GBM sets sights on gold production in new deal
PERTH (miningweekly.com) – Diversified explorer GBM Minerals was hoping for early gold production after reaching an agreement with Malaysian firm Angka Alamjaya Sendirian Berhad (AASB) to recommission the Lubuk Mandi gold mine.
GBM said on Tuesday that it had agreed to a share swap with AASB, which would see the Australian firm obtain a 40% shareholding in AASB, in exchange for 15% of its own issued share capital.
Both parties have also agreed that following the share swap, an initial public offering would be undertaken for AASB’s shares on the Singapore Stock Exchange.
AASB is the owner of the Lubuk Mandi gold project, which has an exploration target of between 174 000 oz and 443 000 oz. During the mid 90s, the project produced some 108 000 oz of gold from two shallow pit operations. The project was placed on care and maintenance in 2000.
The operation comes with a 300 000 t/y processing plant, as well as a tailings dam, with an exploration target of between 1-million and 1.4-million tons, containing between 23 000 oz and 38 000 oz of gold.
Two other sources of mineralised material have also been identified, containing between 116 000 oz and 278 000 oz, and 35 000 oz and 127 000 oz respectively.
“We are delighted with having the opportunity to develop and explore the Lubuk Mandi gold mine with AASB. Our strategy is well supported by our major Singaporean shareholders and is in line with our business objective of delivering shareholder value through project generation,” said GBM’s MD Peter Thompson.
Following the share swap, the parties would work on further exploring and developing the tailings dam, with Thompson noting that the tailings offered the potential for early gold production, and provided development funding options for the project.
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