the gmm story so far..

Background

Listed on the ASX on 18 December 2009 (circa 40m shares issued) raising $5.5m in the IPO.

Upon listing there are 15m shares in escrow for 24 months, 1m shares in escrow for 12 months and 12m options (exercisable at 20c) in escrow for 24m.

This leaves approx 24m shares tradeable, so very little liquidity.

Current market cap circa 7m

Director holdings (direct and indirect)
Peter Wright - 2.6m shares, 2.5m options
Craig Redhead - 1.6m shares, 2.1m options
Chris and Rob Wanless - 5m shares, 3.8m options

Projects
MONGOLIA - 100% owned
On listing Lehman, Lee and Xu Mongolia (representatives for Golden Cross LLC) informed GMM that they are infact the registered holder of some of the mineral exploration licences listed in the Prospectus. GMM consequencly announces to the market that they have "forfeited" these tenements. Whoops, lets hope those tenements are not highly prospective.

GMM has two projects in Mongolia.

Uvs Basin Potash Project - 5 granted exploration licences cover 2,000kms squared within the Uva Nuur Basin that is considered prospective for bedded and domal (salt diaper) potash deposits and lithium and potassium brines.
Limited drilling in the 1950/60s intersected SHALLOW POTASH mineralisation in up to 600M THICK Devonian evaporates. Drilling programmed (1,200m) commenced in October 2010.

Khangal Project - 5 granted exploration licences located along the Khangal Fault prospective for base metals. Company has completed geological reconnaissance to establish GOLD and LITHIUM targets.

AUSTRALIAN INTERESTS
Shoemaker Project - 50% earned, can earn up to 80%
Purchases a 50% interest acquired from Galaxy Resources Limited for consideration of $100,000, 5m shares and 2.5m options (20c ? 3 year expiry).

Coffee Mining report confirms good potential for iron ore mineralisation. Field program in July obtained 33 rock chip samples that yielded HIGH GRADE of 50% to 65% Fe. It also identified spot occurrences in 19 rock chip samples of Manganese from 21% to 48% Mn.

A 1st stage RC Drilling program is planned. A notice of the planned drilling program was submitted on 6th August 2010 to commission a heritage survey but was delayed due to factors outside GMM?s control. The heritage survey scheduled to commence in November, with drilling to commence once the APPROVALS are in place.

Eyre project (WA) ? 100% owned
Potential for iron oxide-copper-gold and carbonatite related mineralisation.

Drilling commenced in Jan 10 on the Moonera target.
First drill unsuccessful due to wall stabilisation issues. Company terminated drilling in order to consider drilling alternatives. A vertical pre collar drill hole was drilled using RC rig.

Drilling recommenced late May 2010 as they obtained a suitable RC rig. However, in June the second attempt also caused wall stabilisation issues and drilling was terminated when the core barrel broke off.
It appears this project has been put on the back burner for the time being.

WHAT NEXT?
We eagerly await the completion of drilling programme and results of Uvs Basin Potash Project and commencement of the RC drilling programme for the Shoemakers project.

Their Potash and IO plays are exciting and excellent results will see the SP rocket on the low liquidity.