www.auzex.com
Auzex Resources (ASX:AZX) major project is the 50%-owned Bullabulling gold project, located 65km from Kalgoorlie in Western Australia. The project area has a proven history of discovery and new exploration techniques are leading to new discoveries.
Auzex Resources a step closer to demerger of non Bullabulling assets
Auzex Resources (ASX: AZX) is continuing to move towards the demerger of its non-Bullabulling assets by scheme of arrangement, with the Queensland Supreme Court granting approval of the scheme booklet to be dispatched to shareholders.
The company and GGG Resources (ASX: GGB; AIM: GGG) announced in August they would enter an all scrip merger to combine the 2.6 million ounce Bullabulling Gold project, (previously a 50:50 joint venture), under a single corporate entity to be named Bullabulling Gold.
The new entity will be Australian domiciled and listed on the ASX and AIM markets.
As part of the deal, prior to the completion of the merger, Auzex plans to demerge its non-Bullabulling assets into a newly incorporated unlisted public company to be known as Auzex Exploration.
Subject to market conditions, Auzex Exploration will undergo an initial public offer and ASX listing during 2012.
The merger between Auzex and GGG Resources is on track for completion in February 2012.
In the meantime, the company is moving closer to an upgraded resource at Bullabulling, with completion of its Phase Two infill drill program on target for December.
The program extends outside the current resource area and a resource update is expected in the first quarter of 2012.
The current reported JORC Resource is 78.8 million tonnes at 1.03 grams per tonne (g/t) of gold for 2.6 million ounces of contained gold at a 0.5g/t cut-off.
