Lim had acquired 24,077,285 shares in the company for $1,179,787 on 30 August 2013.
He is the managing director and major shareholder of Angka Alamjaya Sdn Bhd (AASB), which owns the Lubuk Mandi Gold Mine in Malaysia. GBM had acquired a 40% stake in AASB in August.
GBM and AASB have agreed on a total budget of up to S$8 million (A$6.8 million) to be used for completion of resource estimation programs, metallurgical testing, plant design, capital equipment purchase and plant construction to commence retreatment of tailings.
This offers the potential for early cashflow before the Joint Venture moves on to hard rock mining.
The Lubuk Mandi Gold Mine was previously owned and operated by government body Terengganu State Economic Development in the 1990's and produced 108,000 ounces of gold from two shallow pits.
It includes a tailings dam with an exploration target of between 1 million tonnes at 0.7g/t containing 23,000 ounces of gold and 1.4Mt at 0.9g/t for 38,000 ounces of gold.
Two other sources of mineralisation have also been identified that may provide ore for future mining and treatment.
- Main Zone - exploration target between 370,000 tonnes averaging 2.9 g/t containing 35,000 ounces of gold and 1.1Mt averaging 3.6g/t containing 127,000 ounces of gold; and
- East Zone - exploration target between 1.44Mt averaging 2.5g/t containing 116,000 ounces of gold and 2.4Mt averaging 3.6g/t containing 278,000 ounces of gold.
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