Ann: Gulf to undertake Due Diligence on Manganese Mine, page-3

ASX Announcement
21 December 2017
Gulf to undertake due diligence on high-grade Timorese
manganese mine
Highlights:
• Intention to underpin high-quality ore supply for the Kupang Smelting Hub
• Gulf to perform due diligence on the mine leading to potential acquisition
• The mining concession covers 1007 hectares in North Central Timor, East Nusa
Tenggara Province
Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that
it has commenced due diligence on a previously operating manganese mine in Timor East Nusa
Tenggara.
The mine has a Production Operation Mining Business License issued in respect to the mining
concession which comprises 1007 hectares in North Central Timor, East Nusa Tenggara Province. The
concession is certified Clean & Clear, confirming that ownership and other legalities have been verified
by the Government and that the production of manganese ore is approved.
As with almost all manganese mines in Indonesia, the mine has been dormant since the introduction
of the bans on the export of un-processed ore from Indonesia since 2013. Prior production from the
mine was reportedly with high grade manganese ore. However, again as with almost all manganese
mines in Indonesia there is currently no JORC compliant resource statement.
Gulf will exclusively conduct due diligence on the concession up to 30 April 2018.
Should the due diligence confirm the value of the acquisition to Gulf, it would be the intention of the
Company to purchase the mine. The potential acquisition would support the secure supply of high-
grade manganese ore for the Kupang Smelting Hub.