33% of the net proceeds from CC&V. 

Under the Transaction, it is proposed that each share of Golden Cycle’s common stock will be converted into the right to receive AngloGold Ashanti ADSs on the basis of an exchange ratio of 29 AngloGold Ashanti ADSs per 100 shares of Golden Cycle’s common stock.   Based upon the closing price of AngloGold Ashanti ADSs as traded on the NYSE (NYSE: AU) on Friday, January 11, 2008 of US$49.59, this exchange ratio represents an offer price of US$14.38 per share of Golden Cycle common stock and an aggregate transaction value of US$149 million, based on 10.35 million shares outstanding on a fully diluted basis.  This price represents a premium of 29.1% over the volume-weighted average price of Golden Cycle’s common stock during the thirty-day period up to and including Friday, January 11, 2008, and a premium of 37.0% over the closing price of the Golden Cycle’s common stock (NYSE-Arca: GCGC), which was US$10.50 per share on Friday, January 11, 2008.

Under the terms of the Agreement, it is proposed that the Transaction will be implemented as a statutory merger under Colorado law and as such is subject to the approval of the holders of two-thirds of Golden Cycle’s common shares at the Golden Cycle shareholders’ meeting convened to consider and vote on the proposed Transaction.  In addition, the Agreement includes certain provisions related to Golden Cycle shareholder and board support and recommendation, exclusivity and restrictions on Golden Cycle’s ability to solicit counter offers to the Transaction, as well as break fees in the event the Agreement is terminated due to certain actions.

AngloGold Ashanti has entered into agreements with Golden Cycle shareholders holding approximately 44% of Golden Cycle’s total issued and outstanding common stock.  Under these agreements, these Golden Cycle shareholders have undertaken to vote in favor of the Transaction, as well as not to encourage or support the solicitations of any counter offers to the Transaction and to provide reasonable assistance as deemed necessary to assist AngloGold Ashanti and Golden Cycle in the implementation of the Transaction.

The Transaction is also conditional upon all necessary regulatory approvals (including the approval of the South African Reserve Bank) having been obtained as well as there being no material adverse change in regards to Golden Cycle or CC&V (that is beyond the control of AngloGold Ashanti) prior to the closing of the Transaction.

The registration statement as required to register the AngloGold Ashanti ADSs to be issued to Golden Cycle shareholders under the U.S. Securities laws will be filed with the Securities Exchange Commission, and the proxy statement/prospectus for the Golden Cycle shareholders’ meeting to consider and approve the Transaction will be posted to Golden Cycle shareholders in due course.

Herbert Hampton, President & CEO of Golden Cycle, commented “We are pleased to present this transaction to our shareholders, which represents an attractive premium to market.  This transaction provides our shareholders with the opportunity to realize liquidity via AngloGold Ashanti’s ADSs and to benefit from AngloGold Ashanti’s diverse property portfolio.”

Golden Cycle Gold Corporation is listed on the NYSE-Arca Exchange, trading under the symbol “GCGC” (9,769,250 shares outstanding).

R. Herbert Hampton, President & CEO of Golden Cycle Gold Corporation, +1-719-471-9013

This press release includes forward-looking statements involving known and unknown risks, uncertainties and other factors that could cause actual results to vary materially from projected results.  These include but are not limited to the timing of the Transaction, anticipated liquidity and premium to market represented by AngloGold Ashanti ADSs, anticipated satisfaction of closing conditions related to the Transaction and other statements that are not historically statements of fact.  Please refer to a discussion of these and other factors in Golden Cycle Gold Corporation’s 10-K, 10-Q and other Securities and Exchange Commission filings which will be provided to you upon request.  You should not place undue reliance on forward looking statements.   We undertake no obligation to update any forward-looking statement.

This communication is being made in respect of the proposed merger transaction involving and Golden Cycle and AngloGold Ashanti. In connection with the proposed transaction, AngloGold Ashanti will file with the SEC a registration statement on Form F-4 and Golden Cycle will mail a proxy statement/prospectus to its stockholders, and each will be filing other documents regarding the proposed transaction with the U.S. Securities and Exchange Commission (“SEC”) as well. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  The final proxy statement/prospectus will be mailed to Golden Cycle’s stockholders.  Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about AngloGold Ashanti and Golden Cycle, without charge, at the SEC’s Internet site (http://www.sec.gov).  Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Golden Cycle Gold Corporation, 1515 S. Tejon, Suite 201, Colorado Springs, CO 80906, Attention: Chief Executive Officer, (719) 471-9013, or to AngloGold Ashanti LImited, 76 Jeppe Street, Newtown, 2001 PO Box 62117 Marshalltown 2107 Johannesburg 2001 T3 00000 South Africa, Attention: Investor Relations, +27 11 637 6385.

AngloGold Ashanti, Golden Cycle and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Golden Cycle’s directors and executive officers is available in Golden Cycle’s proxy statement filed on Schedule 14A for its 2007 annual meeting of stockholders and Golden Cycle’s 2006 Annual Report on Form 10-K, and information regarding AngloGold Ashanti’s directors and executive officers is available in AngloGold Ashanti’s 20-F and AngloGold Ashanti’s 2006 Annual Report on Form 10-K.  Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
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March 12, 2007:
Golden Cycle Gold Corporation Announces a 1.1 Million Contained Gold Ounce Ore Reserve Increase at Year End 2006 at Its Joint Venture in Cripple Creek, Colorado
Golden Cycle Gold Corporation (NYSE: GCGC) (“Golden Cycle” or the “Company”) is pleased to announce an increase of 1.1 million ounces in the reported ore reserve of its 33% owned joint venture, the Cripple Creek & Victor Gold Mining Company (“CC&V”), with AngloGold Ashanti (Colorado) Corporation. The table, below, provides detail on the ore reserve and mineral resources from CC&V’s annual Ore Reserve Report as of December 31, 2006. The total addition reflected in the December 31, 2006 Ore Reserve Report was 1,111,768 contained troy ounces of gold. The mining depletion during the year 2006 was 572,728 contained troy ounces of gold. The net increase reported in the Ore Reserve Report is 539,040 net contained troy ounces of gold. CC&V has an active exploration program which added 232 drill holes, totaling 174,148 feet of largely reverse circulation drilling during the year 2006. Ore reserve and resource estimates in the end of year report were remodeled using drill data as of May 31, 2006, less depletion, and therefore do not incorporate most of the drill information released in Golden Cycle’s news release of January 3, 2007. The remodeling used additional drill data, new geologic information, updated economics, revised metallurgical recoveries and/or new modeling methods. All ore reserves were modeled using a $550 per ounce gold price. The total mineral resource was modeled using a $650 per ounce gold price. The cutoff grades used for reserves and resources were at a recoverable cutoff of 0.007 opt and 0.005 opt, respectively. Resource shells were changed from a $475 to a $650 Lerchs-Grossman envelope around the reserve pits.$475 to a $650

Lerchs-Grossman envelope around the reserve pits.

January 2, 2007:
Golden Cycle Gold Corporation Operations Update
Golden Cycle Gold Corporation (NYSE-Arca: GCGC) (“Golden Cycle” or the “Company”) is pleased to provide an update on corporate activities. The Cripple Creek & Victor Gold Mining Company (“CC&V”), the Company’s 33% owned joint venture with AngloGold Ashanti (Colorado) Corporation, experienced a prolonged drought over the fourteen months leading into June 2006. The drought caused reduced pregnant pond levels within Valley Leach Facility (“VLF”), which caused CC&V to reduce the flow rates through the gold recovery circuit, resulting in reduced fluid movement through the leach facility, and ultimately reduced daily gold recoveries. In recent months the leach facility has received precipitation at more normal rates. The precipitation has worked its way into the leach facility and recovery systems, raising pond levels and permitting CC&V to restore solution flow levels to planned flows of 14,000 gallons per minute. The increased flows through the leach facility have increased daily gold recoveries from a June 2006 low of 580 troy ounces per day to approximately 1,000 troy ounces per day during November 2006. Gold production for November 2006 and October 2006 was 28,801 (101% of plan) and 28,885 (105% of plan) troy ounces, respectively. The Joint Venture is on track to produce approximately 285,000 troy ounces of gold during 2006.

CC&V has had improved success in its mining operations in the past few months. Higher grade ores were mined in the upper benches of the South Cresson and the third and final mining area in the southern portion of the East Cresson. This success translated into higher than planned recoverable ounce placement on the VLF during the following recent months: June 2006, 35,302 troy ounces (109% of plan); July 2006, 39,541 troy ounces (133% of plan); August 2006, 37,075 troy ounces (152% of plan); September 2006, 36,499 troy ounces (112% of plan); October 2006, 29,119 troy ounces (115% of plan); and November 2006, 28,723 troy ounces (119% of plan). The mining and crushing operations are performing at a 22 million ore ton per year pace in spite of numerous truck and shovel maintenance challenges. Variable mining costs continue to escalate, in part due to increased mining volumes; however mine personnel are aggressively seeking to manage costs to minimize the impact upon cost per ounce.

As of November 30, 2006, the inventory of recoverable gold within the VLF is estimated to be 552,916 troy ounces. Management believes the increased inventory of gold within the leach facility is primarily caused by three factors: what we perceive to be a normal inventory increase related to the growth of the VLF in size, the reduced number of gold ounces produced from the leach facility in the earlier months of the year due to reduced fluid flows, and the increased recoverable gold ounces placed, discussed above. The inventory of gold ounces within the leach facility is a major asset which is almost equal in value to the total of CC&V’s mine finance loan of $353.6 million as of December 31, 2005. This inventory may continue to increase, although not as rapidly as it has during 2006, until ore ceases to be loaded on the VLF and CC&V begins the final leaching stages of the leach facility, which is expected to take several years. The Company does not believe that CC&V intends to monetize or financially encumber the leach facility inventory.

CC&V’s exploration team has drilled an additional 208 exploration drill holes, amounting to 160,513 feet of reverse circulation exploration drilling during the first eleven months of 2006. The intent of this drilling program is to determine if sufficient gold ore can be identified to extend the life of the mine. CC&V is modeling the results of the district wide exploration program and expects to complete its estimate of ore reserves and resources in early 2007. Some highlights of the recent CC&V exploration drill program are:

In November 2006, hole GR-718, a 900 foot deep minus 64 degree reverse circulation (“RC”) drill hole intercepted approximately 425 feet of generally low grade mineralization, 0.01 to .025 troy ounce per ton contained gold (“OPT”), including a high grade interval of 220 feet of 0.144 OPT at 410 feet down hole. Within the 220 feet above, was an interval of 85 feet assayed 0.275 OPT.

During October 2006, hole CPR-87, a 900 foot deep minus 66 degree RC drill hole intercepted approximately 455 feet of generally low grade mineralization including high grade intervals of 20 feet of 0.191 OPT at 95 feet, 15 feet of 0.281 OPT at 120 feet, 25 feet of 0.522 OPT at 620 feet and 15 feet of 0.244 OPT at 855 feet.

In September 2006, hole SGR-484, a 900 foot deep, minus 90 degree RC drill hole intercepted approximately 300 feet of generally low grade mineralization including an interval of 40 feet of 0.263 OPT at 135 feet. During August 2006, hole CPR-83, a 900 foot deep, minus 68 degree RC drill hole intercepted approximately 380 feet of generally low grade mineralization including a high grade interval of 110 feet of 0.125 OPT at 475 feet. In July 2006, hole CPR-82, a 900 foot deep, minus 61 degree RC drill hole intercepted approximately 345 feet of generally low grade mineralization including an interval of 105 feet of 0.035 OPT at 295 feet. During June 2006, hole CPR-70, a 800 foot deep, minus 80 degree RC drill hole intercepted approximately 425 feet of generally low grade mineralization including an interval of 285 feet of 0.048 OPT at 300 feet, within which were intervals of 40 feet of 0.08 OPT at 420 feet and 20 feet of 0.286 OPT at 485 feet. In May 2006, hole GR-725, a 1,000 foot deep, minus 90 degree RC drill hole intercepted approximately 815 feet of generally low grade mineralization including an interval of 230 feet of 0.034 OPT at 520 feet.

The two law suits consolidated for trial and pending at the end of 2005 in the United States District Court for the District of Colorado, in which the Sierra Club and Mineral Policy Center filed complaints against CC&V and its Joint Venture partners including the Company, alleging certain violations of the U.S. Clean Water Act (CWA), were tried in February 2006.  As previously reported in the Company’s Quarterly Report on Form 10-Q dated August 11, 2006, the Court ruled on April 13, 2006, against the plaintiffs and for the defendants, including CC&V and the Company, on all causes of action asserted in the two cases. The Court also allowed the defendants to apply for an award of their attorney’s fees and costs.  The defendants did so in June and, notwithstanding the plaintiffs' objections thereto, the Court ruled on December 20, 2006 that the defendants were entitled to recover such fees and costs incurred after November 16, 2005, the date when it became clear to the Court that the plaintiffs' "dogged pursuit of factually unsupported claims" was unreasonable. The plaintiffs now have until January 22, 2007 to appeal from the Court's judgment dismissing the consolidated cases and from its award to each defendant of approximately one-fifth of its attorneys’ fees incurred over the last six years.  Whether such an appeal would be successful in whole or in part cannot be predicted at this early juncture.

Golden Cycle has received a payment of $50,000 from Tornado Gold due under the August 2006 purchase contract for the Illipah gold prospect in Nevada. The 50,000 shares of Tornado Gold’s common stock currently due has not yet been delivered. Tornado Gold, in its press release of November 6, 2006, announced that it has received the drilling permits for the property, is delineating drill targets, and has placed the exploration of the property among its top priorities.

Golden Cycle Gold Corporation is a Colorado corporation organized to discover, develop and mine precious metal properties. The primary business of the Company consists of its participation in the Cripple Creek & Victor Gold Mining Company, a joint venture with AngloGold Ashanti (Colorado) Corp. The Joint Venture manages Colorado’s major gold producing property, the Cresson mine, located in the Cripple Creek / Victor gold mining district. Golden Cycle holds gold prospects in Humboldt County, Nevada, “Table Top”, and the “Sagittarius Alpha Realty” group in the Republic of the Philippines.

Golden Cycle Gold Corporation is listed on the NYSE-Arca Exchange, trading under the symbol “GCGC” (9,744,250 shares outstanding).

Except as otherwise stated, information related to the Cripple Creek & Victor Gold Mining Company has been derived from reports of the mine operator and is based on information available to Golden Cycle Gold Corporation as of the date of this release. This press release includes forward-looking statements involving known and unknown risks, uncertainties and other factors that could cause actual results to vary materially from projected results. These include but are not limited to changing commodity prices; differences in ore grades and tons mined from those anticipated; successful mining and milling at currently planned rates; changes in project parameters as plans continue to be refined; continued compliance with environmental permits; the results of current exploration activities and new exploration opportunities; the conclusion of feasibility studies currently under way; and the political and economic risks associated with foreign operations. Please refer to a discussion of these and other factors in Golden Cycle Gold Corporation’s 10-K, 10-Q and other Securities and Exchange Commission filings which will be provided to you upon request. You should not place undue reliance on forward looking statements. We undertake no obligation to update any forward-looking statement.

Source:  Golden Cycle Gold Corporation
Herbert Hampton, President & CEO of Golden Cycle Gold Corporation, +1-719-471-9013

August 28, 2006:
Golden Cycle Gold Corporation Announces the Sale of Its Illipah Gold Prospect in White Pine County, Nevada

Golden Cycle Gold Corporation (NYSE Arca: GCGC) ("Golden Cycle") is pleased to announce
the August 23, 2006 sale of its Illipah gold prospect in White Pine County, Nevada to Tornado Gold International Corporation (TOGI-Q) ("Tornado"). Tornado has agreed to phased payments to Golden Cycle consisting of US$50,000, which was received upon signing the agreement, an additional US$50,000 and 50,000 shares of Tornado common stock within ninety days of the date of the agreement, an additional 100,000 shares of Tornado common stock within one hundred eighty days of the date of the agreement, and an additional 200,000 shares of Tornado common stock one year after the date of the agreement. Tornado will assume Golden Cycle's obligations in an underlying exploration and mining lease agreement on the claims, and grants to Golden Cycle a production royalty of two percent of net smelter returns on all rents and mineral production from the property. Tornado has the option, exercisable at any time prior to commercial production on any of the Illipah claims, to reduce the Golden Cycle production royalties from two percent to one percent by paying Golden Cycle, at Golden Cycle's option, either US$1 million, or its equivalent in gold bullion at the August 23, 2006 closing price of gold on the New York Commodity Exchange. Tornado has also agreed to undertake an exploration program on the Illipah property and related area of interest, and incur exploration and development expenditures of at least seven hundred fifty thousand dollars (US$750,000) within two years, of which two hundred fifty thousand dollars (US$250,000) must be expended during the first year of the agreement. In the event of a default under the agreement by Tornado, Golden Cycle could reacquire the property.

The Illipah gold prospect is an exploration property situated in eastern Nevada at the southern extension of the Carlin Trend (T 18N, R 58E). The property consists of one hundred ninety one unpatented federal Bureau of Land Management lode mining claims, approximately 3,820 acres.

Golden Cycle Gold Corporation is a Colorado corporation organized to discover, develop and mine precious metal properties. The primary business of the company consists of its participation in the Cripple Creek & Victor Gold Mining Company, a joint venture with AngloGold Colorado. AngloGold Colorado is wholly owned by AngloGold Ltd. The Joint Venture manages Colorado's major gold producing property, the Cresson mine, located in the Cripple Creek / Victor gold mining district. The Joint Venture is currently producing approximately 305,000 troy ounces of gold a year. Golden Cycle Gold holds gold prospects in Humboldt County, Nevada, "Table Top" and the Republic of the Philippines, the "SAR" group.

Golden Cycle Gold Corporation (NYSE Arca: GCGC) is listed on the NYSE Arca Exchange, trading under the symbol "GCGC" (9,744,250 shares outstanding).

This press release includes forward-looking statements involving risk and uncertainties that could cause actual results to vary materially from projected results. These include but are not limited to changing commodity prices; differences in ore grades and tons mined from those anticipated; successful mining and milling at currently planned rates; changes in project parameters as plans continue to be refined; continued compliance with environmental permits; the results of current exploration activities and new exploration opportunities; the conclusion of feasibility studies currently under way; and the political and economic risks associated with foreign operations. Please refer to a discussion of these and other factors in the company's 10-K, 10-Q and other Securities and Exchange Commission filings which will be provided to you upon request.

April 28, 2005:
Golden Cycle Gold Corporation Announces the Commencement of Exploration Drilling at Its Illipah gold Prospect in Nevada

Golden Cycle Gold Corporation has commenced exploration drilling at its Illipah claim group located in White Pine County, Nevada. The first phase of the drill program for Illipah consists of eight reverse circulation drill holes, angled approximately perpendicular to the envisioned structures. These drill holes are designed to test the favorable strata-graphic horizons and structural intersections at depth beneath known gold anomalies on the surface. Depths of the drill holes generally will range from 800 to 1,500 feet. A budget of approximately $259,000 will fund the drilling, assaying of samples, personnel, expenses, and application and filing for an exploration permit and necessary bonding.

The Illipah gold project is situated in eastern Nevada at the southern extension of the famous Carlin Trend which contains the largest accumulation of economic gold deposits in North America. The Company controls 191 unpatented / contiguous lode mining claims (approximately 3,800 acres) over a six-mile strike length, containing favorable strata-graphic and structural environments giving encouragement for the discovery of significant gold mineralization. The property is subject to a 2% net smelter return (“NSR”) royalty on all mineral production.

Past production from the immediate area of Illipah is 37,000 ounces of gold from an open pit mined in the late 1980’s and early 1990’s by Alta Gold. The ore was processed using heap leach technology. This open pit gold mineralization is envisioned as a surface expression, or “halo”, over possible deeper seated gold deposits near favorable strata-graphic contacts and structures. Mr. Donald Gustafson, the Company’s vice president for exploration, believes the geological similarities between Illipah and Newmont’s Rain Deposit located 65 miles north-northwest of the Illipah are striking. The Rain Deposit originally was mined as an open-pit operation, and is currently being mined by underground methods. Our goal in Phase One of our Illipah exploration program is to explore the possibility that similarities between our Illipah gold prospect and the Rain Deposit exist.

August 16, 2004:
Golden Cycle Gold Corporation Announces the Appointment of Donald L. Gustafson as Vice President – Exploration

Golden Cycle Gold Corporation (“GCGC”) is pleased to announce that Donald L. Gustafson has joined the Company as Vice President – Exploration effective August 1, 2004. Mr. Gustafson will remain a member of the Board of Directors with the title of Director & Vice President – Exploration. Mr. Gustafson was previously involved with the Company as a geological consultant, and had been instrumental in the Company’s acquisition of the Illipah and Tabletop gold projects in Nevada.

Mr. Gustafson brings thirty-nine years of experience in exploration and development of mineral properties, both domestically and internationally, and a proven record of success to the Company. He previously worked with Homestake Mining Company as Manager of their Deposit Development for six years, where he played a significant role in the discovery and development of its McLaughlin Mine in Northern California. He then completed a five-year stint as Vice President and Director of Exploration for Homestake International Minerals LTD, where he concentrated on the Asian, South Pacific, Central and South American regions.

Donald Gustafson received his Bachelor’s degree in Geology and Mineralogy from the University of Colorado, and remained at the institution to complete his Master’s Degree in Geology. He is a member of the Society of Economic Geologists, the Society of Mining Engineers, the Geological Society of Nevada and the Northwest Mining Association, as well as an author of articles appearing in various industry publications.

“Mr. Gustafson will enable the Company to pursue a primary corporate objective of increasing shareholder value through exploration, development and acquisition of mineral properties in North American and beyond”, said Mr. R. Herbert Hampton, President & Chief Executive Officer.

Mr. Gustafson will devote 50% of his time to GCGC, utilizing his expertise to develop a corporate exploration strategy and team to search for and acquire high quality gold projects.

Golden Cycle Gold Corporation (GCGC) discovers, develops, and mines precious metal properties. Headquartered in Colorado Springs, Colorado, the Company’s primary operations consist of surface gold mining activity in the Cripple Creek & Victor Mining Company, a joint venture with AngloGold (Colorado) Inc., a subsidiary of AngloGold Ashanti Ltd., the world’s second largest gold producer. The Company trades on the over-the-counter (OTC) market under the symbol “GCGC”. As of August 12, 2004, GCGC had 9,629,350 shares outstanding.

June 15, 2004:
Golden Cycle Gold Corporation Reports Annual Meeting Results and a Stock Split

At the Annual Meeting of the shareholders of Golden Cycle Gold Corporation held in Colorado Springs, Colorado, on June 4, 2004, shareholders approved all resolutions proposed by management, including approval of an increase in authorized shares of the Company’s common stock to 100,000,000 shares and ratification of the appointment of Ehrhardt Keefe Steiner & Hottman, P.C., as independent auditors to audit the books and records of the Corporation at the close of the current year.

Incumbent directors R. Herbert Hampton, James C. Ruder and Robert T. Thul were re-elected at the meeting and Dr. Taki N. Anagnoston and Donald L. Gustafson were elected as new directors.

A total of 1,434,914 common shares, 74.9% of all issued and outstanding shares, were represented at the meeting.

“We are very pleased to welcome Don Gustafson and Dr. Taki Anagnoston to our Board” said R. Herbert Hampton, president and Chief executive officer of the company. “Mr. Gustafson is an exploration geologist with 39 years of experience and past Vice President Exploration of Homestake International Minerals, 1985-1990. Dr. Anagnoston is an experienced investor who brings the perspective of a major shareholder to the board.”

At the Board of Directors’ meeting June 4, 2004, immediately following the Annual Meeting, the Board of Directors re-affirmed its decision of January 15, 2004 to split the Company’s Common Stock five for one, and established July 12, 2004 as the Record Date for the stock split.

Colorado Springs, CO - Golden Cycle Gold Corporation (PCX: GCC)
Golden Cycle Gold Corporation is listed on the Pacific Exchange, trading under the symbol “GCC” and also trades in the over the counter market under the symbol “GCGC” (1,920,950 shares outstanding).

May 5, 2004:
Golden Cycle Gold Corporation Reports Cripple Creek & Victor Gold Mining Company has Announced a Further 10% Decrease in Joint Venture Gold Production at its Cripple Creek Production Facility for 2004

AngloGold Ltd., during an institutional conference call on April 29, 2004, announced that the Cripple Creek & Victor Gold Mining Company's ("CC&V") 2004 gold production will experience a further shortfall of approximately 10% below the 2004 budget forecast of 348,000 troy ounces of gold (310,199). This announcement by AngloGold was not cleared by your Company, nor was your Company consulted prior to its release, as provided for in the CC&V joint venture agreement.

During the budget formulation process in the fall of 2003, CC&V management reduced 2004 planned gold production from 416,286 troy ounces, as previously set forth in the mine expansion plan completed in 2003, to approximately 348,914 troy ounces. AngloGold cites slow gold recoveries as the principal reason for a further 10% decrease in estimated 2004 gold production. Golden Cycle will employ an independent third party to review all aspects of AngloGold's failure to meet its stated production objectives. These findings will be reported to the shareholders of the Company at the earliest date possible. It is our intention to take whatever steps are indicated to vindicate the rights of our shareholders.

Golden Cycle Gold Corporation (“Golden Cycle“) (33%) and AngloGold (Colorado) Inc. (“AngloGold”) (67%), a wholly owned subsidiary of AngloGold Ltd., are joint venture partners in CC&V. AngloGold manages the operations of CC&V which conducts gold mining and recovery operations in the Cripple Creek/Victor mining district of Colorado.

Colorado Springs, CO - Golden Cycle Gold Corporation (PCX: GCC) Golden Cycle Gold Corporation is listed on the Pacific Exchange, trading under the symbol “GCC” and also trades in the over the counter market under the symbol “GCGC” (1,915,950 shares outstanding).