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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ggg Resources | LSE:GGG | London | Ordinary Share | GB00B4KDJB03 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGGG
RNS Number : 2249S
GGG Resources PLC
17 November 2011
GGG Resources
(the "Company" or "GGG")
GGG Resources subscribes for full entitlement in Auzex Resources Limited Rights Issue
GGG Resources (AIM: GGG, ASX: GGB) has increased its shareholding in Auzex Resources Limited (Auzex), its Joint Venture partner at the Bullabulling Gold Project, a former open pit gold mine in the Coolgardie Goldfields of Western Australia.
On 17 October 2011 Auzex Resources announced an underwritten 1 for 5 rights issue raising $4.6m. GGG has today subscribed for its full entitlement of 1.6 million ordinary shares at 24 cents per share.
Upon completion of the rights issue, expected to close on 5 December 2011, the Company will own 9.6 million shares in Auzex representing approximately 7.5% of its enlarged share capital, making GGG the second largest shareholder of Auzex.
The Auzex rights issue represents the completion of an A$8m capital raising by Auzex comprising a A$3.4m placing, completed on 17 October 2011, and a A$4.6m underwritten rights issue. The funds will be used to fund Auzex's share of Joint Venture expenditure in relation to the Bullabulling Gold Project, transactions costs of the merger with GGG, including the demerger of the non-Bullabulling assets held by Auzex, and general working capital. The board of GGG took the decision to subscribe for its maximum entitlement under the rights issue in light of the excellent progress made by the Joint Venture since the agreed merger of Bullabulling asset. GGG continues to work closely with Auzex in the interest of all stakeholders in the Bullabulling Gold Project. The agreed merger is expected to complete during Q1 2012.
Recent developments include:
Highly encouraging results (announced 14 November 2011) from an initial metallurgical programme, confirming that the Project has excellent recoveries at head grades of under 1.0g/t Au, with the master composite producing gold recoveries exceeding 90%.
Increased confidence in the Bullabulling Gold Project following the latest Phase Two drill results (announced 10 November 2011). Out of 57,657m of a planned 70,000m drill programme, approximately 99% of the drill holes have encountered gold mineralisation, with drilling regularly intersecting higher gold grades within a broad low grade halo.
The Joint Venture expectsto move a significant portion of the current 2.6 million ounces of JORC compliant resources, which included 710,000 ounces in the indicated category (see 15 August 2011 announcement), from inferred resources to indicated resources. The next JORC upgrade is due Q1 2012.
Further progress towards the merger, follows the announcement by Auzex (11 November 2011) that it has published its Demerger Scheme Booklet and established Auzex Exploration Limited, a new corporate entity that will own its proposed demerged non-Bullabulling assets. Auzex Exploration Limited is expected to hold Auzex's non-Bullabulling assets and 7,7022,742 GGG shares currently held by Auzex.
Contacts:
Dr. Jeffrey Malaihollo Westhouse Securities Limited (UK Nominated MD, GGG Resources plc (UK) Adviser) Tel: + 44 1992 531820 Tom Price / Martin Davison Email: www.gggresources.com Tel: + 44 20 7601 6100 ------------------------------- ------------------------------------------- Neil Boom Collins Stewart Europe Limited (Broker) MD, Gresham PR Ltd (UK). John Prior / Adam Miller Tel: + 44 7866 805 108 Tel: + 44 20 7523 8350 ------------------------------- ------------------------------------------- David McArthur David Brook GGG Resources plc (Australia) Professional Public Relations (Australia 41 Stirling Highway media) Nedlands, WA 6009 T: +61 8 9388 0944/ +61 433 112 936 Australia E: david.brook@ppr.com.au Tel: +61 8 9423 3200 ------------------------------- -------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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