GGG Resources

• 01/02/12

  Re-organisation of Nominated Adviser

• 31/01/12

  Quarterly Activities Report - 31 December 2011

• 24/01/12

  Option to Purchase Geko Gold Project

• 23/01/12

  Conversion of Warrants

• 11/01/12

  Bullabulling Gold Project - Drilling Update

• 

  07/12/11

  GGG Resources: The birth of Bullabulling Gold

  GGG Resources has high hopes for its Bullabulling Gold Project in Western Australia. Here, we take a look at the firm ahead of the completion of its merger with joint venture partner Auzex

  
  

   

• 

  10/11/11

  UPDATE: GGG Resources unveils encouraging drill results from Bullabulling

  GGG Resources this morning unveiled yet more encouraging results from the company’s ongoing drilling programme at the Bullabulling Gold Project in Western Australia.

• 

  30/08/11

  GGG Resources and Auzex confirm Bullabulling Gold merger

  Last week the partners announced that they had agreed to consolidate the project ownership – following a protracted and ultimately unsuccessful cat-and-mouse takeover battle, instigated by GGG – but the precise details of the deal were not disclosed. Today GGG confirmed the details of the proposed merger.

• 

  26/08/11

  GGG & Auzex to create new Bullabulling operating company

  The deal is ending disagreements between the partners regarding the strategy for the project, and investors in London greeted the news, sending GGG stock up nearly 15 percent.

• 

  17/08/11

  GGG Resources pleases analysts with Bullabulling resources upgrade

  Westhouse has reiterated its faith in GGG Resources following the company’s upgrading of resources at its key Bullabulling gold project in Western Australia earlier this week. With the company having plans to upgrade more of the inferred resources to indicated, the shares remain a ‘buy’ says the broker.

• 31/01/12

  GGG Resources confirms merger with Auzex progressing to plan, shares rise

• 24/01/12

  GGG Resources and JV partners to acquire Geko gold project

• 11/01/12

  GGG completes phase II infill programme at Bullabulling

• 19/12/11

  GGG scoping study targets production of 230,000 ounces of gold a year

• 30/11/11

  GGG Resources directors exercise warrants ahead of Auzex merger

• 

  12/10/2011

  GGG Resources One2One Investor Presentation - 12th October - DUBLIN (PDF)

  GGG Resources One2One Investor Presentation - 12th October - DUBLIN
• 

  12/10/2011

  GGG Resources One2One Investor Presentation - 12th October - DUBLIN (PDF)

  GGG Resources One2One Investor Presentation - 12th October - DUBLIN
•  

  12/09/2011

  Stocktube video - GGG Resources CEO Jeff Malaihollo says the recent news is exciting for the new company

  GGG Resources CEO Jeff Malaihollo (LON:GGG), tells Proactive Investors that the recent agreement to merge its share of the Bullabulling gold project with its JV partner Auzex produces a great opportunity for the new company -- Bullabulling Gold Ltd. Jeff talks about putting the building blocks in place to establish an exciting and profitable business.
•  

  03/05/2011

  Jeff Malaihollo, MD of GGG Resources, talks about bringing the Western Australian Bullabulling gold project back into production

  Jeff Malaihollo, MD of GGG Resources, talks about bringing the Western Australian Bullabulling gold project back into production as soon as possible, GGG’s offer for its Bullabulling JV partner, 1.98 million ounces of gold, a resource upgrade towards the end of June, mineralisation extending six kilometres, and ASX listing (April 2011).
• 

  05/04/2011

  GGG Resources One2One Investor Presentation - 5th April 2011 (PDF)

  GGG Resources One2One Investor Presentation - 5th April 2011

Our objective is to become a profitable mining company.

We aim to either find, or to acquire and develop, gold and other mineral prospects in Australasia.

Our directors and management team have built strong contacts in this region, based on their previous positions at various mining companies.

Our strategy is to focus only on a few quality projects – such as Bullabulling - which are capable of delivering early value to shareholders. At Bullabulling, our new drilling programmes aim to add to the existing 2.6m ounces of JORC standard gold already confirmed (as at 15 August 2011). Phase Two drilling is currently underway since which both aims to convert more gold from the Inferred to Indicated categories, and to explore more pits on the southern extension of the Bullabulling trend.  Our goal is to produce from 100,000 to 150,000 ounces of gold annually.

We have adopted a twin track approach, which is to both start production but also to keep on adding to the overall resource through continued exploration before and after the mine has reopened.

Proposed merger with Auzex Resources

We are delighted that, following many weeks of negotiation, we have been able to reach agreement with Auzex Resources about the future of Bullabulling.

It is our intention to merge with Auzex Resources, and together we will form a new company called Bullabulling Gold Limited.  This company will be focused solely on our exciting Bullabulling gold project, and Auzex will spin out its other assets.

Bullabulling Gold will benefit from a unified management team drawn from both GGG and Auzex.  Looking ahead, and it will also be appointing senior independent directors who have experience working on similar projects in Western Australia.  

Bullabulling Gold Limited will also have its own budget and will be listed in due course on the ASX and AIM markets, giving it access to global capital.   

We are very pleased with the outcome and both companies are happy to recommend this deal to our respective shareholders.

Read more about the proposed merger here.

About GGG

GGG Resources plc is a publicly quoted mining exploration company. We are focused on a single project called Bullabulling, in the goldfields of Western Australia.

Bullabulling is a former open pit gold mine in the Coolgardie region, which we own jointly (50:50) with Auzex Resources Limited.

The project has around 2.6m ounces of inferred resources.  We are currently conducting resource drilling and bringing Bullabulling through feasibility. At the same time we continue to explore to increase the overall size of the resource, which we think can grow substantially.

We aim to fast-track Bullabulling into gold production.

In the coming years, we will continue exploring more of our 131km² permitted tenement, as the historical geological data suggests there could be considerably more gold to commercially develop.

The Bullabulling Gold Project

Location

Straddling the Great Eastern Highway, Bullabulling lies 70km south west of Kalgoorlie in Western Australia. It is a sizeable project area - 131km² – held in a series of granted mining leases, prospecting licences and exploration licences.

The site is well served by roads, power and water.

Bullabulling is part of the Eastern Goldfields. The Eastern Goldfields contain over 160 deposits, 19 of which are greater than three million ounces of gold. We know we are searching in a proven gold district.

Project History

Bullabulling, originally held by Samantha (Resolute Mining) and latterly by Jervois Mining, has a significant drill hole database with over 12,000 drill holes completed.

However, most of the drill holes only averaged 34m in length; therefore the deposit has not been tested at depth and remains open along strike.

Following extensive computer modelling of previously collected data, we believe that there could be large, open pittable, gold deposits, some at high grades, below 34m from the surface. We are testing this through new drilling programmes.

Technical historical data

The deposit was mined until 1998 from mainly from shallow lateritic and saprolitic ores. These ores, mined from six open pits, were generally less than 20m from the surface.

In 1998, Resolute Mining estimated a JORC-compliant Measured and Indicated Resource of 9.3Mt @ 1.44g/t Au (430,000oz of gold) by using a gold price assumption of A$600/oz.

In 1998, the Bullabulling Project consisted of:

Current technical data

In August 2010, we announced an updated JORC Mineral Resource at Bullabulling of nearly 2m ounces of gold (41.5 Mt @ 1.5 g/t Au at 0.7 g/t Au cut off), an increase of approximately 450%, which was twice as much as we initially expected.

We have now (as at 15 August 2011) announced a further updated JORC at Bullabulling.  The new resource estimate, from Phase One drilling alone, is 2.6m ounces of gold at 1.03 g/t, with a cut off of 0.5 g/t.  This has enabled us to convert 711,700 ounces of gold from an Inferred to an Indicated Resource.

Table 1. The Bullabulling Mineral Resource (August 2011) at 0.5 g/t cut off (JORC 2004)

Note: The resource is quoted for blocks with a grade of greater than 0.5 g/t and the tonnage figures for the fresh mineralisation have been discounted by 7% to allow for the impact of barren pegmatite dykes.

This new data continues to demonstrate that Bullabulling is a very large and highly continuous system, which we believe is capable of achieving an initial reserve of over 1m ounces of gold. 

Currently, under Phase Two confirmation drilling, a further 70,000 metres of drilling is underway which we expect will allow us to upgrade a substantial portion of the 1.9m Inferred Resource to Indicated status in Q1 2012.  This will enable us to establish an estimated initial ore reserve, which is currently expected to be around 1m ounces of gold.

Based in the well-established gold mining district of Koolgardie in Western Australia, Bullabulling is conveniently close to established power, water and road infrastructure.  This means we would be able to bring a new Bullabulling open pit mine into production far more quickly than if this were a greenfield project.  

Joint venture terms

GGG Resources plc owns 8,000,000 ordinary shares of Auzex Resources Ltd and Auzex Resources Ltd owns 14,044,944 (7,022,472 post consolidation) ordinary shares in GGG Resources plc.

GGG Resources plc paid A$1.9m to Auzex to earn a 50% interest in the Bullabulling Property. In addition, we paid A$600,000 to replace of half the Environmental Bond.

There will be a royalty payment to Jervois of A$30 per ounce for the first 400,000 oz. of gold produced, reducing to A$20 per ounce thereafter.

The development of Bullabulling will be governed by a Joint Venture Agreement between the GGG Resources and Auzex. Feasibility and development expenditure for Bullabulling will be jointly funded on presentation of a budget. If either party should elect not to contribute, then they will be diluted on a straight line basis, using an initial valuation of A$5 million.

The majority owner of Bullabulling will manage the joint venture. In the event of 50:50 ownership and no clear majority, a Joint Venture Management Committee will be set up with two representatives from each party to oversee operational management.

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Dr. Peter Antony Ruxton, Non-Executive Chairman

Peter Ruxton spent 16 years in the mining industry focused on Australia and SE Asia. Between 1981 and 1994, Peter worked for Billiton Australia (the Shell Company of Australia's Metals Division) progressing from Exploration Geologist to Regional Exploration Manager. From 1994 to 1997 he was Exploration Manager of Brisbane-based mid-tier gold producer Ross Mining N.L. responsible for all geological functions in the company and the co-ordination of a positive bankable feasibility study on the Gold Ridge Mine in the Solomon Islands - this world class gold mine commenced production in August 1998. In late 2000 Peter was appointed Investment Manager for the Commonwealth Development Corporation (CDC Plc) before moving to Actis LLP in 2004 as an Investment Principal, joining the partnership between 2006 and 2008. At Actis he was responsible for initiating, managing and exiting over US$180 million worth of private equity mining investments in emerging markets. Peter is currently a non-executive director of AIM-listed Platmin Ltd. Peter is a member of the GGG’s audit and remuneration committees.

Dr. Jeffrey Francis Anthony Malaihollo - Managing Director

Jeff Malaihollo worked for Newcrest on grass roots exploration for gold and base metals before joining Rio Tinto, working mainly on area selection and project evaluation in the Former Soviet Union and Indonesia. Subsequently he worked and consulted for Billiton on generative programmes and target selection in South East Asia, China and Eastern Europe. From 2000 to 2004, Jeff was an Executive Director at Loeb Aron & Company Ltd, City-based corporate financiers specialising in natural resources.

David McArthur - Finance Director

David McArthur is a qualified Chartered Accountant who has spent almost 30 years working in the publicly-listed resources sector. 

An Australian, David's experience includes taking companies from start up through to successful gold mining operations, an example of which is the Kundana mine, a gold producer based just outside of Kalgoorlie. 

David was appointed CFO and Finance Director of the ASX-listed gold producer Dioro Exploration NL, a 100,000 ounce+ per annum producer also in Kalgoorlie, where he worked for 15 years. 

Through his involvement in numerous funding arrangements, David is familiar with all forms of mining project finance.  Equally importantly, he is experienced in the many forms of hedging and price protection strategies available to gold producers.

Paul Mc Groary - Non-Executive Director

Paul Mc Groary is a Director of Marshall Lake Mining plc a copper zinc exploration company focussed on Ontario, Canada. Paul has held several other directorships within the quoted natural resources sector, including mining projects in Canada, Chile as well as a Central Asian oil explorer. Paul is a member of the audit and remuneration committees.

Nigel Bruce Clark, Non-Executive Director

Nigel Clark has over 30 years' experience in new business development and management in the precious and base metals industry. He started working for Billiton in Brazil as an exploration geologist, later as an exploration manager in Portugal and Indonesia, as well as a general manager of both underground and open-pit gold mines in Indonesia, business development manager in Singapore and ultimately as general manager in China. Nigel is a member of the audit and remuneration committees.

Ciceron “Jun” Angeles, Technical Director

Jun Angeles is a geologist with over 30 years of experience in gold-base metal exploration in Asia, mainly Indonesia, Philippines, China, Malaysia, and Iran, with minor assignments in Vietnam, Fiji, Papua New Guinea, Myanmar and Kyrgyzstan. His specialisations include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralisation. He obtained his MSc in Mineral Exploration from the University of New South Wales, Australia in 1985 and is a Fellow and Chartered Professional in Geology (CPGeo) of the Australasian Institute of Mining and Metallurgy (AusIMM). Jun was the Asia Exploration Manager for Newcrest Mining during which time Newcrest brought the Gosowong Mine into production. Since February 2006, Jun has been the Exploration Manager and latterly VP Exploration of the Company when it discovered the large Nimu copper-molybdenum deposit.

Michael John Short, Non-Executive Director

Michael Short has 35 years of project management and site construction experience on a broad range of projects.  For the last 30 years, Michael has focused on the engineering, design and construction of gold and copper/lead/zinc ore treatment plants in Australia, Africa, Central Asia, Russia, Europe and Asia. During this period he has acted as Project Manager and Site Construction Manager on greenfield plants, as well as on the extension of existing plants, and has gained significant experience in the preparation, administration and implementation of projects. Michael is the Managing Director of GBM Minerals Engineering Consultants Ltd. Michael is a member of the audit and remuneration committees.

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Shares in Issue

165,746,090 (as at 8 September 2011)

Shares not in public hands

Directors and controlled entities: 11,107,663 shares.

Number of Options and Warrants

Option Qty	Warrants	At Price	Date
	4,934,208	12.6p	19 Jan2012
3,075,000		32p	23 Feb 2012
200,000		38p	23 Feb 2012
500,000		7p	6 Oct 2014
3,425,000		8p	23 April 2015
1,150,000		10p	30 June 2015
3,630,000		40p	23 Nov 2015

Shareholder Profile

 (as at 11 March 2011)

Shareholder	No of Shares held	Percentage of Issued Share Capital
Baker Steel Managed Funds	16,935,000	10.25%
Directors and Controlled Entities	11,108,000	6.70%
Auzex Resources Limited	7,023,000	4.25%
City Natural Resources High Yield Fund (CQS) Plc	6,834,000	4.10%
Henderson Global	5,128,000	3.0%
Black Rock	9,967,000	6.0%

Updated from GGG website 13.09.11

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