GBM Resources (ASX: GBZ) has strengthened its board with the appointment of financial markets specialist Sunny Loh as a non-executive director, effective from 1 March.
Executive chairman and managing director Peter Thompson said Loh's vast experience, particularly in the Asian financial markets, will be invaluable for GBM as it takes the Milo Project towards commercialisation.
Loh is the managing director of Swift Venture Holdings Corporation, an investment company focused on investing in undervalued small to mid-size listed companies and resource-based companies in Asia.
GBM has a strong association with Swift Venture which recently agreed to acquire 30% of GBM's Queensland Joint Venture phosphate rights under a conditional Share Sale and Purchase Agreement.
Loh, who is a substantial shareholder in GBM, is also the vice chairman and a board member of Shanghai Fortune Capital, a Shanghai-based professional investment banking firm.
GBM has made the potential company making Milo Iron Oxide Copper Gold, Rare Earth Elements and Yttrium Project in northwest Queensland a primary focus after disposing of its non-core 30% stake in the Queensland Phosphate project.
Late last year the company uncovered a broad zone of rare earth element mineralisation at Milo, which is dominated by lanthanum, neodymium, cerium and yttrium - and was found to extend through the entire project area.
The initial exploration target for Milo of 30-80 million tonnes at between 0.8% and 1.2% copper equivalent is under review following the discovery of the value-adding rare earth elements and yttrium mineralisation.