Proactiveinvestors Australia

Auzex Resources to exit ASX today after merging with Bullabulling Gold

Mon, 07 May 2012 12:05:00 +1000

Auzex Resources (ASX: AZX) will be removed from the official list of the ASX from close of trading today, Monday May 7, under listing rule 17.11.

This follows the completion of the merger between Auzex and Bullabulling Gold (ASX: BAB, LON: BGL) via a scheme of arrangement.

Bullabulling Gold is the result of the recently completed merger of GGG Resources and Auzex Resources

The new company fully controls the Bullabulling Gold project located 65 kilometres south-west of Kalgoorlie in Western Australia.

Bullabulling hosts a Resource of 102.8 million tonnes at 0.96 grams per tonne (g/t) gold for 3.2 million ounces of gold.

This includes 2.1 million ounces in the Indicated category along the Bullabulling Trend at 0.92g/t gold.

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Auzex Resources granted suspension from quotation following scheme of arrangement

Fri, 30 Mar 2012 08:41:00 +1100

Auzex Resources (ASX: AZX) has been granted a suspension from trading by the ASX.

This follows the lodgement of the Court order with ASIC for the company’s scheme of arrangement whereby all the company’s fully paid ordinary shares will be acquired by Bullabulling Gold (ASX: BAB).

Bullabulling Gold was formed as part of a merger between joint venture partners Auzex and GGG Resources, to manage the development of the Bullabulling gold project.

The project, located 70 kilometres from Kalgoorlie in the Eastern Goldfields, hosts a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.

A JORC Resource upgrade in February left Bullabulling with 102.8 million tonnes at 0.96 grams per tonne (g/t) for 3.2 million ounces of gold.

Bullabulling is targeting an initial Reserve in excess of 1 million ounces of gold, with the aim to commence production in 2015.

Auzex Resources set to finalise merger, court approval received

Tue, 27 Mar 2012 14:20:00 +1100

Auzex Resources (ASX: AZX) has cleared the final hurdle in the merger between it and the newly formed Bullabulling Gold (ASX: BAB) after receiving Supreme Court of Queensland approval.

The merger will become effective as soon as the court order approving the merger has been lodged with the Australian Securities and Investments Commission, which is scheduled for 29 March.

Scheme shareholders on Auzex’s share register at 6pm (Brisbane time) on 5 April 2012 will receive 0.909 Bullabulling shares for every Auzex share they own.

Bullabulling Gold emerges

Last week, the new company Bullabulling Gold was admitted to the ASX, ahead of the completion of a merger between Auzex Resources and GGG Resources (ASX: GGB, LON: GGG).

Bullabulling Gold has been formed as a merged entity to manage the development of the Bullabulling gold project.

The project, located 70 kilometres from Kalgoorlie in the Eastern Goldfields, hosts a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.

Importantly, the project is funded up to a Bankable Feasibility Study, with $11 million in cash.

In February the joint venture defined a JORC Resource at the project of 102.8 million tonnes at 0.96 grams per tonne (g/t) gold for 3.2 million ounces.

Auzex Resources: shareholders approve Auzex merger with Bullabulling Gold Limited

Thu, 22 Mar 2012 14:10:00 +1100

Auzex Resources (ASX: AZX) shareholders today overwhelmingly approved the scheme of arrangement under which Auzex will merge with Bullabulling Gold Limited.

In regards to the Implementation of Scheme or Arrangement, Auzex will seek orders from the Supreme Court of Queensland approving the scheme at a second court hearing scheduled for 9:15 am on Tuesday 27 March 2012.

If the Court approves the Scheme, Auzex intends to lodge the orders of the Court with the Australian Securities and Investments Commission on Wednesday 28 March 2012 - and the Scheme will become effective on that date.

Bullabulling Gold emerges

Earlier in the week the new company Bullabulling Gold (ASX: BAB, LON: BGL) was admitted to the Official List of ASX, ahead of the completion of a merger between Auzex Resources (ASX: AZX) and GGG Resources (ASX: GGB, LON: GGG).

Bullabulling Gold has been formed as a merged entity between joint venture partners Auzex and GGG, to manage the development of the Bullabulling gold project.

The project, located 70 kilometres from Kalgoorlie in the Eastern Goldfields, hosts a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.

Importantly, the project is funded up to a Bankable Feasibility Study, with $11 million in cash.

In February the joint venture defined a JORC Resource at the project of 102.8 million tonnes at 0.96 grams per tonne (g/t) gold for 3.2 million ounces.

Auzex Resources managing director John Lawton answers questions at One2One Investor Forum in Sydney

Thu, 15 Mar 2012 15:57:00 +1100

John Lawton, managing director of Auzex Resources, presented at the 'Stars in 2012 Series' series in Sydney last night. Proactive Investors brings you the Question and Answers between John and the audience.

Auzex Resources takes next step towards finalising Bullabulling Gold merger

Thu, 15 Mar 2012 15:10:00 +1100

Auzex Resources (ASX: AZX) shareholders are set to receive 0.909 Bullabulling Gold shares for every one scheme share held, following completion of cash balancing calculations.

The Cash Balancing Amount is the amount required to be subscribed by partner GGG Resources to Auzex to ensure that the net cash assets of both companies are equal on the effective date.

This has been calculated at $4.7 million.

Under the cash balancing adjustment, GGG will subscribe for 18.5 million shares in Auzex at $0.2535 per share, a 10% discount to Auzex’s five day volume weighted average price up to March 14.

Provided the Scheme is approved, the subscription will occur after the effective date, which is scheduled for March 28, and before the record date, expected on April 5.

Upon completion of the merger between Auzex and GGG, it is expected about 289 million Bullabulling Gold shares will be on issue.

The companies are forecast to have a combined cash balance net of trade creditors of $9.5 million at March 31.

Bullabulling Gold progress

Auzex and GGG made big steps at the Bullabulling Gold Project in February, receiving approval from the Queensland Supreme Court for the Scheme Booklet for the proposed merger and an increase in the gold JORC Resource to 3.2 million ounces.

The updated global resource for Bullabulling comprises 102.8 million tonnes at 0.96 grams per tonne gold, and includes 2.1 million ounces in the Indicated category.

Meanwhile, Bullabulling Gold Limited has been incorporated and is expected to list on the ASX this month.

Auzex has completed the demerger of its non-Bullabulling assets into a new public unlisted company, Auzex Exploration, while GGG will re-domicile to the ASX.

Auzex Resources: new MD to steer Bullabulling Gold towards production

Thu, 08 Mar 2012 10:40:00 +1100

Auzex Resources (ASX: AZX) and GGG Resources (ASX: GGB, LON: GGG) have appointed Brett Lambert as managing director of Bullabulling Gold, the company Auzex and GGG will merge into.

Lambert, who will take up the role on 1 May following completion of the merger, has held the position of chief executive officer in three mining companies over a 13 year period, and has been a director of companies listed on the ASX, TSX and the Stock Exchange of Thailand.

Auzex managing director John Lawton said Lambert will be responsible for bringing the Bullabulling gold project into production in 2015.

“We expect to draw heavily on his skill set and experience of taking projects into production and his valuable contacts among Australian investors and the mining industry,” he said.

Lambert is an Australian mining engineer and senior executive with more than 30 years experience in project development and the operation of resources companies, including several mines based in the Coolgardie region of Western Australia where the Bullabulling project is located.

Importantly, his experience includes taking several projects through Feasibility Studies and into production and he has been involved in two successful mergers and a number of asset acquisitions.

Lambert was responsible for the financing and development of the Paulsens gold mine, and oversaw Feasibility Studies for the Casposo gold and silver mine in Argentina and Nifty Sulphides copper mine.

He managed site activities during development of the Three Mile Hill gold mine, and was project director for the evaluation and construction of the Pillara, Goongewa and Kapok lead-zinc mines.

In February Auzex and GGG received Queensland Supreme Court approval for the Scheme Booklet for the proposed merger.

The booklet included some major support for the merger, with the independent expert’s report by BDO Corporate Finance concluding that the advantages of the merger outweigh its disadvantages, and therefore the deal is in the best interests of Auzex shareholders.

Bullabulling Gold Limited has been incorporated and is due to be listed on the ASX in March.

Auzex has completed the demerger of its non-Bullabulling assets into a new public unlisted company, Auzex Exploration, while GGG will re-domicile to the ASX.

Meanwhile, Auzex has delivered some new gold discoveries from the 3.2 million gold ounce Bullabulling project.

Drilling at Gibraltar, which is 7 kilometres south-east of the Bullabulling Trend, has intersected 13 metres at 2.87 grams per tonne (g/t) gold, 7 metres at 3.12g/t gold and 5 metres at 11.98g/t gold.

Highlighting the importance of the new discoveries, Gibraltar is not included in the current resource, and with drilling progressing, there is the potential that the prospect can add gold ounces to the resource in the future.

Auzex Resources: new gold discoveries at the 3.2 million ounce Bullabulling project

Tue, 06 Mar 2012 12:20:00 +1100

Auzex Resources (ASX: AZX) has delivered some new gold discoveries from the 3.2 million gold ounce Bullabulling project in Western Australia, which is positioned 65 kilometres south-west of Kalgoorlie.

Over at Gibraltar, which is 7 kilometres south-east of the Bullabulling Trend, initial exploration drilling has intersected; 13 metres at 2.87 grams per tonne (g/t) gold; 7 metres at 3.12g/t gold; and 5 metres at 11.98g/t gold.

Why the new gold discoveries are so significant, is that Gibraltar is not included in the current resource, and with drilling progressing, there is the potential that the prospect can add gold ounces to the resource in the future.

The results are from the first ten holes of a 14 hole program, covering around 2800 metres.

Auzex said that these intersections may be from a new zone beneath the lode mined to date, or is a faulted down dip continuation. With either scenario there is the potential to increase the resource at Gibraltar, which has higher grade continuity in the near surface than mineralisation along the Bullabulling Trend.

Deeps exploration continues

Over at Deeps, there has been a positive outcome from a seismic survey which has enhanced the prospectivity of high grade mineralisation at depth along the Bullabulling Trend.

The next step will be to combine the detailed airborne magnetic and gravity surveys to provide a 3D geological model of the Bullabulling gold deposit.

Auzex added that the initial assessment of the data indicates a reinterpretation of the geology and structural controls on mineralisation - which may have significant and positive implications for future exploration targeting and potential gold inventory at the project.

Bullabulling: plus 200,000 gold ounce per annum potential

The Bullabulling Gold project is a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.

The mineralised structure is 500 metres wide, consisting of multiple west dipping low grade stacked zones with narrower higher grade gold mineralisation.

Drill results to date have continued to confirm the resource and geological model, with about 99% of drill holes intersecting gold mineralisation.

A Scoping Study has identified a substantial gold project capable of producing about 230,000 ounces of gold per annum over a 10 year mine life.

The study showed the potential for cost improvements at the operating and capital cost levels that would enhance the project economics.

The Bullabulling joint venture with GGG Resources (ASX: GGB, LON: GGG) is targeting an initial reserve exceeding 1 million ounces of gold to begin production in 2015.

Auzex Resources increases Bullabulling gold Resource to 3.2Moz

Wed, 29 Feb 2012 12:31:00 +1100

Auzex Resources has increased the Resource at its Bullabulling Gold Project in Western Australia by 23% to 3.2Moz of contained gold with over 65% of that now in the higher confidence Indicated category. This confirms the Scoping Study scenario of 2-2.5Moz over a 10 year mine life.

Auzex Resources a step closer to creating Bullabulling Gold with Supreme Court approval

Mon, 20 Feb 2012 08:40:00 +1100

Auzex Resources (ASX: AZX) is moving closer to achieving its goal of creating a new company to be known as Bullabulling Gold, which will be listed on the ASX and AIM markets - through a merger with GGG Resources (ASX: GGB, LON: GGG).

Both Auzex and GGG hold a 50% stake in the Bullabulling Gold Project which hosts a JORC Resource of 2.6 million ounces of gold, (with the new company to hold 100% of this asset).

Auzex has now received Queensland Supreme Court approval for the Scheme Booklet for the proposed merger by scheme of arrangement, with a meeting seeking Auzex shareholder approval to be held in March.

The booklet included some major support for the merger, with the independent expert’s report by BDO Corporate Finance concluding that the advantages of the merger outweigh its disadvantages, and therefore the deal is in the best interests of Auzex shareholders.

Auzex has already completed the demerger of its non-Bullabulling assets into a new public unlisted company, Auzex Exploration, while GGG will re-domicile to the ASX.

Bullabulling: plus 200,000 gold ounce per annum potential

Currently Bullabulling has a JORC Resource of 78.8 million tonnes at 1.03 grams per tonne (g/t) for 2.6 million ounces of gold based on a 0.5g/t gold cut-off.

Drill results to date have continued to confirm the resource and geological model, with about 99% of drill holes intersecting gold mineralisation.

A Scoping Study has identified a substantial gold project capable of producing about 230,000 ounces of gold per annum over a 10 year mine life. The study showed the potential for cost improvements at the operating and capital cost levels that would enhance the project economics.

Auzex Resources nets A$1.33m to advance Bullabulling gold project

Tue, 07 Feb 2012 08:40:00 +1100

Auzex Resources (ASX: AZX) will raise about $1.33 million through an underwriting agreement with BBY Limited for the listed A$0.13 options due to expire at 5pm (AEDT) on 13 February 2012.

The funds will be used to advance the work program on the Bullabulling Gold project, complete the merger with GGG Resources (ASX: GGB, LON: GGG) and provide working capital.

Importantly, this new cash will bump up Auzex’s cash in hand at the end of the December quarter of $4.6 million.

Bullabulling

Auzex is on track for a resource upgrade this month at the Bullabulling Gold Project after completing an infill drilling program.

The company has already started resource estimation work, which will be completed once results from the latest drilling program are received.

Currently Bullabulling has a JORC Resource of 78.8 million tonnes at 1.03 grams per tonne (g/t) for 2.6 million ounces of gold based on a 0.5g/t gold cut-off.

Drill results to date have continued to confirm the resource and geological model, with about 99% of drill holes intersecting gold mineralisation.

A Scoping Study has identified a substantial gold project capable of producing about 230,000 ounces of gold per annum over a 10 year mine life.

It showed the potential for cost improvements at the operating and capital cost levels that would enhance the project economics.

Geko Gold Project

Auzex and GGG have executed an option to acquire 100% of the Geko Gold Project strategically located just 17 kilometres from the Bullabulling project, which in turn is 70 kilometres southwest of mineral-rich Kalgoorlie in Western Australia.

The upside to the $3 million acquisition is the exploration potential for gold that may be complimentary to a future mining operation currently under Pre-Feasibility at Bullabulling.

Further highlighting the potential synergies between the two projects is the possibility of any future gold ore that is mined to be easily transported to Bullabulling for processing – providing the joint venture with economies of scale in the area.

Bullabulling Gold – Auzex, GGG Merger

Bullabulling Gold Limited has been incorporated and is due to be listed on the ASX in March.

Auzex has completed the demerger of its non-Bullabulling assets into a new public unlisted company, Auzex Exploration, while GGG will re-domicile to the ASX.

A search is underway for an independent chairman and a managing director to head up the new company.

The implementation date for the merger is proposed for March 27, 2012.

Auzex Resources acquires additional land position near 2.6 million gold ounce Bullabulling

Wed, 25 Jan 2012 14:50:00 +1100

Auzex Resources (ASX: AZX) and joint venture partner GGG Resources (ASX: GGB, LON: GGG) have made a strategic acquisition of the Geko Gold Project, after executing an option to acquire 100%, costing around $3 million.

The significance of Geko is the strategic location, just 17 kilometres from Auzex and GGG Resources 2.6 million gold ounce Bullabulling project, which in turn is 70 kilometres southwest of Kalgoorlie in Western Australia.

Geko has historically had some exploration undertaken in the 1990’s by Newcrest and others, where importantly gold mineralisation was intersected that can be correlated with the same sequence of lithologies which host the Bullabulling gold deposit.

Highlighting the potential of the new land holding, the joint venture said that it considers the transaction to offer significant exploration potential for gold that may be complimentary to a future mining operation currently under Pre-Feasibility at Bullabulling.

Adding some spice to Geko is the possibility of any future gold ore that is mined, could easily be transported to Bullabulling for processing - providing the joint venture with economies of scale in the area.

Terms of the $3.0 million option acquisition

- $0.5 million cash payable by BBG if the merger of AZX and GGG has been completed or in equal proportions by GGG and AZX if the merger has not been completed; and

- If the merger has been completed, the newly formed merged entity, Bullabulling Gold may, at its election – pay the seller the remaining $2.5 million in cash or BBG scrip based on a 5 day VWAP immediately prior to the purchase; or

- If the merger has not been completed, each of AZX and GGG must, at its election either; $1.25 million in cash to the seller; or issue shares to the seller to the value of $1.25 million based on a 5 day VWAP immediately prior to the purchase; and

- Production royalty of $10 per ounce for all gold sold from the tenement if the option is exercised.

Auzex Resources: Interim board established for Bullabulling Gold Project

Fri, 20 Jan 2012 12:00:00 +1100

Auzex Resources (ASX: AZX) is progressing the proposed merger with GGG Resources (ASX: GGB), with an interim board established for the Bullabulling Gold Project.

Comprised of three Auzex directors and three GGG directors, the board will assume day-to-day responsibilities for Bullabulling.

The proposed merger would see Auzex and GGG form a new company, Bullabulling Gold, which would own 100% of the Bullabulling project.

The merger is designed to establish a unified local management team, taking advantage of cost efficiencies associated with a single corporate entity, and would allow the project to be accelerated through feasibility to development.

In addition, the increased scale should provide additional liquidity and scope for re-rating.

Bullabulling Gold will be listed on both the ASX and AIM to allow greater access to global capital markets.

Auzex directors stepping into the interim board are non-executive chairman Chris Baker, managing director John Lawton and director of operations Dr Greg Partington.

From GGG, managing director Jeff Malaihollo and non-executive directors Nigel Clark and Michael Short have joined the interim board.

Bullabulling gold project

The Bullabulling project, located 70 kilometres southwest of Kalgoorlie in Western Australia, has a resource base of 2.6 million ounces.

A resource update is scheduled for February 2012, with assays from the Phase 2 drilling program, completed in December, being received.

Meanwhile, a Scoping Study released on December 19 identified a substantial gold project capable of producing about 230,000 ounces of gold per annum over 10 years.

It showed the potential for cost improvements at the operating and capital cost levels that would enhance the project economics.

Auzex, GGG merger

Bullabulling Gold Limited has been incorporated and is due to be listed on the ASX in March 2012.

Auzex has completed the demerger of its non-Bullabulling assets into a new public unlisted company, Auzex Exploration, while GGG will re-domicile to the ASX.

A search is underway for an independent chairman and a managing director to head up the new company.

The implementation date for the merger is proposed for March 27, 2012.

Auzex Resources completes infill drilling ahead of Bullabulling Resource upgrade

Wed, 11 Jan 2012 12:40:00 +1100

Auzex Resources (ASX: AZX) and partner GGG Resources (ASX: GGB, AIM: GGG) are on track for a resource upgrade in February at the Bullabulling Gold Project after completing an infill drilling program.

Assays from the Phase II drilling program, which comprised 425 holes for a total 74,452 metres, are expected in four to six weeks.

The Phase II program was focused on infilling the area between the Phoenix and Bonecrusher pits.

Drill spacing was designed to allow a substantial portion of the 1.9 million ounce Inferred Resource to be reclassified to the Indicated Resource category.

Auzex and GGG have already started resource estimation work, which will be completed once results from the latest drilling program are received.

An updated resource estimate is expected in early February.

Currently Bullabulling has a JORC Resource of 78.8 million tonnes at 1.03 grams per tonne (g/t) gold, for 2.6 million ounces of gold based on a 0.5g/t gold cut-off.

Drill results to date have continued to confirm the resource and geological model, with about 99% of drill holes intersecting gold mineralisation.

The two companies now intend to drill at the Gibraltar resource and along strike to the south on the Bullabulling trend to explore for additional near-surface mineralisation.

In addition to drilling, Auzex and GGG have completed the acquisition of 2D seismic and aeromagnetic data over the entire Bullabulling trend.

The companies plan to acquire gravity data this month, which will be used to develop a 3D geological model of the Bullabulling Trend to target high grade mineralisation at depth.

The Bullabulling project, located in Western Australia’s eastern goldfields, is a large tonnage, low grade deposit with high grade shoots.

Auzex and GGG are focused on establishing an initial reserve greater than one million ounces of gold, with the aim of commencing production in 2015.

Bullabulling Gold

Auzex shareholders recently approved the demerger of Auzex Exploration, which placed all of the company’s non-Bullabulling assets into a newly incorporated, unlisted public company.

The move is part of Auzex and GGG’s plan to enter an all scrip merger to combine the Bullabulling project under a single corporate entity, Bullabulling Gold.

Auzex Resources: positive economics for Bullabulling gold project

Tue, 03 Jan 2012 17:13:00 +1100

A recent Scoping Study for Auzex Resources’ Bullabulling Gold Project in Western Australia has highlighted a potential before tax net present value of A$389 million and an internal rate of return of 29% for a 10-year, 2.1 million ounce operation.

Auzex Resources: shareholders approve demerger of Auzex Exploration

Fri, 16 Dec 2011 13:50:00 +1100

Auzex Resources (ASX: AZX) shareholders have overwhelmingly voted in favour and approved the demerger of Auzex Exploration Limited.

Auzex will now seek orders from the Supreme Court of Queensland approving the scheme of arrangement at a second court hearing scheduled for 9:15 am on Tuesday 20 December 2011.

If the Court approves the Scheme, Auzex intends to lodge the orders of the Court with the Australian Securities and Investments Commission on Wednesday 21 December 2011 and the scheme will become effective on that date.

This will allow Auzex to demerge its non-Bullabulling assets into a newly incorporated unlisted public company to be known as Auzex Exploration.

In regards to Bullabulling, Auzex and GGG Resources (ASX: GGB; AIM: GGG) will combine the 2.6 million ounce Bullabulling Gold project, (previously a 50:50 joint venture), under a single corporate entity to be named Bullabulling Gold.

The new entity will be Australian domiciled and listed on the ASX and AIM markets.

Auzex Resources raises $3.2 million for Bullabulling Gold merger

Wed, 30 Nov 2011 13:15:00 +1100

Auzex Resources (ASX: AZX) has raised $3,203,625 to go towards the company’s merger with GGG Resources (ASX: GGB; AIM: GGG) which will form a new company, Bullabulling Gold.

The merger is expected to be completed by February 2012.

Auzex raised the money through a fully underwritten 1 for 5 renounceable rights issue which was offered at a price of $0.24 per share.

A shortfall of $1.4 million will be covered by the underwriter for the placement, independent financial services group BBY Limited.

This placement is part of a broader $8 million capital raising, with the successful placement of 14.3 million shares at $0.24 in October raising $3.4 million.

Once completed, the raising will fund the development of the Bullabulling Gold Project through to the completion of the merger with GGG.

The project is strategically located 65 kilometres southeast of Kalgoorlie in Western Australia.

At the end of the September quarter, Auzex had cash of $1.39 million.

Bullabulling Gold merger

The merger, announced earlier this year, will combine the 2.6 million ounce Bullabulling gold project under a single corporate entity.

The project is currently held in a 50:50 joint venture.

Bullabulling Gold will be Australian domiciled and listed on the ASX and AIM markets.

The deal will create an advanced exploration and pre-development gold-focused company.

Auzex Resources buoyed by gold recoveries exceeding 90% at Bullabulling Project in WA

Mon, 14 Nov 2011 08:41:00 +1100

Auzex Resources should regain favour as metallurgical study results of primary mineralisation have returned gold recoveries over 90%. Bullabulling continues to demonstrate all of the characteristics of a robust long term gold project.

Auzex Resources a step closer to demerger of non Bullabulling assets

Fri, 11 Nov 2011 14:30:00 +1100

Auzex Resources (ASX: AZX) is continuing to move towards the demerger of its non-Bullabulling assets by scheme of arrangement, with the Queensland Supreme Court granting approval of the scheme booklet to be dispatched to shareholders.

The company and GGG Resources (ASX: GGB; AIM: GGG) announced in August they would enter an all scrip merger to combine the 2.6 million ounce Bullabulling Gold project, (previously a 50:50 joint venture), under a single corporate entity to be named Bullabulling Gold.

The new entity will be Australian domiciled and listed on the ASX and AIM markets.

As part of the deal, prior to the completion of the merger, Auzex plans to demerge its non-Bullabulling assets into a newly incorporated unlisted public company to be known as Auzex Exploration.

Subject to market conditions, Auzex Exploration will undergo an initial public offer and ASX listing during 2012.

The merger between Auzex and GGG Resources is on track for completion in February 2012.

In the meantime, the company is moving closer to an upgraded resource at Bullabulling, with completion of its Phase Two infill drill program on target for December.

The program extends outside the current resource area and a resource update is expected in the first quarter of 2012.

The current reported JORC Resource is 78.8 million tonnes at 1.03 grams per tonne (g/t) of gold for 2.6 million ounces of contained gold at a 0.5g/t cut-off.

Auzex Resources on track to upgrade gold Resource and establish Reserve at Bullabulling

Thu, 10 Nov 2011 11:42:00 +1100

Auzex Resources (ASX: AZX) continues to intercept high grade gold in the Phase Two infill drilling program at the Bullabulling Gold Project, as it works towards establishing a JORC Reserve.

The company is on track to complete the drilling program in December 2011, which is infilling the historic drilling between the Phoenix and Hobbit prospects to increase confidence in the current resource base.

In the latest results, approximately 99% of holes intersected mineralisation. Better intersections include:

-    1 metre at 48.8g/t gold from 182 metres;
-    9 metres at 13.32g/t gold from 195 metres; and
-    1 metre at 12.5g/t gold from 61 metres.

Managing director John Lawton said: “These latest results continue to confirm the resource and geological model with approximately 99% of the drill holes hitting gold mineralisation. The drilling also continues intersecting regularly higher grade mineralisation within the broad low grade halo which provide encouragement for targeting high grade ore shoots within the Bullabulling Trend beneath the low grade, open pittable resource.”

The Bullabulling gold project is located 65 kilometres south west of Kalgoorlie in Western Australia's Yilgarn basin.

In August, Auzex released a JORC resource of 78.8 million tonnes at 1.03 grams per tonne (g/t) gold for 2.6 million ounces contained gold, with a 0.5g/t cut-off.

A key aim of the Phase Two drilling program is to reclassify the Inferred Resources as Indicated Resources, which in turn enables an initial Reserve to be established.

The next JORC upgrade is due in the March quarter of 2012.

A new exploration program is planned to test regional structures and anomalies identified by recent regolith mapping.

Drill planning for this work has been completed, and exploration drilling will follow on from the current Phase Two infill drilling program.

Meanwhile, the company has completed planning for the Deeps exploration program, with magnetic and radiometric data acquired over the Bullabulling shear zone.

A combination of detailed magnetic data will be used in combination with 2D seismic and gravity to develop a detailed 3D model of the structure and geology of the Bullabulling Trend.

Auzex Resources A$4.6m rights issue to be underwritten by BBY Limited

Wed, 02 Nov 2011 09:46:00 +1100

Auzex Resources (ASX: AZX) has entered an underwriting agreement with independent financial services group BBY Limited for the full amount of the rights issue announced on October 17.

Auzex will raise up to about A$4.6 million via a one for five renounceable rights issue. Pursuant to the rights issue the company will issue up to about 19 million shares at $0.24. The closing date for the offer is November 16.

Funds will be used to fund Auzex's share of expenditure on the Bullabulling Gold Project joint venture, transactions costs of the merger with GGG Resources (ASX: GGB; AIM: GGG) and general working capital.

Preparations for the merger with GGG are progressing well and the company expects the transaction to create Bullabulling Gold Limited to be completed in early 2012.

On October7 Auzex raised $A3.4 million through the placement of about 14.3 million shares at A$0.24 in the first part of the A$8 million capital raising.

Auzex is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December. The company expects results to add further to the JORC Resource of 2.6 million gold ounces.

Auzex Resources to raise up to A$8m to develop Bullabulling gold project

Mon, 17 Oct 2011 10:23:00 +1100

Auzex Resources (ASX: AZX) has raised $A3.4 million through the placement of about 14.3 million shares at A$0.24 to accelerate the development of the Bullabulling gold project through to completion of its merger with GGG Resources plc (ASX: GGB; AIM: GGG).

The merger will combine the 2.6 million ounce Bullabulling Gold project, (previously a 50:50 joint venture), under a single corporate entity to be named Bullabulling Gold, expected to be completed by February 2012.

Auzex also intends to raise up to about A$4.6 million via a one for five renounceable rights issue. Pursuant to the rights issue the company will issue up to about 19 million shares at $0.24.

The company intends for the rights issue to be underwritten and for a major shareholder to participate in the placement and rights issue.

Auzex is currently in a very interesting phase of its development, and is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December. The company expects results to add further to the JORC Resource of 2.6 million gold ounces.

John Lawton, Auzex's managing director, said "the project is at an exciting time with resource drilling continuing to deliver results above those predicted by the resource model and the details of the scoping study are currently being finalised for release in the next few weeks.”

Auzex will have fully paid issue capital of 128.5 million shares following the placement and rights issue.

The placement was made to institutional and sophisticated domestic and international clients of BBY Limited.

Auzex Resources in pre-open pending share placement announcement

Thu, 13 Oct 2011 09:59:00 +1100

Auzex Resources (ASX: AZX) has been granted a trading halt by the ASX pending the release of details surrounding an equity raising via a share placement, with the company's shares placed in pre-open.

Auzex is currently in a very interesting phase of its development, and is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December.

The significance of this round of drilling is that the company expects results to add further to the JORC Resource of 2.6 million gold ounces.

Auzex Resources moves closer to gold resource upgrade at Bullabulling

Wed, 12 Oct 2011 11:58:00 +1100

Phase Two infill drilling is progressing Auzex Resources towards delivering a resource upgrade at the 2.6m gold ounce Bullabulling project in the first quarter 2012, establishing sufficient reserves for a minimum initial ten year mine life.

Auzex Resources aims to extend WA gold resource near Bullabulling

Wed, 28 Sep 2011 10:59:00 +1000

Auzex Resources (ASX: AZX) and joint venture partner GGG Resources (ASX: GGB, AIM: GGG) have applied for prospecting licence areas covering 8 square kilometres adjacent to the key prospective areas to the south of the Bullabulling Trend.

The Bullabulling gold project is strategically located 65 kilometres south-west of Kalgoorlie in Western Australia's Yilgarn basin.

The two companies, who are in the process of merging to form Bullabulling Gold, are working to extend their existing properties to add operational efficiencies.

The additional licences could increase the size of the overall resource, if the results of forthcoming exploratory drilling show the same characteristics as the rest of the Bullabulling Trend.

Overall, the joint venture holds 131 square kilometres in tenements, under various mining permits, miscellaneous licences, prospecting licences and applications.

In addition the joint venture holds the Pastoral Lease underlying the tenements.

Auzex Resources, GGG Resources forms new entity Bullabulling Gold

Mon, 19 Sep 2011 12:58:00 +1000

The all scrip merger between Auzex and GGG Resources has moved another step closer, forming Bullabulling Gold - which will have three directors from each company.

Auzex Resources and GGG Resources in all scrip merger, to fast track 2.6m gold ounce Bullabulling

Mon, 29 Aug 2011 10:49:00 +1000

Chris Baker, chairman of Auzex Resources, said that the transaction delivers an outstanding outcome for all parties, providing the opportunity to fast-track development of the 2.6 million ounce Bullabulling Gold project.

Auzex Resources boosts gold Resource to 2.6m ounces, eyes Reserve target of 1.5m ounces

Mon, 15 Aug 2011 09:37:00 +1000

Auzex has increased the inferred resource base by 30% to 2.6m gold ounces at Bullabulling. Auzex's 50% share places it well under the average EV/Resource ounces of its peers. Modelling has identified an initial Reserve of up to 2m ounces.

Auzex Resources gold infill drilling productivity boost at 2moz Bullabulling

Mon, 08 Aug 2011 09:16:00 +1000

Infill drilling at the 2 million gold ounce Bullabulling Gold Project will now be completed in a shorter period of time - and for a much lower cost - after geological consultants and the joint venture agreed on a wider spacing for the program.

Auzex Resources infill drilling hits more high grade gold at 2Moz Bullabulling JV Project

Tue, 26 Jul 2011 12:19:00 +1000

The three drill rigs currently working on the phase two program at Bullabulling have intersected more high grade gold, which further confirm the resource model as the project moves towards an Indicated Resource.