News: GMC Gulf Manganese To Keep Operations In Indonesia On Care & Maintenance

Aug 3 (Reuters) - Gulf Manganese Corporation Ltd (GMC) :

• TO KEEP OPERATIONS IN INDONESIA ON CARE & MAINTENANCE WHILST TALKS ON FUTURE DEVELOPMENT OF KUPANG SMELTING HUB ARE COMPLETED
• RIVERFORT TO SUBSCRIBE FOR A$1.2 MILLION WORTH OF FULLY PAID ORDINARY SHARES IN CO
• TO GRANT TO RIVERFORT 60 MILLION OPTIONS WITH EXERCISE PRICE OF A$0.005 & EXPIRY DATE OF 3 YEARS FROM GRANT
• CUT OPERATING COSTS CONSIDERABLY, MEASURES INCLUDING FREEZE ON BOARD REMUNERATION SINCE LAST YEAR, REDUCTIONS IN STAFFING AMONG OTHERS