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.
RNS Release - Option to Purchase Geko Gold Project
24 January 2012
GGG Resources plc
(the "Company" or "GGG")
Option to Purchase Geko Gold Project, Coolgardie WA
The Bullabulling Joint Venture partners, GGG Resources plc ("GGG") and Auzex
Resources Limited ("Auzex"), and the newly incorporated Bullabulling Gold
Limited ("BBG") have today executed an Option to Purchase Agreement to acquire
100% of the Geko Gold Project, located approximately 17km north of the
Bullabulling Gold Project near Coolgardie in the eastern goldfields of Western
Australia.
Exploration drilling undertaken during the 1990's by Newcrest and others
successfully intersected gold mineralisation that can be correlated with the
same sequence of lithologies which host the Bullabulling gold deposit. The
Joint Venture considers the transaction to offer significant exploration
potential for gold mineralisation that may be complimentary to a future mining
operation currently under pre-feasibility at Bullabulling. Recently acquired
airborne magnetic data and proprietary structural interpretation of the
regional geology has provided the impetus for this development.
The key terms of the Sale and Purchase agreement are summarised as follows:
* 100% acquisition of Mining Lease M15/621
* Option Fee: $200,000
* Option Period : six months from the date of the agreement
* Purchase price: $3.0 million composed of:
*
+ $0.5 million cash
+ At the election of BBG - paying the remainder in cash or BBG scrip
based on a 5 day VWAP immediately prior to the purchase
+ Production royalty of $10 per ounce for all gold sold from the tenement
There is a considerable database available from previous explorers, and 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.
Contacts:
David McArthur David Brook
GGG Resources plc (Australia) Professional Public Relations
(Australia Media)
41 Stirling Highway
Email: david.brook@ppr.com.au
Nedlands, WA, 6009
Tel: +61 8 9388 0944 / +61 433 112 936
Australia
Tel: +61 8 9423 3200
Dr. Jeffrey Malaihollo Westhouse Securities Limited
Managing Director, GGG Resources plc (UK Nominated Adviser)
(UK)
Tom Price / Martin Davison
Email: jeff.malaihollo@gggresources.com
Tel: +44 20 7601 6100
Tel: +44 1992 531820
Neil Boom Collins Stewart Europe Limited (Broker)
MD, Gresham PR Ltd (UK media) John Prior / Adam Miller
Tel: +44 7866 805 108 Tel: +44 20 7523 8350
Email:neil.boom@greshampr.co.uk
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