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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gma Resources | LSE:GMA | London | Ordinary Share | GB0032875873 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.12 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0699L GMA Resources PLC 14 May 2003 For release, 8:00am, 14 May 2003 GMA Resources plc ("GMA Resources" or the "the Company") Admission to trading on the Alternative Investment Market Successful placing of #3.95 million nominal value 8 per cent convertible unsecured loan stock ("Loan Stock") GMA Resources, the gold mining company, announces the admission of its entire issued share capital and the Loan Stock to trading on the Alternative Investment Market (AIM) and commencement of dealings today, 14 May 2003. GMA Resources' Business *Primary gold assets in Algeria, after it acquires a 52% controlling interest in an Algerian based, gold mining company, Enterprise D'Exploitation Des Mines D'Or Spa ("ENOR"), in return for an investment of #8.3m over 3 years. *ENOR is a societe par actions (limited company) whose major shareholders include the state owned oil company, Sonatrach, Banque d'Algerie and Societe Algerienne d'Assurance. *ENOR was formed in 1992 and holds an exploitation permit over an area of 1400 square kilometers in Southern Algeria, which includes the Tirek gold mine, the Amesmessa gold deposit and the intermediate zone (ZITA) which lies in between. * Since operations began in June 2001, Tirek has produced, in aggregate, approximately 20,000 ounces of gold from a near surface open pit mining operation. *Board strategy is to complete a development plan for the Tirek-Amesmessa gold project within three years. It is intended that Phase 1 of the plan, which includes a study of the Amesmessa deposit, development of the Tirek mine and the firming up of resources within ZITA, will be completed within 12 months. *Key targets are to increase production at Tirek by up to 50% and develop a new mine at Amesmessa. *To date, a gold resource of approximately one million ounces has been confirmed at Amesmessa, whilst at Tirek resources (estimated by the state owned exploration enterprise ORGM) exceeding 500,000 ounces. Placing Statistics *Placing of 8 per cent. convertible unsecured loan stock 2008, raising #3.95 million before expenses. *Proceeds of the placing used to exercise an option to acquire a 52% controlling stake in ENOR *Richard Linnell, is Non-executive Chairman, a South African geologist and a director of BHP Billiton SA; Colin Ikin, is Chief Executive, an Australian citizen, with involvement in the mining industry since 1990; and, Shaun Bunn, is Technical Director, an Australian citizen, who has held senior operational positions at several Australian publicly listed mining companies. *Placing by Canaccord Capital (Europe) Limited as Nominated Advisor and Broker to the Company. *Following the Placing the company will have in issue 55,500,000 ordinary shares of 1p each and #4 million nominal of 8 per cent. convertible unsecured loan stock. Commenting on the transaction Colin Ikin , Chief Executive, said: "The placing of the loan stock enables GMA Resources to rapidly develop these Algerian assets. The three main areas of focus will be at the Tirek Mine, developing the Amesmessa deposit and analysing the ZITA prospect. A key to the success of this transaction has been the relaxing of mining laws in Algeria, which enables companies to take a greater than 50% interest in any resource development." ENDS For further information contact: GMA Resources Colin Ikin, Chief Executive Tel: 00 61 418 923 129 Binns & Co PR Ltd Peter Binns/Sam Allen Tel: 020 7786 9600 Background on GMA Resources Enterprise D'Exploitation Des Mines D'Or (ENOR) Spa was formed for the purpose of developing and bringing the Tirek and Amesmessa deposits into production. The major shareholders are the state owned oil company Sonatrach (34 per cent.), Banque d'Algerie (34 per cent.), Societe Algerienne d'Assurance (18 per cent.) and Enterprise Nationale des Produits Non-Ferreux et Des Substances Utiles (10 per cent.). GMA Resources' wholly owned subsidiary, Gold Mines of Algeria Pty Ltd ("GMA") was incorporated in Australia on 17 May 2002 for the purpose of participating in a tendering process for the acquisition of a 52 per cent. interest in ENOR. Following an international tender launched by ENOR for the development and operation of the Tirek-Amesmessa permit, GMA was chosen as the successful bidder. GMA Resources was incorporated on 21 February 2003 and on 19 March 2003, GMA Resources acquired the entire issued share capital of GMA. The consideration for the acquisition of GMA was satisfied by the issue of 52,500,000 new Ordinary Shares in GMA Resources. GMA is exercising an option to acquire a controlling interest in ENOR which operates a gold exploration and production project in Algeria. ENOR currently holds an exploitation permit dated 21 October 1992 granted by the Algerian Ministry of Energy and Mines for a period of 20 years (from 10 February 1993) over an area of approximately 1400 km2 containing the Tirek gold mine, the Amesmessa gold deposit and various other prospects and mineralised occurrences within the property known as the ZITA zone between Tirek and Amesmessa. Algeria is the second largest country in Africa (by area) with a population of 30 million. During 2000, Algeria embarked on reforms to open up the private sector and to encourage foreign investment. A new mining law was passed and a new privatisation act signified the intent of the Algerian government. A key part of the new mining law was the rescinding of the 49 per cent. limit on the level of foreign participation when entering into a formal association with an Algerian state enterprise to exploit strategic deposits such as gold. Tirek Mine The Tirek gold mine is located centrally in the northern third of the exploitation permit area some 60km north of Amesmessa which is in the extreme south of the permit area. A gold deposit at Tirek was discovered in the early 1970s and the initial mine development commenced in October 1998 with a decision to mine a number of open cuts exploiting high grade quartz-reef lodes. Construction of a processing facility was completed in June 2001 and since that date ENOR has produced in aggregate approximately 20,000 ounces of gold from an open-pit mining operation. A resource statement for Tirek has been produced by the Algerian government agency ORGM totaling 576,225 ounces at an average grade of 17g Au per tonne. In addition, a South African based consulting group reported an open-pit mining resource of 152,000 tonnes averaging 21.3g Au per tonne and in addition an underground resource of 360,000 tonnes averaging 21g Au per tonne. Amesmessa Deposit An underground gold reserve has been identified at Amesmessa, 60kms south of the Tirek mine. Prospecting since the 1970's has discovered 50 mineralised veins in the Amesmessa area of which 36 have been the focus of detailed exploration work including trenching, drilling and underground workings. From this extensive work 18 mineralised veins have been considered of economic interest. A resource statement for Amesmessa has been produced by ORGM which has been recalculated by a US based consulting group. The original ORGM resource statement indicated 1,398,647 ounces of gold at 18.0g Au per tonne, whilst the updated model indicated 1,066,472 ounces of gold at 15.8g Au per tonne. Other Prospects in the ZITA zone There is considerable potential in the ZITA zone between Tirek and Amesmessa to develop other minor prospects with shallow resources amenable to trench or open-pit mining. ENOR has indicated that this zone contains a resource in the order of 1,300,000 ounces of gold. In addition, there is exploration potential within the permit area associated with mineral occurrences and geochemical anomalies along an 80km mineralised corridor associated with a major north-south shear zone between Tirek and Amesmessa. This information is provided by RNS The company news service from the London Stock Exchange END MSCSFWSWLSDSELI
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