Golden Cycle Gold Corporation Announces the Appointment of Donald L. Gustafson as Vice President - Exploration COLORADO SPRINGS, Colo., Aug 16 /PRNewswire-FirstCall/ -- Golden Cycle Gold Corporation (OTC: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 Exploration 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. For further information, please visit http://www.goldencycle.com/ This letter 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. DATASOURCE: Golden Cycle Gold Corporation CONTACT: R. Herbert Hampton, President & CEO of Golden Cycle Gold Corporation, +1-719-471-9013 Web site: http://www.goldencycle.com/

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