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.
GGG Resources and JV partners to acquire Geko gold project
GGG Resources (LON:GGG, ASX:GGB), along with its joint venture partners, are to acquire a significant potential target - the Geko gold project - in Western Australia.
The company, Auzex Resources (ASX:AZX) and newly incorporated Bullabulling Gold Ltd have executed an option to buy 100 per cent of the project, which lies 17km north of the Bullabulling site.
The option fee is $200,000 and the purchase price is $3 million consisting of more than $0.5 mln in cash and the remainder in cash or a Bullabulling Gold Ltd scrip
The purchase price is also made up of a royalty production of $10 per ounce for all gold sold from the tenement.
GGG said the project may complement future mining at the Bullabulling gold operation.
It said there was considerable data available from previous exploration at the site.
"It is the intention of the joint venture to compile the data to provide drill targets that can be tested during the option period.
"Gold mineralisation is known at Geko, but is not JORC compliant and therefore cannot be published, but the opportunity that the joint venture anticipates is the exploration potential for a significant gold target, which can be mined and hauled to Bullabulling for processing," said the firm.
The option period is for six months from the date of the agreement.
