BULLABULLING GOLD LIMITED
4 July 2013 ASX Code: BAB, AIM Code: BGL
R&D TAX INCENTIVE CREDIT RECEIVED
* A$2 million R&D funding application has been processed and credited
* An additional application of similar value is currently being processed
* The R&D funding will substantially cover the Company's near term capital
requirements
* Expenditure constraints implemented to further defer the need for
additional capital
Bullabulling Gold Limited is pleased to report that a Research and Development
(R&D) Tax Incentive application for approximately A$2 million lodged by its
subsidiary, Bullabulling Gold UK Ltd (formerly GGG Resources PLC), has been
processed by the Australian Tax Office (ATO) and credited to the Company's
account.
In addition, the Company has been advised that an application of similar value
lodged by its subsidiary, Bullabulling Operations Pty Ltd (formerly Auzex
Resources Limited), is currently being processed by the ATO.
Whilst the second application is still with the ATO, the fact that it
essentially relates to the same program of work as the application that has
already been processed, leads to the expectation of a successful outcome.
Funds received from the R&D Tax Incentive program will make a substantial
contribution to the Company's capital requirements over the next 12 months,
although will not fully fund the cost of taking the Bullabulling definitive
feasibility study (DFS) to completion. In preference to raising additional
funds to complete the DFS at a time of unfavorable equity market conditions,
the Company is electing to defer some elements of the study. As a result,
finalisation of the DFS will be delayed beyond the targeted completion date of
first quarter 2014.
The Company has implemented a number of other measures to limit expenditure and
will operate on a reduced budget until such time as market conditions provide
opportunity to raise additional funding on terms that are not unduly
prejudicial to existing shareholders.
However in-house technical capabilities established over the last 12 months
enable the Company to continue, in a cost effective manner, to evaluate further
initiatives for adding value to the Bullabulling Gold Project.
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
Tel: +44 7866 805 108 Communication. (Australian Media)
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 341.7 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 3.7
million ounces comprising Indicated Resources of 72.7 million tonnes at 0.97 g/
t gold (2.3 million ounces) and Inferred Resources of 35.7 million tonnes at
1.11 g/t gold (1.2 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. All resources are situated on granted Mining
Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into the development
of a large scale, low cost mining operation at Bullabulling, with first
production targeted for Q4 2015.
Competent Person Statements
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.