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BULLETIN RESOURCES LIMITED — Capital/Financing Update 2012
Nov 15, 2012
64546_rns_2012-11-15_da7a3568-82d8-459e-85e9-389ebdb34c77.pdf
Capital/Financing Update
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Bulletin Resources is the 100% owner of the Lamboo (formerly Nicolson’s) and Golden Crown Gold Projects located near Halls Creek in the Kimberley region of Western Australia. The projects have a combined open pit and underground Mineral Resource of 1.77 million tonnes at 5.2g/t Au (for a total of 294,000 ounces) and a 120,000 tpa processing facility currently under care and maintenance.
ASX Code: BNR
Issued capital:
77,481,250 listed ord. shares 5,184,872 restricted ord. shares 8,875,000 unlisted options
Share price at 15 November 2012: $0.086
Market capitalisation at 15 November: $6.7 million
Cash on hand at 30 October 2012: $1.0 million
Directors:
Non-Executive Chairman: Phil Retter
Managing Director: Martin Phillips Executive Director Operations: Mick Fitzgerald Non-Executive Director: Steve Robinson
Investor and Media Contact: [email protected]
+61 8 9388 6921
[ASX Announcement ]
16 November 2012
Extension of Share Purchase Plan Closing Date
Bulletin Resources Limited (ASX: BNR) (“Bulletin” or the “Company”) advises that the closing date of the Company’s Share Purchase Plan has been extended by 1 week to 5.00pm (AEDT) on Friday, 23 November 2012. The revised timetable is set out below.
The Directors of the Company believe the extension of the closing date will ensure that all eligible shareholders are provided with adequate opportunity to consider the offer in light of recent positive developments.
Following completion of the recent share placement, which was strongly supported by existing shareholders, the Company has commenced a deep drilling program at the Lamboo Gold Project aimed at expanding the existing Mineral Resource of 1.45 million tonnes at 5.61g/t Au for 261,000 ounces of gold. This follows receipt of an independent study that estimated the total potential of all exploration targets within the Project at approximately 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au* (refer to ASX announcement dated 8 November 2012).
The Company is also progressing discussions on financing options for the planned mine development at Lamboo and, notwithstanding the current challenging market conditions, is encouraged by the high level of interest being shown in the project by several groups. Shareholders will also shortly receive a Notice of Extraordinary General Meeting which, in addition to seeking the ratification of the recent issue of placement shares, will be seeking shareholder approval for the placement of shortfall shares not subscribed for pursuant to the Share Purchase Plan. This is an exciting period for Bulletin and it is important that the continued advancement of the Company is facilitated through the provision of adequate working capital.
*The potential tonnes and grades of the exploration target expressed in this announcement are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource
ASX Announcement
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The Share Purchase Plan provides eligible shareholders of the Company who were registered as holders of shares at 5.00pm (AEDT) on the record date of 22 October 2012 to acquire up to $15,000 worth of additional fully paid ordinary shares in the capital of the Company at an issue price of $0.085 per share.
The revised timetable for the Share Purchase Plan is as follows:
| Record Date | 5.00pm AEDT on 22 October 2012 |
|---|---|
| Announcement Date of Plan | 23 October 2012 |
| Opening Date of Offer | 25 October 2012 |
| Closing Date of Offer | 5.00pm AEDT on 23 November 2012 |
| Issue of Shares under the Plan | 30 November 2012 |
| Quotation of Shares on ASX | 30 November 2012 |
| Dispatch date for holding statements | 30 November 2012 |
Note - These dates are indicative only. The Company may vary the dates and times of the offer without notice.
Martin Phillips Managing Director
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ASX Announcement
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Bulletin Resources Ore Reserve Statement – September 2012
| Open Pit Proved Tonnes Gold grade (g/t) Contained Gold (oz) |
Open Pit Proved Tonnes Gold grade (g/t) Contained Gold (oz) |
Open Pit Proved Tonnes Gold grade (g/t) Contained Gold (oz) |
Open Pit Proved Tonnes Gold grade (g/t) Contained Gold (oz) |
Tonnes | Probable Total Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) |
Probable Total Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) |
Probable Total Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) |
Probable Total Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) |
Probable Total Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) |
|---|---|---|---|---|---|---|---|---|---|
| Nicolson's South - - - |
268,000 | 4.4 |
38,000 | 268,000 4.4 38,000 |
|||||
| Nicolson's Find - - - |
92,000 | 5.9 | 17,000 92,000 5.9 17,000 |
||||||
| Wagtail North - - - |
105,000 | 3.0 |
10,000 | 105,000 3.0 10,000 |
|||||
| Rowdies - - - |
19,000 | 2.0 |
1,00019,000 2.0 1,000 |
||||||
| Wagtail South - - - |
77,000 | 3.6 |
9,000 | 77,000 3.6 9,000 |
|||||
| Total Open Pit | 560,000 | 4.2 |
75,000560,000 4.2 75,000 |
||||||
| Underground - - - |
177,000 | 6.0 |
34,000 | 177,000 6.0 34,000 |
|||||
| Total - - |
737,000 | 4.6 |
110,000 737,000 4.6 110,000 |
Note: Figures may not add due to rounding
Bulletin Resources Mineral Resource Statement – September 2012
| Category | Tonnes | Gold grade (g/t) |
Contained Gold (oz) |
|---|---|---|---|
| Lamboo Project | |||
| Nicolson’s Open pit Indicated |
333,000 | 5.5 |
59,000 |
| Open pit Inferred | 16,000 2.7 1,000 |
||
| Total open pit | 349,000 | 5.4 |
60,000 |
Underground Indicated |
406,000 | 6.5 |
85,000 |
| Underground Inferred | 372,000 | 5.7 |
69,000 |
Total underground |
778,000 6.2 154,000 |
||
Nicolson’s total |
1,127,000 | 5.9 |
214,000 |
| Rowdies Open pit Indicated |
17,000 2.4 1,000 |
||
| Open pit Inferred | 6,000 | 2.7 |
1,000 |
| Total open pit | 22,000 | 2.5 |
2,000 |
| Underground Indicated | 35,000 | 5.4 |
6,000 |
| Underground Inferred | 7,000 6.4 1,000 |
||
| Total underground | 43,000 | 5.6 |
8,000 |
| Rowdies total | 65,000 4.5 9,000 |
Page 3
ASX Announcement
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| Category | Category | Tonnes | Gold grade (g/t) |
Contained Gold (oz) |
|---|---|---|---|---|
| Wagtail North Open pit Indicated |
87,000 | 3.8 |
11,000 |
|
| Open pit Inferred | 1,000 0.8 0 |
|||
| Total open pit | 88,000 | 3.8 |
11,000 |
|
| Underground Indicated Underground Inferred Total underground Wagtail North total Wagtail South Open pit Indicated |
82,000 4.9 13,000 |
|||
| 4,000 | 4.7 |
1,000 |
||
| 86,000 4.8 13,000 |
||||
| 174,000 | 4.3 |
24,000 |
||
| 51,000 5.6 9,000 |
||||
| Open pit Inferred | 7,000 | 1.9 |
0 |
|
| Total open pit | 58,000 | 5.2 | 10,000 | |
| Underground Indicated | 16,000 | 4.5 |
2,000 |
|
| Underground Inferred | 5,000 | 5.1 |
1,000 |
|
| Total underground | 21,000 | 4.6 |
3,000 |
|
| Wagtail South total | 79,000 5.0 13,000 |
|||
| Total Total open pit |
517,000 | 5.0 |
82,000 |
|
| Total underground | 928,000 6.0 178,000 |
|||
| Project Total Project total |
1,445,000 | 5.6 |
261,000 |
|
| Golden Crown Project | ||||
| Golden Crown Open pit Inferred |
136,000 3.80 17,000 |
|||
| Faugh-a-Ballagh Open pit Inferred |
187,000 | 2.83 |
17,000 |
|
| Project Total | 323,000 3.24 34,000 |
|||
| Combined Total | 1,768,000 | 5.2 |
294,000 |
|
Note: Lamboo Project Resource Estimate reported at 0.6g/t Au cut-off grade for potential open pit material and 3.0g/t Au cut-off grade for potential underground material. Golden Crown Project Resource Estimate reported at 1.0g/t Au cut-off grade. Figures may not add due to rounding.
Competent Persons statement
The information in this announcement that relates to Lamboo Project and Mineral Resources and Exploration Targets is based on information compiled by Mr Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.
Page 4
ASX Announcement
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The information in this table that relates to Golden Crown and Faugh-a-Ballagh Mineral Resources is based on information compiled by Mr Aaron Green, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Green is a full time employee of Runge Limited where he holds the title of Operations Manager WA. Mr Green has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Green consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.
The information in this table that relates to Ore Reserves is based on information compiled by Mr Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Carthew is a full time employee of AMC Consultants Pty Ltd. Mr Carthew has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Carthew consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mark Csar is a full-time employee of the company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mark Csar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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