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 confirms merger with Auzex progressing to plan, shares rise
Australia–focused gold explorer GGG Resources (LON:GGG, ASX:GGB) confirmed that the merger with joint venture partner Auzex Resources (ASX:AZX) is progressing according to plan, with Auzex now awaiting approval from its shareholders and the Court.
The comment came with an activities report GGG issued for the three months to end-December 2011, and helped lift the shares in London trade. By 11.52 am, GGG stock was changing hands at 18.25 pence, up 9 per cent from yesterday’s close.
The company told investors three weeks ago it had completed the Phase II infilling drill programme at the Bullabulling gold project near Kalgoorlie, Western Australia, which it is developing with Auzex.
The partners agreed last year to merge and put Bullabulling into a new joint venture company.
Shareholders ratified the move earlier this month and the new company, called Bullabulling Gold, will start trading on AIM on March 2 and in Australia on March 10.
Auzex and GGG shareholders will each own 50 per cent, while Bullabulling Gold will have a new independent board of directors and a unified management team, with a sole focus on the development of Bullabulling.
Phase II infill drilling was completed during the quarter to end-December. A total of 425 holes were drilled for 74,452 metres. Upon receipt of all the results an updated resource estimate will be calculated and this will be used for the purposes of the pre-feasibility study.
Bullabulling currently has a JORC compliant resource of 2.6 million ounces of which 711,000 ounces are in the Indicated category.
2D seismic and aero-magnetic data acquisition has also been completed over the entire Bullabulling Trend and gravity data will now be acquired to build a 3D model of the trend.
During the December quarter the partners issued a scoping study which identified a substantial gold project capable of producing approximately 230,000 ounces of gold per annum over a 10 year period.
The schedule over the coming months will be very busy, as GGG and Auzex plan to update the resource estimate, complete more exploration drilling on additional targets, finalise metallurgical testwork and various engineering studies and complete a pre-feasibility study, among other things.
