Golden Century Resources (PINK:GDLM)

On July 16, 2012 we entered into a share purchase agreement (the “Share Purchase Agreement”) with Jin Xin Copper Holding Limited (“Jin Xin”) and Ng Hoi Fung (“NG,”) the sole shareholder of the common shares of Jin Xin (the “Common Shares.”) Pursuant to the Agreement, we purchased 10,000 Common Shares from NG for an aggregate purchase price of $1,471,075 and acquired a 20% ownership in Jin Xin (the “First Tranche.”) The aggregate purchase price of $1,471,075 was previously paid by our company to Jin Xin through a series of refundable deposits.

Our current intention to obtain only a majority of the Jin Xin Common Shares represents a change from our original plan pursuant to the Letter of Intent and the Letter of Agreement to acquire all issued and outstanding Jin Xin Common Shares. Management believes that a majority interest in Jin Xin is more than sufficient for our plan to engage in the exploration and development of Yang Tan. Management further believes that it is in the best interest of the company to proceed on this basis.

Although management’s intention had been to complete the acquisition of the Jin Xin Common Shares at an earlier date, our company and Jin Xin believed that it was better to wait to complete the acquisition until Jin Xin had accomplished the following:

1. obtain all required permits from the government of China for the exploration and development of Yang Tan;

2. engage qualified engineers for the completion of geological reports on Yang Tan; and,

3. begin discussions with consultants for investor relations and the future financial needs of Yang Tan.