TIDMBGL
RNS Number : 1427O
Bullabulling Gold Limited
04 August 2014
4 August 2014 ASX Code: BAB, AIM Code: BGL
BOARD CHANGES/ LOAN FACILITY
Board Changes:On 15 July 2014 the Company announced its
intention, subject to the satisfaction of regulatory requirements,
to appoint Dr Dianmin Chen (Norton Gold Fields CEO), and Dr Noel
White (Norton Gold Fields non executive director,) as non executive
directors of Bullabullng Gold Limited.
The Company is pleased to advise that all regulatory approvals
have been received, and Dr Chen and Dr White have today been
appointed to the Board.
As foreshadowed in the release on 15 July, Mr Lambert has today
resigned as a director following the appointment of Dr Chen and Dr
White.
The Company also wishes to advise that Ronnie Beevor has today
resigned his position as a Director.
Peter Mansell remains a Director of the Company but Dr Chen will
assume the chair.
Peter Mansell, said "I welcome Dr Chen and Dr White to the board
and look forward working with them as the Company moves the
Bullabulling Gold Project towards production for the benefit of all
shareholders. On behalf of the board and Shareholders of
Bullabulling, I would also like to reiterate my thanks to Mr
Lambert for what he has achieved for Bullabulling during his
tenure, and to thank Mr Beevor for his enormous contribution and
support to the Board during his time as a Director. Mr Beevor
advised me that, now that Norton has achieved control of the
company, he believes that it is time for him to stand down from the
board. It is a pity that he will not be on the board to see the
fruition of his hard work - the development of the Bullabulling
mine."
Loan Facility:The Company also wishes to advise that Norton Gold
Fields have provided a loan of $2,000,000 to the Company to meet
ongoing definitive feasibility study costs and day to day working
capital requirements.
A more detailed announcement setting out the terms of the loan
from Norton Gold Fields will be made shortly. The Company's shares
will be suspended until that announcement is made.
For information, contact:
David McArthur Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison / Hugo Rubinstein
Nedlands, WA, 6009, Australia Tel: +44 20 7601 6100
Tel: +61 8 9386 4086
------------------------------- -----------------------------------------------------
Neil Boom John Gardner / Rupert Dearden
Gresham PR Ltd (UK media) MAGNUS Investor Relations. Corporate Communication.
Tel: +44 7866 805 108 (Australian Media)
Tel: +61 8 6160 4900
------------------------------- -----------------------------------------------------
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has
approximately 350 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located 60
kilometres west of Kalgoorlie in Western Australia.
The Bullabulling Gold Project hosts estimated Mineral Resources
of 3.75 million ounces comprising Indicated Resources of 72.4
million tonnes at 0.98 g/t gold (2.28 million ounces) and Inferred
Resources of 41.6 million tonnes at 1.11 g/t gold (1.47 million
ounces). Exploration has demonstrated strong potential for further
expansion of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling, scheduled for completion in 2015.
Competent Person Statement
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves is based upon, and
fairly represents, information and supporting documentation
compiled by Mr Trevor Pilcher, who is a full time employee of the
Company and is a member of The Australasian Institute of Mining and
Metallurgy. Mr Pilcher has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
the activity in which he is undertaking to qualify as a Competent
Person under 2012 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). Mr Pilcher consents to the inclusion in this report of the
matters based on his information in the form and context in which
it appears.
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves was prepared and first
disclosed under the JORC Code 2004. It has not been updated since
to comply with the JORC Code 2012 on the basis that the information
has not materially changed since it was last reported.
Further information on Dr Dianmen Chen:
Dr Dianmin Chen, aged 56, does not hold an interest in any
shares in the Company. Dr Chen is CEO and Managing Director of
Norton Gold Fields Limited which holds a 75.99% stake in the
Company.
Dr Chen's current directorships, as well as those held in the
last five years, are set out below:
Current Directorships Previous Directorships
--------------------------- --------------------------
Norton Gold Fields Limited Canickel Mining Limited
--------------------------- --------------------------
Sherwin Iron Limited
--------------------------- --------------------------
Pluton Resources Limited
--------------------------- --------------------------
Kalgoorlie Mining Company
--------------------------- --------------------------
Save as disclosed above, there are no other details to be
disclosed regarding Dr Chen under AIM Rule 17 and paragraph (g) of
Schedule 2 of the AIM Rules.
Further information on Dr Noel White:
Dr Noel Clarence White, aged 66, does not hold an interest in
any shares in the Company. Dr White is a non-executive director of
Norton Gold Fields Limited which holds a 75.99% stake in the
Company.
Dr White's current directorships and partnerships, as well as
those held in the last five years, are set out below:
Current Directorships Previous Directorships
--------------------------- -----------------------
Norton Gold Fields Limited Asia Now Resources
--------------------------- -----------------------
Kalgoorlie Mining Company Mingoola Gold
--------------------------- -----------------------
Heshi Pty Limited
--------------------------- -----------------------
Enargite Pty Limited
--------------------------- -----------------------
Save as disclosed above, there are no other details to be
disclosed regarding Dr White under AIM Rule 17 and paragraph (g) of
Schedule 2 of the AIM Rules.
-End-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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