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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 GGG Resources plc (the "Company" or "GGG") QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2011 HIGHLIGHTS Corporate - Successful raising of $8.13 million sees GGG Resources plc list on the ASX (Code: GGB) on 17 May 2011. The ASX listing complements the Company's London Stock Exchange AIM listing (Stock Ticker: GGG). - The total number of shares in the capital of the Company on issue is 165,746,090 of which 20,322,500 shares are traded as CDIs on the ASX. - On 14 March 2011 GGG launched a scrip takeover bid for all the fully paid ordinary shares in ASX listed Auzex Resources Limited (AZX). The offer terms are 7 shares in GGG for every 5 shares in AZX, closing on 6 June 2011. - On 27 May 2011 GGG extended the AZX takeover offer to 20 June 2011. - On 10 June 2011 GGG extended the AZX takeover offer to 4 July 2011. - On 24 June 2011 GGG extended the AZX takeover offer to 4 August 2011. - On 25 July 2011GGG extended the AZX takeover offer to 4 September 2011 HIGHLIGHTS (continued) Exploration - Development of Bullabulling continues on track with over 60,000m of drilling completed since the project acquired in May 2011. - Phase I drilling completed and Phase 2 drilling commenced with three rigs on site. - Approval received from the WA Government for a Programme of Works for a planned 194,000m drilling programme. - Results from drilling continue to confirm and expand the current resource model, and include high grade intersections. Current JORC Inferred Resource is 1,982,000 ounces of contained gold. - Approximately 22% of reported mineralised sections are outside the current resource model. - Joint venture resource consultant has confirmed that an adequate QAQC exists which validates the use of all historic RC drill data for resource and reserve estimation. - JORC update is expected shortly. - A deep drilling programme to test for high grade mineralisation below the current resource limit is planned. EXPLORATION GGG has a 50% interest in the Bullabulling gold project located 65 kilometres south-west of Kalgoorlie in Western Australia. The remaining 50% interest is held by ASX listed Auzex Resources Limited (AZX). Bullabulling is a large tonnage, low grade deposit associated with the regional Bullabulling shear zone, which extends over tens of kilometres. The mineralised structure is up to 800m wide, consisting of multiple west dipping low grade stacked zones with narrow high grade mineralisation. During the June quarter Phase I drilling to define the resources between the Bacchus and Phoenix pits was completed. Phase II drilling to define the resources north of Phoenix to the Bonecrusher pit has also commenced, with 3 rigs actively drilling on site. A total of 36,540m of drilling in 254 drill holes was completed for Phase I and over 24,000m of drilling has so far been completed for Phase II. A JORC update is expected shortly for the Phase I drilling programme. Results from the drilling programmes continue to confirm and expand the current resource model and include new high grade intersections. Approximately 60% of mineralised intersections returned similar or better grades and/or widths than expected from the resource model and a quarter of the reported mineralised sections are outside the current resource model. Drill highlights reported during this period include: 1m @ 23.8 g/t Au from 34m in BJ0118 3m @ 9.3 g/t Au from 158m in BJ0106 2m @ 8.4 g/t Au from 94m in BJ0154 1m @ 11.7 g/t Au from 128m in BJ1059 1m @ 12.0 g/t Au from 62m in BJ0160 3m @ 6.8 g/t Au from 155m in BJ1072 7m @ 24.5 g/t Au from 36m, including 1m @ 164 g/t Au from 38m in BJ0180 5m @ 7.6 g/t Au from 78m in BJ0207 6m @ 7.3 g/t Au from 90m in BJ0208 2m @ 13.3 g/t Au from 29m in BJ0210 4m @ 4.73 g/t Au from 7m in BJ0236 1m @ 13.75 g/t Au from 44m in BJ 0238 6m @ 1.42 g/t Au from 124m in BJ0243 12m @ 1.52 g/t Au from 136m in BJ0243 11m @ 1.73 g/t Au from 105m in BJ0251 14m @ 1.27 g/t Au from 133m in BJ0251 3m @ 3.36 g/t Au from 119m in BJ0280 6m @ 1.57 g/t Au from 12m in BJ0344 1m @ 9.12 g/t Au from 249m in BJ0350 3m @ 2.31 g/t Au from 28m in BJ0369 4m @ 2.06 g/t Au from 119m in BJ0369 10m @ 2.25 g/t Au from 137 m in BJ0240 2m @14.20 g/t Au from 82 m in BJ0245 4m @ 4.45 g/t Au from 101 m in BJ0249 4m @ 10.61 g/t Au from 126 m in BJ0259 7m @ 3.85 g/t Au from 82 m in BJ0268 9m @ 2.17 g/t Au from 70 m in BJ0274 5m @ 2.76 g/t Au from 95 m in BJ0277 8m @ 3.35 g/t Au from 5 m in BJ0347 4m @ 2.89 g/t Au from 23 m in BJ0389 8m @ 2.00 g/t Au from 159 m in BJ0393 12m @ 6.96 g/t Au from 157 m in BJ0397 10m @ 1.76 g/t Au from 120 m in BJ0419 8m @ 2.25 g/t Au from 27 m in BJ0457 9m @ 1.57 g/t Au from 28 m in BJ1228 12m @ 1.33 g/t Au from 48 m in BJ1246 5m @ 14.09 g/t Au from 70 m in BJ1274 13m @ 1.55 g/t Au from 152 m in BJ1470 6m @ 3.49 g/t Au from 194 m in BJ1946 6m @ 3.10 g/t Au from 39 m in BJ2022 4m @ 3.19 g/t Au from 14 m in BJ2023 7m @ 1.78 g/t Au from 156 m in BJ2047 and 10m @ 5.59 g/t Au from 69 m in BJ2050. PROPOSED DRILLING PROGRAMME The joint venture has received approval for a proposed new programme of up to 194,000 metres of drilling. This would comprise 1,210 drill holes to an average depth of 160m. This drilling will infill resources to the north, south and at depth, and will also include exploration drilling to define the footwall and handling wall contacts of the mineralised trend. Exploration drilling is also planned at depth to test for repetitions of the stacked lodes at depth that may have better continuity of high grade mineralisation. RESOURCE ESTIMATION Discussion with resource consultant Snowden are now at an advanced stage. Preliminary optimisation studies have been completed and a final sign-off on the resource estimate classification is expected shortly. Once completed, the JORC resource statement will be released based on Phase I drilling as well as prior work. METALLURGY TEST WORK Consultant metallurgical engineers (AMMTEC) are reviewing metallurgical comminution recovery and variability testwork data andhave started modelling potential processing and plant capital costs. Preliminary crushing mill and plant design work has been carried out by Lycopodium. This information will be used to optimise plant throughput and define operating and capital cost. FUTURE WORK PLAN - The following work is expected to be completed in the coming months: - Sign-off on processing costs - Finalise preliminary engineering design - Sign-off on capital costs - Start next phase of drilling, either exploration or infill, driven by the results of optimisation studies - Commence high grade deep drilling - Development of a resource estimate using infill drilling - Optimisation and reserve estimation - Commencement of Bankable Feasibility Study COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on information compiled by Dr.Jeff Malaihollo who is a full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy and a Fellow of the Geological Society of London. He 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Jeff Malaihollo consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. Contacts David McArthur David Brook GGG Resources plc (Australia) Professional Public Relations 41 Stirling Highway (Australia Media) Nedlands, WA, 6009 Australia Email: david.brook@ppr.com.au Tel: +61 8 9423 3200 Tel: +61 8 9388 0944 / +61 433 112 936 Dr. Jeffrey Malaihollo Westhouse Securities Limited Managing Director, GGG Resources plc (UK Nominated Adviser) (UK) Email:jeff.malaihollo@gggresources.com Tom Price / Martin Davison Tel: +44 1992 531820 Tel: +44 20 7601 6100 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 Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 01/06/10, 17/12/10 Name of entity GGG RESOURCES PLC ARBN Quarter ended ("current quarter") 143 978 376 30 June 2011 Consolidated statement of cash flows Current quarter Year to date Cash flows related to operating $A'000 (6 months) activities $A'000 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and (2,383) (3,955) evaluation (b) development (c) production (d) administration (526) (841) 1.3 Dividends received 1.4 Interest and other items of a 3 3 similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows (2,906) (4,793) Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) (2,906) (4,793) 1.13 Total operating and investing cash (2,906) (4,793) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 8,129 8,129 options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other - capital raising costs (715) (715) Net financing cash flows 7,414 7,414 Net increase (decrease) in cash 4,508 2,621 held 1.20 Cash at beginning of quarter/year 14,625 16,285 to date 1.21 Exchange rate adjustments to item 622 849 1.20 1.22 Cash at end of quarter 19,755 19,755 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A'000 1.23 Aggregate amount of payments to the parties 108 included in item 1.2 1.24 Aggregate amount of loans to the parties included Nil in item 1.10 1.25 Explanation necessary for an understanding of the transactions 1.23 - Includes salaries paid to directors, as well as superannuation paid on behalf of directors. Also includes corporate and accounting services paid to a company associated with one of the directors. Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest None Financing facilities available Add notes as necessary for an understanding of the position. Amount available Amount used $A'000 $A'000 3.1 Loan facilities - - 3.2 Credit standby arrangements - - Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 3,000 4.2 Development 4.3 Production 4.4 Administration 350 Total Reconciliation of cash Reconciliation of cash at the end of the Current quarter Previous quarter quarter (as shown in the consolidated $A'000 $A'000 statement of cash flows) to the related items in the accounts is as follows. 5.1 Cash on hand and at bank 19,755 14,625 5.2 Deposits at call - - 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 19,755 14,625 (item 1.22) Changes in interests in mining tenements Tenement Nature of interest Interest Interest reference (note (2)) at at end of beginning quarter of quarter 6.1 Interests in mining tenements relinquished, N/A reduced or lapsed 6.2 Interests in mining tenements N/A acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price Amount paid up per security per security (see note 3) (see note 3) (cents) (cents) 7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions 7.3 +Ordinary securities 20,322,500 20,322,500 N/A N/A (ASX listed securities) 7.4 Changes during quarter (a) Increases 20,322,500 20,322,500 40 cents 40 cents through issues (b) Decreases through returns of capital, buy- backs 7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11 Debentures (totals only) 7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5). 2 This statement does give a true and fair view of the matters disclosed. Print name: David McArthur Date: 28 July 2011 Notes 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. END
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