c3d02c01-3465-44dd-8acf-484b9e802491.pdf
ABN 91 124 752 745
Annual Report 2015
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Contents
Chairman's Report GBM Project Locations
2015 Highlights Summary Review of Operations
Annual Mineral Resources Statement Sustainable Development
Tenement Schedule Directors' Report
Auditor's Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements
Directors' Declaration Independent Auditor's Report ASX Additional Information
Corporate Directory
Chairman's Report
Dear Fellow Shareholders
It gives me great pleasure to bring you our Company's Annual Report for 2015.
Against the backdrop of a poor capital market environment, 2015 saw pivotal success for GBM Resources Limited ('GBM' or 'the company') as it continues to focus on its course of securing the company's long term future by acquiring near-term gold production assets that will compliment and support our exploration strategy .
The Company in April this year acquired Mount Coolon Gold Mines Pty Ltd from Drummond Gold Limited.
The project is located in the Drummond Basin, an established gold mining region with a known gold endowment of over 7 million ounces of gold. The combined mining and exploration tenements of Mount Coolon have a defined
resource containing over 270,000 ounces of gold. The Company has moved quickly since the acquisition to upgrade the confidence levels of the key Eugenia resource and add further resources from known project areas. The company has upgraded most of the Eugenia resource to an Indicated category and has identified significant gold mineralisation for the Bimurra prospect.
We now remain focused on investigating options to move the Mt Coolon Project towards gold production. A scoping study to evaluate the feasibility of commencing a heap leach operation to extract gold from oxide resources at Eugenia and Bimurra is being planned.
Importantly, this Project re-enforces GBM's commitment to development and early production gold assets.
In keeping with this strategy the Company is also pleased to advise that the Lubuk Mandi Gold Mine in Malaysia is on track for listing in December this year with all IPO documents soon to be lodged with the Singapore Exchange for their approval. If successful GBM's pre IPO interest of 26.7% will add significant value to the Company.
The Company has also been active in exploration in the North West Queensland Mineral Province with commencement of a drilling program over 2,000 metres at two of our key Iron Oxide Copper Gold (IOCG) targets, the Brother and FC2 targets which are part of the Bungalien and Mount Margaret Projects and are subject to the Pan Pacific/Mitsui Farm-in Joint Venture. This follows from the recent budget approval of $2 million to support further exploration of IOCG style targets on four of our projects in the Cloncurry region during the remainder of 2015 and early 2016. Currently two Diamond drill rigs are operating testing targets defined by systematic exploration.
Significant progress was achieved at our Mount Morgan Copper Gold Project this year with world renowned Independent expert Dr Greg Corbett of CMC Consulting confirming 'proof of concept' for the Company's intrusive-related/porphyry style exploration strategy within the Mount Morgan Project.
Our excellent record continues with a zero harm record in safety and environment. This is the fourth consecutive year that GBM has achieved zero harm, a record the Board and management are proud to uphold and continue to commit to the Company's operations in a safe, sustainable, socially and environmentally responsible manner
- now and into the future.
On behalf of the Board I would like to thank all our shareholders, employees, contractors and suppliers who have contributed to our achievements during the year.
Yours sincerely
Peter Thompson
Executive Chairman
GBM Resources Annual Report 2015 1
Project Snapshot
GBM Project Locations
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Mount Coolon Gold Mines Pty Ltd
100% wholly-owned Project area 773 km2
Target Epithermal and IRGS Gold
Defined Resources totalling 264,000 ozs gold Plus additional exploration target between 120,000-230,000 ounces of gold
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Mount Morgan
100% wholly-owned
Project area 764 km2 (granted)\ Target Copper-Gold Porphyry
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Pan Pacific Copper and
Mitsui Corporation Farm-In Projects
100% moving to 49% GBM Project area 1,486 km2 Target IOCG
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Brightlands 100% wholly-owned Project area 309 km2
Defined Cu-U-Mo-REE-P Resource containing 108,000t TREEYO,97,000t Cu 14 M lbs U3O8
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Mayfield
100% wholly-owned Project area 302 km2 Target IOCG
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Malmsbury 100% wholly-owned Project area 33 km2
Defined Resource containing 104,000 ozs gold
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Yea
100% wholly-owned Project area 749 km2 Target IRGS
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Willaura
100% wholly-owned Project area 226 km2 Target Cu-Au porphyry
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Bungalien
100% owned
Project area 385 km2 Target rock phosphate
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Lubuk Mandi
26.7% Equity investment
Tailing treatment gold operations
Strategy list on Singapore exchange in 2015
2 GBM Resources Annual Report 2015