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GBM RESOURCES LIMITED. — Capital/Financing Update 2018
Feb 27, 2018
64966_rns_2018-02-27_90d56b41-80f6-453a-871e-cd4c5d1fa8b1.pdf
Capital/Financing Update
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ABN 91 124 752 745
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ASX Release 28 February 2018
ASX Code: GBZ
Update on Twin Hills Gold Project Acquisition and Ore Purchase Agreement with Minjar Gold
GBM Resources Limited (ASX: GBZ) ( GBM or the Company ) advises on the status of the Twin Hills Gold Project Acquisition and Ore Purchase Agreement with Minjar Gold Pty Ltd.
1. Acquisition of the Twin Hills Gold Project
GBM signed a Heads of Agreement with Minjar Gold Pty Ltd ( Minjar ) on 22 December 2017 to acquire a 100% interest in the Twin Hills Gold Project. GBM is nearing completion of its due diligence process and the execution of the Sale and Purchase Agreement has now been scheduled for 29 March 2018. The anticipated acquisition of Twin Hills is set to further underwrite planned development of the Mt Coolon Gold Project, potentially doubling its resource base and providing significant additional exploration opportunity.
2. Ore Purchase Agreement
GBM signed a non-binding term sheet with Minjar on 19 December 2017 under which the parties envisage Mt Coolon ore mined by GBM being trucked to the Pajingo Gold Operations for processing by Minjar. The commercial terms are based on an open book approach with net proceeds from gold sales being split 50:50 between the parties.
Drafting of the binding Ore Purchase Agreement is nearing completion and planned execution of this Agreement has now also been scheduled for 29 March 2018 in order to align with the Twin Hills timeline. The anticipated Ore Purchase Agreement is set to greatly reduce development risks and funding requirements for the Mt Coolon Gold Project.
COMPANY DIRECTORS
Peter Thompson Managing Director/ Executive Chairman
Neil Norris Exploration Director – Executive
Hun Seng Tan Non- Executive Director
CONTACT DETAILS
Principal & Registered Office Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
Exploration Office 10 Parker Street, Castlemaine, Victoria 3450
Website
[email protected] Phone +61 (8) 9316 9100
Fax +61 (8) 9315 5475
Phone (Exploration Office) +61 (3) 5470 5033
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| Investor enquiries: | Media enquiries: |
|---|---|
| Peter Thompson | Michael Vaughan |
| Managing Director | Fivemark Partners |
| GBM Resources Limited | +61 422 602 720 |
| +61 8 9316 9100 | [email protected] |
Minjar Gold Pty Ltd is a mid–tier gold company producing 230,000 ounces annually from its Golden Dragon, Pajingo and Southern Cross Operations. Minjar is a wholly owned subsidiary of Shandong Tyan Home Co Ltd, a listed company on the Shanghai Stock Exchange.
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