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GBM Resources Director Acquires Shares On The Market

GBM Resources (ASX: GBZ) director Guan Huat Sunny Loh has acquired 462,545 shares of the company on the market.

Loh paid an average price of $0.0409 for each share, or a total consideration of $18,918.

He now holds 13,350,610 shares and 17.8 million listed options exercisable at $0.20 each on or before 30 June 2013.

GBM is closer to bedding down the acquisition of a gold mine in Malaysia following completion of technical and legal due diligence.

The company has now executed a formal acquisition and joint venture agreement with Angka Alamjaya Sdn Bhd (AASB) to recommission the Lubuk Mandi Gold Mine in Peninsular Malaysia.

Lubuk Mandi offers the potential for early cash flows from re-treatment of about 1 million tonnes of tailings as a prelude to hard rock mining.

The exploration target for the Lubuk Mandi project is estimated to contain between 174,000 and 443,000 gold ounces.

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