GGG Ggg Resources

 
TIDMGGG 
 
GGG Resources plc 
 
                           (the "Company" or "GGG") 
 
                Chairman's Update at GGG Annual General Meeting 
 
All resolutions proposed to the shareholders at the Annual General Meeting of 
the Company held earlier today at 11:00am were passed. 
 
During the AGM, Dr. Peter Ruxton, the Chairman of GGG Resources plc made the 
following comments: 
 
"I would like to welcome everyone to today's Annual Meeting of GGG Resources. 
 
It is now 11 months since GGG purchased its 50% interest in the Bullabulling 
gold project in Western Australia. This acquisition has been transformative in 
creating shareholder value over the last year and we believe has the potential 
to continue to do so as we go forward. At this point I would specifically like 
to thank our joint venture partners Auzex Resources for the part they played in 
brokering this acquisition. 
 
Following last May's acquisition of the project, a huge amount of historic 
drilling data was quickly assimilated into a modern computer database. The new 
modelling work enabled the independent resource consulting group CSA Global to 
declare a 1.98 million gold ounce JORC compliant Inferred Resource last August. 
 
This result has fully validated GGG's decision to fund the joint purchase of 
the asset for ourselves and Auzex. Based on our purchase price of AUD$1.9m 
dollars (AUD$2.5m less the AUD$0.6m for our 50% share of the environmental 
bond) we acquired our attributable 990,000 ounces at an effective cost of just 
AUD$1.92 an ounce. 
 
Further drilling has since advanced the Bullabulling project and the Directors 
are now very confident that we are looking at a substantial multi-million ounce 
open pit deposit, a potentially "company-making" deposit with the potential to 
develop into a world class asset. 
 
In November we announced an 18 kilometre drill programme; a programme that was 
subsequently expanded to 37 kilometres, and only recently completed. 
 
We are now awaiting assay results before all this data is included in the next 
JORC compliant resource update, which we expect to be in a position to announce 
to shareholders in mid-year. 
 
The promise of Bullabulling doesn't stop here. The JORC resource update will 
concentrate on a 2.3km section of a potentially much larger mineralised area 
and only to a depth of 150m below surface. The potential strike zone is 
considerably longer and the Directors believe it could extend up to six 
kilometres and beyond. Only a substantial new drill programme will provide the 
data to answer the crucial question of how big this project can grow to. It is 
our firm intention to move forward on an accelerated drill programme over the 
next 12 months and beyond. 
 
With gold prices breaching record levels of around US$1,500 an ounce at the 
moment, GGG's directors see that their principal task is one of adding more 
gold ounces to the project as quickly as possible. This, along with speeding up 
the engineering side of the project, will be the single most important 
contribution your board can make to shareholder value in the shorter term. 
 
It is for this reason, and due to delays in our Australian secondary listing 
process, that we released our Bidder's Statement in April with an offer to our 
joint venture partner Auzex shareholders to merge our two entities. We are 
convinced that a rapidly accelerated drill programme so as to ascertain the 
resource potential in the shortest possible timeframe is the quickest and most 
efficient way to maximise shareholder value for both sets of shareholders. With 
an accelerated strategy applied to Bullabulling, with the establishment of a 
strong technical team in Western Australia to develop the project and with 
financial strength in two of the largest global capital markets, the combined 
vehicle managing Bullabulling will have a strong and prosperous future. 
 
Let me be clear, whilst we have differences with our partner, our intention is 
to find a win-win position for both parties, but particularly for the 
shareholders of both companies. I'd like to take this opportunity to pay 
tribute to the dedication shown by Dr. Greg Partington and his team from Kennex 
who have thus far led the geological investigations at Bullabulling. 
 
Lastly, in the next few weeks we hope to be in the position to announce the 
successful admission of our shares to the Australian Securities Exchange and 
the final closing of our Australian fund raising. We will keep shareholders 
closely informed of progress on all fronts." 
 
Contacts: 
 
Dr. Jeffrey Malaihollo           Westhouse Securities Limited (UK Nominated 
                                 Adviser) 
MD, GGG Resources plc (UK) 
                                 Tom Price / Martin Davison 
Tel: + 44 1992 531820 
                                 Tel: + 44 20 7601 6100 
Email: www.gggresources.com 
 
Neil Boom                        Collins Stewart Europe Limited (Broker) 
 
MD, Gresham PR Ltd (UK).         John Prior / Adam Miller 
 
Tel: + 44 7866 805 108           Tel: + 44 20 7523 8350 
 
David McArthur                   David Brook 
 
GGG Resources plc (Australia)    Professional Public Relations (Australia 
                                 media) 
41 Stirling Highway 
                                 T: +61 8 9388 0944/ +61 433 112 936 
Nedlands, WA 6009 
                                 E: david.brooks@ppr.com.au 
Australia 
 
Tel: +61 8 9423 3200 
 
 
 
END 
 

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