Mitsui & Co acquires 25 % interest in Pan Pacific Copper A$55 million Farm- in Agreement with GBM Resources Australian resources company GBM Resources Limited (ASX: GBZ) (??GBM?? or ??the Company??) is pleased to announce Japanese company, Mitsui & Co (??Mitsui??) has acquired a 25% interest from joint venture partner Pan Pacific Copper Co., Limited (Pan Pacific or PPC) under the $55 million Farm?\in Agreement with GBM Resources. Mitsui & Co is a major global general trading company with total assets over US$120 billion spanning 66 countries and employing over 40,000 people. Mitsui??s vast range of business activities cover mineral resources and energy, global marketing networks, lifestyle business and infrastructure. GBM and PPC executed a binding agreement on 12 April 2010 in relation to five project areas in the Mt Isa region of North Queensland. The projects cover 1,580km of highly prospective multi?\minerals ground in the Eastern Succession of the Mount Isa Inlier. There is no change to the Farm?\in Agreement terms or GBM??s interest in the Agreement. Under the Farm?\in Agreement, Pan Pacific/ Mitsui (??PPCM??) can spend up to A$55million on the development of new copper?Cgold exploration and mining projects in northwest Queensland. Details of the Farm?\in Agreement are on the Company??s website www.gbmr.com.au.
GBZ Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
