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12/09/2011

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: BGL
Latest Price: 13.63p  (0,00%)
52-week High: 28.75p
52-week Low: 10.75p
Market Cap: 39.40M
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Bullabulling Gold
www.bullabullinggold.com

 

Bullabulling Gold Limited is an Australian and UK publicly quoted mining exploration company headquartered in Perth, Western Australia. The Company is the successor entity of GGG Resources plc. 

 

Bullabulling Gold is the 50% owner of a large previously producing mine called Bullabulling.   We will acquire the remaining 50% interest in the project under an Australian court approved scheme in April 2012, subject to shareholder and final court approval.  

 

Located in the goldfields of Western Australia, Bullabulling is within easy commuting distance of the main gold mining centre of Kalgoorlie which is less than 80kms away on the main Perth Kalgoorlie highway. The project straddles the main highway with mains power and water running through it.

 

The company has presently 170 million shares in issue which will rise to circa 290 million shares once Bullabulling Gold Limited acquires the remaining 50% interest in the project.

 

Full Bullabulling Gold profile here
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GGG Resources buys shares in Auzex rights issue

17th Nov 2011, 7:52 am by Giles Gwinnett GGG has subscribed today for its full entitlement in its partner's A$4.6 million rights issue

GGG Resources (LON:GGG, ASX:GGB) has invested A$384,000 in its partner Auzex Resources (ASX:AZX) through a rights issue, the firm said today.

The two companies are in the middle of a merger, which is expected to be completed during the first quarter of next year.

GGG has subscribed today for its full entitlement in its partner's A$4.6 million rights issue.

Last month, Auzex announced an underwritten 1:5 rights issue raising A$4.6 mln and today GGG said it had subscribed for its full entitlement of 1.6 mln shares at 24 cents per share.

The Auzex rights issue represents the completion of an A$8 million capital raising consisting of a A$3.4 mln placing and a A$4.6 million rights issue, GGG said today.

The funds will be used to fund Auzex's share of the JV expenditure on the Bullabulling gold project in the Coolgardie gold fields of Western Australia.

Preparations for the merger with GGG are progressing and the transaction to create Bullabulling Gold Limited is expected to be completed during the first quarter of 2012.

"The board of GGG took the decision to subscribe for its maximum entitlement under the rights issue in light of the excellent progress made by the joint venture since the agreed merger of Bullabulling asset," GGG told investors today.

Recent developments at Bullabulling include highly encouraging results from an initial metallurgical programme, which confirmed the project had excellent recoveries at head grades of under 1.0 gramme per tonne gold with the master composite producing recoveries of over 90 per cent.

Confidence has also grown in the project after the latest phase two drill results. Out of 57,657 metres of a planned 70,000m programme, around 99 per cent of the holes hit gold mineralisation.

The next JORC update is due in the first quarter next year and the JV expects to move a significant portion of the current 2.6 million ounces of resource, including 710,000 ounces in the indicated category, from inferred into indicated.

GGG said today that the rights issue is expected to close on December 5 this year, and it will then own 9.6 million shares in Auzex representing around 7.5 per cent of the firm.

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