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.

February 13, 2002
Golden Cycle Gold Corporation Shareholder Newsletter

Dear Shareholder,

On behalf of your Board of Directors, it gives me a great deal of pleasure to report to you that your Company is moving forward in a very positive manner, within its financial means. Your management’s primary objective is to build the company through acquisition and development of quality exploration targets. Through this process we look forward to building additional gold reserves and resources behind each share you own. Your Company’s gold reserves and resources are currently its share of the gold reserves and resources of the Cripple Creek & Victor Gold Mining Company*. One might view this approach as a form of "Gold Bank," in a world awash in a sea of paper, or fiat, currencies (reserves and resources of the Company are not hedged forward). In this regard we feel, when all is said and done, that it is our duty as management of your Company to protect and enhance your invested capital. Your trust and confidence, as evidenced by your investment, is also a primary concern.

During the year the company acquired two promising claim groups in Nevada, the Table Top and the Illipah gold prospects, and initiated a selective property search in Colorado.

• The "Table Top" gold prospect is located in Humboldt County, Nevada, approximately ten miles west of Winnemucca, Nevada, and lies within the Basin and Range province of north-central Nevada, which over the past forty years has become one of the world’s premier gold producing regions. The key gold mineralized feature on the property is a hydrothermal breccia, which contains anomalous gold, arsenic, antimony and mercury.
• The "Illipah" gold prospect is located in western White Pine County, Nevada, and is part of the Alligator Ridge - Bald Mountain trend which lies along the southern projection of the main Carlin trend. Past production and reserves for other mines in the Alligator Ridge - Bald Mountain trend are about 4 million troy ounces of gold.

A highly selective exploration effort is underway in the company’s home state of Colorado, which we believe is currently being overlooked by both junior and major mining companies.

Cripple Creek & Victor Gold Mining Company - Anglo Gold LTD, the mine manager, approved a $71 Million expansion of operations, which will increase production to approximately 400,000 troy ounces of gold per year by mid 2002, appreciable cost reductions are expected from this expansion phase. The Cresson Ore deposit continues to be open at depth and to the north and east, while the East Cresson Ore deposit is open to the West and South.

It is important to remember that the great "Colorado Mineral Belt" and associated districts have produced world class metal deposits in the past and we believe it defies all common sense that "everything has already been found." Therefore we are directing a portion of our efforts toward exploration and discovery in this important mineral province.

Goldencycle.com - Another priority of your management is to achieve a high level of communication with you as shareholders. In that regard we are developing a historical data base on the Company so that you might have a full understanding of the prominence of your Company and its past history in the development of the State of Colorado.

Further, we are in the process of developing active website communications between the Company and yourselves as Shareholders. Your comments and thoughts will be welcomed accordingly.

Water Rights - The Company received a payment of $218,000 in November 2001. The balance of the contract is dependent on a final agreeable solution to water rights transfer with the state of Colorado. The city of Cripple Creek and your company are cooperating in this effort.

On a sad note, Governor John A. Love, the popular three term Colorado governor and long time member of your Company’s Board of Directors, recently passed away. Gov. Love was a strong supporter of your Company, and a good friend. We thank Gov. Love for his many contributions and sage advice, he will be missed.

Thank you,

R. Herbert Hampton
President & CEO

November 7, 2001
Golden Cycle Gold Corporation Acquires Illipah Gold Mining Prospect in Nevada

Colorado Springs, CO - Golden Cycle Gold Corporation (PCX: GCC) announced today that it has acquired the "Illipah" gold prospect in western White Pine County, Nevada. The Illipah claim group is part of the Alligator Ridge - Bald Mountain trend and lies along the southern projection of the main Carlin trend. Past production and reserves for the Alligator Ridge - Bald Mountain trend are about 4 million troy ounces of gold. A small near surface deposit at Illipah (1.9 million tons at 0.048 oz/ton Au) produced about 37,000 ounces of gold in a surface mine / heap leach operation.

The Illipah deposit is formed at the contact of the Chainman shale and the underlying Joana limestone. The main structural feature is a north-south tending anticline that is overturned to the east. The anticline forms a prominent ridge bounded by faults parallel to the axis of the anticline, which exhibit both strike and dip slip movement. This folding and subsequent faulting has created a series of enechelon shears which create excellent plumbing and ground preparation. Strong jasperoid along the structures and in the crest of the anticline can be traced for a strike length of more that six miles.

Previous exploration on this property focused on developing near surface, bulk minable gold ore reserves. Golden Cycle Goldís intended exploration target will be the discovery of a high grade mineralized gold vein system at depth, to be developed by a phased exploration program.

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 250,000 troy ounces of gold a year and is expanding operations to approximately 400,000 ounces per year beginning in 2002. Golden Cycle Gold also holds gold prospects in Humboldt County, Nevada, "Table Top", and the Republic of the Philippines, the "SAR" group.

October 3, 2001
Golden Cycle Gold Corporation Acquires Table Top Gold Prospect in Nevada

Colorado Springs, CO - Golden Cycle Gold Corporation (PCX: GCC) announced today that it has acquired the "Table Top" gold prospect in Humboldt County, Nevada. The Table Top claim group lies within the Basin and Range province of north-central Nevada, which over the past forty years has become one of the world's premier gold producing regions. The Table Top property can be interpreted to lie within the "Midas" gold bearing zone striking northeast across Nevada, and also as a part of a north-south trend containing the Sleeper Mine, Sandman, Florida Canyon, Rochester and Relief Canyon. The property is located ten miles west of Winnemucca, Nevada.

The Table Top claims cover a gold bearing brecciated and silicified sediment that is poorly exposed and has only been unsystematically explored and partially drill tested in the past. The key gold mineralized feature on the property is a hydrothermal breccia, which contains anomalous gold, arsenic, antimony and mercury.

Goldfields Mining Corporation first staked the Table Top property in 1986 while conducting surface exploration for an open pit type operation. A limited rock chip sampling and reverse circulation drilling program indicated the presence of a gold mineralized system. Golden Cycle Goldís intended exploration target will be the discovery of a high grade mineralized gold vein system at depth, to be developed by a phased exploration program.

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. (NYSE:AU). 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 250,000 troy ounces of gold a year and is expanding operations to approximately 400,000 ounces per year beginning in 2002. Golden Cycle Gold also holds a promising gold prospect in the Republic of the Philippines known as the SAR group.

March 20, 2000
Golden Cycle Gold Corporation Reports Increase In Gold Inventory at Cripple Creek

Colorado Springs, CO - Golden Cycle Gold Corporation (PCX: GCC) announced today that its joint venture with AngloGold (NYSE: AU), the Cripple Creek & Victor Gold Mining Company (CC&V), has increased the ventureâs gold ore reserves at year end. CC&V is a low-cost, low-grade surface mine, producing around 232,000 troy ounces of gold per year, owned by AngloGold (67%) and Golden Cycle Gold Corporation (33%).

CC&V gold ore reserves rose to 4.9 million contained ounces at year end and 5.0 million ounces of non-reserve mineralization. This compares to 4.3 million ounces of reserves and 3.1 million ounces of non-reserve mineralization at year end 1998. The .6 million ounce reserve increase during the year is net of more than .3 million ounces of depletion for the year. Each year CC&V models its gold ore reserves to incorporate the results of its exploration program, new geologic information, revised metallurgical recoveries, revised gold price, new geotechnical data, new pit designs, new operating costs and/or allowances for 1999 depletion. All ore reserves were modeled using a $300 gold price and a 0.006 ounce per ton (opt) recoverable cutoff grade.

Management states that good potential exists for the discovery of future ore resources and its conversion to reserves. The highly prospective geological environment in the Cripple Creek/Victor Mining District could potentially result in extensions to the current life of mine plan primarily from underground mining below the ultimate pit bottom.

CC&V began development of the Cresson ore body in May 1994. Development was completed by December 1994 and production from the Cresson mine commenced in the first quarter of 1995. During 1999, CC&V treated 10.4 million tons of ore producing 231,000 ounces of gold at a cash production cost of US$167/oz. The development of the East Cresson mine began during the second quarter of 1999 and is continuing.

Future opportunities to increase district gold production in the Cripple Creek Mining District beyond that contemplated in the Cresson Mine Expansion will necessarily be derived from a resumption of underground mining and refractory ore processing. The opportunity to discover ore bodies from 0.5 million to 1.5 million recoverable ounces of gold at historic average ore grades of greater than 0.5 ounces per ton remains good.

Golden Cycle Gold Corporation is a Colorado corporation organized to discover, develop and mine precious metal properties. Golden Cycle Gold Corporation is listed on the Pacific Exchange, and trades under the symbol 'GCC' (1,888,450 shares outstanding).