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  • GBM Resources Undertakes Strategic Review  0 comments
    May 10, 2013 3:29 AM

    GBM Resources (ASX: GBZ) has begun a review for near term gold production acquisition opportunities with the objective of becoming a gold producer.

    The review is being undertaken with the backing of the company's major Singaporean shareholders.

    GBM has also completed a strategic review of its operations to better position the company for growth through project development and to preserve and grow shareholder value in a challenging market.

    The company will focus its priorities on:

    - Continued target testing on the Mount Morgan Gold-Copper Project with the aim of drill testing the Sandy Creek and Smelter Return prospects in the second half of the year.

    - Drilling of priority prospects, including Bronzewing Bore (Bungalien Project) and the Mount Margaret West Project within the farm-in joint venture area.

    GBM has secured an approved $2.5 million budget on the farm-in projects with Japanese trading house partners, Pan Pacific Copper Co. and Mitsui & Co. Drilling is set to commence this month.

    - Securing funding to progress Pre-Feasibility Studies for the Milo IOCG-REE Project.

    The company is investigating opportunities to obtain funding for the study by bringing in a partner to the project.

    - Implementing major expenditure reduction initiatives to achieve further annualised savings of $600,000.

    This includes salary reductions for executive directors, senior staff and reductions in other external service costs, so as to prioritise exploration expenditure.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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