Bullabulling Gold Entitlement Offer Acceptances


 
TIDMBGL 
 
Bullabulling Gold Limited 
 
18 April 2013                                      ASX Code: BAB, AIM Code: BGL 
 
                         ENTITLEMENT OFFER ACCEPTANCES 
 
Bullabulling Gold Limited (the Company) advises that the Entitlement Offer to 
the Company's shareholders closed at 5pm (WST) on 15 April 2013, in accordance 
with the timetable originally announced on 14 March 2013. 
 
Shareholders accepted 34,481,192 new fully paid ordinary shares under the 
Entitlement Offer. 116,785,744 shares were not taken up, however the Company 
has accepted applications from shareholders for 4,733,714 of these shares, 
taking total subscriptions to 39,214,906 and gross proceeds to $2,000,965*. 
 
The Directors are pleased with the amount raised in what is a very challenging 
equity market and at what proved to be a time of extreme gold price volatility 
and thank shareholders for their continued support of the Company. 
 
Proceeds from the Entitlement Offer will be applied towards the funding of the 
definitive feasibility study (DFS) for the Bullabulling Gold Project. The funds 
that have been received are sufficient to complete the key re-optimisation 
phase of the DFS. This work is underway and is progressing well. It is expected 
that re-optimisation will be completed and results (including a revised 
economic assessment) announced by mid-year, at which point the program for the 
remainder of the DFS and the associated funding requirements will be reviewed. 
 
As stated when the prefeasibility study (PFS) results were announced on 7 
February 2013, the Company believes there is potential for the optimisation 
phase of the DFS to demonstrate materially reduced cash production costs for 
the proposed Bullabulling gold mine through the implementation of a number of 
specific initiatives identified during the PFS. 
 
In addition, results from the recently completed drilling program at the 
Edwards and Gryphon prospects, that included a number of high grade intercepts, 
will be used to update the resource estimate for the project. This is expected 
to contribute to an increase in mining inventory that can be incorporated into 
the re-optimisation. 
 
Recent expansion of the Company's technical capabilities will enable principal 
components of the re-optimisation to be carried out in-house in a very cost 
effective manner. Furthermore it provides the ability to effectively assess a 
range of project development options adapted to address various gold price 
scenarios. 
 
Application for Admission and Total Voting Rights 
 
Application will be made for the 39,214,906 new ordinary shares in the Company 
of no par value ("New Shares") to be admitted to the ASX and AIM, which is 
expected to become effective on 24 April 2013. 
 
Following admission of the New Shares, the total number of issued ordinary 
shares will be 341,748,777. The Company does not hold any ordinary shares in 
treasury. This figure may be used by shareholders of the Company as the 
denominator for the calculations by which they will determine if they are 
required to notify their interest in, or a change to their interest in, the 
share capital of the Company under the Corporations Act (Australia) or the 
Financial Service Authority's Disclosure and Transparency Rules (United 
Kingdom). 
 
*Based on conversion of funds received from the United Kingdom using an 
exchange rate of A$1.48 per GBP and subject to none of the subscription fee 
cheques being dishonored. 
 
For information, contact: 
 
Brett Lambert                        Westhouse Securities Limited 
Bullabulling Gold Limited            (UK Broker & Nominated Adviser) 
Level 2, 55 Carrington Street        Martin Davison/Jonathan Haines 
Nedlands, WA, 6009, Australia        Tel: +44 20 7601 6100 
Tel: +61 8 9386 4086 
 
Neil Boom                            John Gardner / Rupert Dearden 
Gresham PR Ltd (UK media)            MAGNUS Investor Relations. Corporate 
                                     Communication. (Australian Media) 
Tel: +44 7866 805 108                Tel: +61 8 6160 4900 
                                     jgardner@magnus.net.au 
                                     rdearden@magnus.net.au 
 
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 302.5 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 has recently completed a pre-feasibility study into the development 
of a large scale, low cost mining operation at Bullabulling and is now moving 
into definitive feasibility study. First production is targeted for Q4 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. 
 
 
 
END
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