GGG Resources plc

GGG Resources plc

August 02, 2011 02:28 ET

GGG Resources plc: Final US$3,273,200 Sale Proceeds Received

LONDON, UNITED KINGDOM--(Marketwire - Aug. 2, 2011) - GGG Resources plc (AIM:GGG)(ASX:GGB) is pleased to announce that it has received a final payment of US$ 3,273,200 from the sale of the Nimu Project.

This brings the total payments from the Nimu disposal to US$ 7.4 million, or approximately £ 5 million. This represents an additional £ 0.7 million more than was budgeted for at the time of the GGG 2009 statutory accounts.

The Company would like at this time to thank its former staff in China for all their hard work and dedication. In particular we would like to note the efforts of our former general manager Jackson (Huo Sen) who greatly assisted in the delicate process of completing the sale of our Chinese assets whilst minimising our exit costs.

Today, GGG Resources' plc sole geological asset is its 50% interest in the Bullabulling Gold project in Western Australia. In addition to this GGG holds an 8.4% interest in its partner Auzex Resources. GGG no longer has any assets or obligations in China.

Contact Information

  • GGG Resources plc (UK), MD
    Dr. Jeffrey Malaihollo
    + 44 1992 531820

    MD, Gresham PR Ltd (UK)
    Neil Boom
    + 44 7866 805 108

    GGG Resources plc (Australia)
    David McArthur
    41 Stirling Highway
    Nedlands, WA 6009
    +61 8 9423 3200

    Westhouse Securities Limited (UK Nominated Adviser)
    Tom Price / Martin Davison
    + 44 20 7601 6100

    Collins Stewart Europe Limited (Broker)
    John Prior / Adam Miller
    + 44 20 7523 8350

    Professional Public Relations (Australia media)
    David Brook
    +61 8 9388 0944/ +61 433 112 936