Bullabulling Gold Limited RECOMMENDATION TO REJECT THE NORTON OFFER (2988G)

TIDMBGL

RNS Number : 2988G

Bullabulling Gold Limited

06 May 2014

6 May 2014 ASX Code: BAB, AIM Code: BGL

BULLABULLING GOLD DIRECTORS

REITERATE THEIR UNANIMOUS RECOMMENDATION TO

REJECT THE NORTON OFFER

Bullabulling Gold Limited (Bullabulling Gold or the Company) notes the announcement made today by Norton Gold Fields Limited (Norton), declaring its cash offer for shares in Bullabulling Gold free from all conditions.

Norton is offering 7 cents cash for every Bullabulling Gold share you hold (the Offer).

The Directors reiterate to all Bullabulling Gold shareholders their recommendation that they REJECT the inadequate and opportunistic takeover bid by Norton. Bullabulling Gold is currently preparing its Target's Statement in response to the Offer and the Bidder's Statement. The Target's Statement will contain important information you need to consider the Offer. The Offer is currently not scheduled to close until 2 June 2014.

We also note the Bullabulling Gold share price is currently trading at a premium to the Norton Offer price on both the ASX and AIM.

Please direct enquiries or requests for further information to:

 
 Brett Lambert                                Darren Martin 
  Managing Director                            Executive Director 
  Bullabulling Gold Limited                    Gresham Advisory Partners 
  Level 2, 55 Carrington Street                +61 8 9486 7077 
  Nedlands, WA, 6009, Australia                dmartin@gresham.com.au 
  Tel: +61 8 9386 4086 
 Westhouse Securities Limited                 John Gardner / Rupert Dearden 
  (UK Broker & Nominated Adviser)              MAGNUS Investor Relations. Corporate 
  Martin Davison / Dominic Palmer-Tomkinson    Communication. (Australian Media) 
  / Hugo Rubinstein                            Tel: +61 8 6160 4900 
  Tel: +44 20 7601 6100                        bullabulling@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 344 million shares on issue. The Company's primary asset is the wholly owned Bullabulling Gold Project, located 60 kilometres west of Kalgoorlie in Western Australia.

The Bullabulling Gold Project hosts JORC compliant Mineral Resources(3) of 3.75 million ounces comprising Indicated Resources of 72.4 million tonnes at 0.98 g/t gold (2.28 million ounces) and Inferred Resources of 41.6 million tonnes at 1.11 g/t gold (1.47 million ounces). 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, scheduled for completion in Q1 2015.

Forward looking statements & competent persons' statement

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 2012 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.

The information in this report that relates to the Exploration Results, Mineral Resources or Ore Reserves was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. All material assumptions and technical parameters underpinning the estimates of mineral resources continue to apply and have not materially changed.

Material assumptions supporting the Bullabulling mine production forecast in this report were released on 7 March 2014.

This release contains forward--looking statements. These statements are not based on historical facts, but rather reflect the current expectations of Bullabulling Gold and its Directors held only as at the date of this announcement (or the date on which the relevant statement was actually made, as the case may be) concerning future results and events (but is not a prediction of future outcomes) and generally may be identified by the use of forward-looking words or phrases such as "believe", "aim", "expect", "anticipated", "intending", "foreseeing", "likely", "should", "planned", "may", "estimated", "potential" or other similar words and phrases. Statements that describe Bullabulling Gold's objectives, plans, goals or expectations may also be forward-looking statements.

Although Bullabulling Gold believes that the views reflected in any forward-looking statements in this announcement have been made on a reasonable basis, the forward-looking information is not a representation or warranty (express or implied) as to future matters and no assurance can be given that such views will prove to be correct. The actual results could differ materially from a conclusion, forecast or projection in the forward--looking information. Any forward-looking information: (i) is based on certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward--looking information; (ii) may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct; and (iii) involve known and unknown risks and are subject to significant uncertainties and contingencies, many of which are outside the control of Bullabulling Gold.

Subject to any continuing obligations under law, the ASX Listing Rules or the AIM Rules for Companies, Bullabulling Gold does not give any undertaking to update or revise any forward-looking statements after the date of this announcement to reflect any change in expectations in relation to those statements or any change in events, conditions or circumstances on which any such statement is based.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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