From SMH today:Great Australian Resources shareholders could...

From SMH today:


Great Australian Resources shareholders could soon be the beneficiaries of a takeover from 19.9 per cent shareholder Sylvania Resources.

It is understood Sylvania, which bought its stake in a $4 million placement in September, is conducting due diligence on Great Australian, a platinum explorer in South Africa, and is likely to make a takeover bid at a premium within the next few months. Great Australian's Mooiplats project contains 10 million ounces of platinum, which is selling for record prices.

Meanwhile, Great Australian plans to spin off its South African nickel exploration assets into a new company, giving an in-specie distribution to current shareholders, since Sylvania is only focused on platinum. Great Australian's managing director, Joe Cornelius, was in Sydney yesterday, in part to talk to a "nickel major" about a joint venture at its Morokweng project.

The South African government sunk four holes at the site in the 1980s but walked away because it had been hunting for uranium rather than nickel. Great Australian plans to survey the area and come up with some drill targets before moving ahead with a drilling program.