GGG Completes Bullabulling Acquisition
May 19 2010 - 2:00AM
UK Regulatory
TIDMGGG
Central China Goldfields plc
("GGG" or "the Company")
GGG Completes Bullabulling Acquisition
19 May 2010 - Central China Goldfields plc (AIM:GGG) is pleased to announce it
has now completed the acquisition of it's 50% interest in the Bullabulling Gold
Project in Kalgoorlie in Western Australia following the payment of AU$ 1.9
million in consideration to Auzex Resources Limited (ASX:AZX) ("Auzex"). This
includes the AU$ 250,000 already paid to Auzex as announced on 22 April 2010.
A further AU$ 600,000 will be payable to the Western Australian Government to
replace 50% of the existing security bond. Auzex, the company's 50:50 partner
is responsible for the other 50%.
Completion of the acquisition follows receipt of approximately GBP 1.6 million
from China. A total of approximately GBP2,375,000 has now been received from the
proceeds of the sale of the company's Chinese assets. The Company will start
the process of closing down its wholly owned Chinese subsidiary Chengdu Mining
Technology Development Limited after which time the remaining funds of
approximately GBP 1.9 million will be transferred to the UK.
As further funds are received they will be used, primarily, to advance the
Bullabulling project where the Company and its partner are looking to add to
the existing 431,600 ounces of JORC (1998) compliant gold in situ on the
project.
A consultant's report on the structural control and resource potential within
the Bullabulling project area is being finalised. Seven diamond drill holes,
totalling approximately 1,400 metres, have been planned to intersect additional
mineralisation outside of the current know resources extending from Bacchus
South to Phoenix pits, a distance of approximately 2.5 kilometres. A programme
of work has been submitted to the Western Australian Department of Mines and
drilling contractor is being finalised. Drilling is expected to commence in
June.
Technical information in the Company news releases has been reviewed and
approved by Dr. Jeffrey F. A. Malaihollo the Company's Managing Director, who is
a Fellow of the Geological Society of London.
For further information, please contact:
Central China Goldfields plc Westhouse Securities Limited
Dr. Jeffrey Malaihollo Tim Metcalfe / Martin Davison
Tel: 01992 531820 Tel: 020 7601 6100
Email: info@ccgoldfields.com
www.ccgoldfields.com Alexander David Securities
Limited
Nick Bealer / David Scott
Tel: 020 7448 9820
END
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