Can anyone tell my if I have I missed something? Is GBM including Resource and Targets for projects they have sold?
The resource update gives the JORC Resource and exploration targets for:
Inglewood, Wedderburn, Goldsborough: JORC 206,569 (after deduction of 40,000 for JV partners share) Targets Low 666,844 High 1,772,594
Avoca, Fiddlers: JORC 10,518 Targets 309,173 (can't remember if this was low or high)
Beavis: JORC 33,000
The resource update mentions Beavis has been sold. The report does not mention that Inglewood has been sold.
But the quarterly of 1 February says in its opening paragraph:
"Progressed formal documentation of the transaction whereby investor Wiltshire Asset Management (WAM) is to invest A$9m in to GBM subsidiary Inglewood Gold Mining Co Pty Ltd (INGMCo). Initial payments from WAM of just over A$1m received in the quarter."
If my recollection is correct, GBM had sold 90% of Inglewood, and, separately provided all other company tenements as guarantees to the buyer of Beavis, after the buyers drill results differed massively from the expectation given them by GBM.
Therefore, the company resource, on wholey owned projects could be nil?
Does anyone else think the statement could mislead?
GBM Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
