www.gulfresources.net.au
GGulf Resources is a resource development company that creates value for shareholders through the identification, acquisition and valorisation of resource focused projects, with a particular emphasis on regions where Gulf maintains relationships that provide a strategic advantage.
With a team of experienced engineering, project management, legal, financial and resource specialists, Gulf fosters and seeks to develop projects of major significance to both the company and the countries in which Gulf operates.
Gulf Industrials A$2.9m placement to advance East African Vermiculite project
African focused industrial mineral developer Gulf Industrials (ASX: GLF) has successfully placed 64 million shares at $0.045 to clients of Veritas Securities to raise A$2.88 million.
The funds will go towards the continued development of the East African Vermiculite project, located in Uganda.
The funding injection is another boost to Gulf, which earlier in the month increased the current mining lease on the Namekara Vermiculite Mine by adding additional exploration licenses.
The impact is Gulf can now take further advantage of supply side deficits in vermiculite.
The expanded mining lease held by Gulf is now 19.5 square kilometres which includes an old phosphate mine and extended vermiculite and phosphate showings.
Namekara has a JORC Inferred Resource of 55 million tonnes - one of the largest vermiculite resources in the world - with the coarser nature of the mineral output attracting a price premium.
Gulf has planned an aggressive diamond drill program for 2011 of 8,000 metres which will commence in the current quarter.
Exploration is aimed at increasing output from Namekara to 130,000 tons per year.
