Bullabulling Gold Limited Completion of Acquisition of Mining Lease (1223T)

TIDMBGL

RNS Number : 1223T

Bullabulling Gold Limited

10 December 2012

Bullabulling Gold Limited

 
 10 December 2012   AIM Code: BGL, ASX Code: BAB 
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Completion of Acquisition of Mining Lease

On 26 November 2012 Bullabulling Gold Limited ("The Company") advised that it had entered into an agreement to acquire mining lease M 15/552 from Resolute Mining Limited ("Resolute"), with such acquisition subject to the completion of due diligence by the Company.

The Company advises that it has completed satisfactory due diligence, and has issued 13.5 million fully paid ordinary shares to Resolute in satisfaction of the acquisition.

M15/552 is situated immediately west of the Bullabulling gold deposit and is surrounded on three sides by Bullabulling Gold's existing tenements. Acquisition of M15/552 rationalises tenement ownership and removes a potential restriction to optimal open pit development at Bullabulling. Greater flexibility for the placement of waste rock dumps, haulage roads and other infrastructure is also provided, which may lead to improved project economics, particularly where haulage distances can be reduced.

In addition, the Company now has greater access to potential down dip extensions of the Bullabulling deposit and has the ability to test for extensions to the higher grade Edwards and Gryphon prospects, located to the south of the main ore zones.

Following completion of the transaction, Resolute hold 4.5% of Bullabulling Gold's expanded equity of 302,533,871 Ordinary Shares.

For information, contact:

 
 Brett Lambert                    Westhouse Securities Limited 
  Bullabulling Gold Limited        (UK Nominated Adviser) 
  Level 2, 55 Carrington Street    Martin Davison 
  Nedlands, WA, 6009, Australia    Tel: +44 20 7601 6100 
  Tel: +61 8 9386 4086 
-------------------------------  ----------------------------------- 
 Neil Boom                        John Gardner / Dudley White 
  Gresham PR Ltd (UK media)        MAGNUS Investor Relations 
  Tel: +44 7866 805 108            (Australian Media) 
                                   Tel: +61 8 9212 0101 / +61 2 8999 
                                   1002 
                                   jgardner@magnus.net.au 
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About Bullabulling Gold Limited

Bullabulling Gold Limited is listed on the Australian Securities Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has approximately 303 million shares on issue. The Company's primary asset is the wholly owned Bullabulling Gold Project, located near Coolgardie in Western Australia.

The Bullabulling Gold Project hosts JORC compliant Mineral Resources of 3.5 million ounces comprising Indicated Resources of 71.7 million tonnes at 0.96 g/t gold (2.2 million ounces) and Inferred Resources of 32.8 million tonnes at 1.06 g/t gold (1.1 million ounces) at Bullabulling and Inferred Resources of 4.8 million tonnes at 1.15 g/t gold (0.2 million ounces) at Gibraltar. Exploration has demonstrated strong potential for further expansion of the resource base.

The Bullabulling deposit is amenable to bulk tonnage open pit mining and conventional CIL processing has delivered high gold recoveries. The deposit is situated on granted Mining Leases in close proximity to infrastructure.

The Company is currently undertaking a pre-feasibility study into the development of a large scale, low cost mining operation at Bullabulling, with first production targeted for 2015.

Competent Person Statement

The information in this report that relates to the Exploration Results, Mineral Resources or Ore Reserves is based upon information compiled by Mr Trevor Pilcher, who is a full time employee of the company and is a member of The Australasian Institute of Mining and Metallurgy. Mr Pilcher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity in which he is undertaking to qualify as a Competent Person under 2004 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Pilcher consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

This information is provided by RNS

The company news service from the London Stock Exchange

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