chairman's update at ggg agm

Should be of interest to AZX shareholders, who's views I'd welcome:


GGG Resources plc

Chairman's Update at GGG Annual General Meeting

All resolutions proposed to the shareholders at the Annual General Meeting of
the Company held earlier today at 11:00am were passed.

During the AGM, Dr. Peter Ruxton, the Chairman of GGG Resources plc made the
following comments:

"I would like to welcome everyone to today's Annual Meeting of GGG Resources.

It is now 11 months since GGG purchased its 50% interest in the Bullabulling
gold project in Western Australia. This acquisition has been transformative in
creating shareholder value over the last year and we believe has the potential
to continue to do so as we go forward. At this point I would specifically like
to thank our joint venture partners Auzex Resources for the part they played in
brokering this acquisition.

Following last May's acquisition of the project, a huge amount of historic
drilling data was quickly assimilated into a modern computer database. The new
modelling work enabled the independent resource consulting group CSA Global to
declare a 1.98 million gold ounce JORC compliant Inferred Resource last August.

This result has fully validated GGG's decision to fund the joint purchase of
the asset for ourselves and Auzex. Based on our purchase price of AUD$1.9m
dollars (AUD$2.5m less the AUD$0.6m for our 50% share of the environmental
bond) we acquired our attributable 990,000 ounces at an effective cost of just
AUD$1.92 an ounce.

Further drilling has since advanced the Bullabulling project and the Directors
are now very confident that we are looking at a substantial multi-million ounce
open pit deposit, a potentially "company-making" deposit with the potential to
develop into a world class asset.

In November we announced an 18 kilometre drill programme; a programme that was
subsequently expanded to 37 kilometres, and only recently completed.

We are now awaiting assay results before all this data is included in the next
JORC compliant resource update, which we expect to be in a position to announce
to shareholders in mid-year.

The promise of Bullabulling doesn't stop here. The JORC resource update will
concentrate on a 2.3km section of a potentially much larger mineralised area
and only to a depth of 150m below surface. The potential strike zone is
considerably longer and the Directors believe it could extend up to six
kilometres and beyond. Only a substantial new drill programme will provide the
data to answer the crucial question of how big this project can grow to. It is
our firm intention to move forward on an accelerated drill programme over the
next 12 months and beyond.

With gold prices breaching record levels of around US$1,500 an ounce at the
moment, GGG's directors see that their principal task is one of adding more
gold ounces to the project as quickly as possible. This, along with speeding up
the engineering side of the project, will be the single most important
contribution your board can make to shareholder value in the shorter term.

It is for this reason, and due to delays in our Australian secondary listing
process, that we released our Bidder's Statement in April with an offer to our
joint venture partner Auzex shareholders to merge our two entities. We are
convinced that a rapidly accelerated drill programme so as to ascertain the
resource potential in the shortest possible timeframe is the quickest and most
efficient way to maximise shareholder value for both sets of shareholders. With
an accelerated strategy applied to Bullabulling, with the establishment of a
strong technical team in Western Australia to develop the project and with
financial strength in two of the largest global capital markets, the combined
vehicle managing Bullabulling will have a strong and prosperous future.

Let me be clear, whilst we have differences with our partner, our intention is
to find a win-win position for both parties, but particularly for the
shareholders of both companies. I'd like to take this opportunity to pay
tribute to the dedication shown by Dr. Greg Partington and his team from Kennex
who have thus far led the geological investigations at Bullabulling.

Lastly, in the next few weeks we hope to be in the position to announce the
successful admission of our shares to the Australian Securities Exchange and
the final closing of our Australian fund raising. We will keep shareholders
closely informed of progress on all fronts."