GBM Resources gains new substantial shareholder

GBM Resources (ASX: GBZ) has added Swift Venture Holdings Corporation to its share register as a substantial holder with a 5.01% interest.

Swift Venture acquired 2.7 million shares for a consideration of A$238,987 on 9 January 2012, providing an average entry price of $0.09 and taking the company’s total shareholding to 11.1 million shares.

GBM Resources is in the process of expanding its copper-gold portfolio in the highly prospective northwest mineral province in Queensland with the acquisition of an exploration permit surrounding the high grade Trekelano copper mine in Queensland, where Ivanhoe Australia (ASX: IVA) recently intersected 44 metres at 5.7% copper and 1.4 grams per tonne (g/t) gold.

Defining the potential of the permit is preliminary research showing significant copper intersections from the Clarries Prospect of 63 metres at 0.15% copper, 80 metres at 0.12% copper and 79 metres at 0.27% copper.

The agreement with Newcrest requires GBM to make a cash payment of $10,000 and to spend $100,000 on exploration of the area within 18 months of the title being transferred.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24337/gbm-resources-gains-new-substantial-shareholder--24337.html