GVM Metals buys historical drilling data on Baobab coal project for 20 mln rand |
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Published
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Thu, 18 Oct 2007 07:26
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LONDON (Thomson Financial) - GVM Metals Ltd said it acquired 'significant' historical drilling data on the Baobab coal project for 20 mln South African rand.'It gives us the possibility of bringing the Fripp and Tanga farms (two of the 16 properties comprising the Baobab project) into production 18 months earlier than we previously thought,' said deputy managing director Nonkqubela Mazwai.'Subject to permitting from the Department of Minerals and Energy, it is a real possibility that we could be mining in 2009.'The company expects to announce an initial resource estimate by the year end.GVM also said it agreed to acquire various portions of Wildebeesfontein, which is situated adjacent to Holfontein in South Africa, enlarging the company's current holdings by a third. Drilling to define the new resource will be completed before year-end and GVM believes an upgrading of the total resource to the measured category will be finalised shortly after drilling is finished.It said a feasibility study on Holfontein is also on track.julie.crust@thomson.comjcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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