Gippsland focuses on world-scale projects which have been over-looked by major resource groups. Projects which have undergone detailed exploration and which have the potential to be brought into production quickly are a prime target for the Company. Gippsland's success in this area is due in part to the Company's philosophy of entering into equitable joint venture arrangements with overseas nationals. The Company's prime assets are the 40 million tonne Abu Dabbab and the 98 million tonne Nuweibi tantalum-tin projects located in the Central Eastern Desert of Egypt, adjacent to the western shore of the Red Sea.
Gippsland to appoint new Nomad soon, raise capital
Gippsland Ltd said it is well advanced in its talks with a London-based firm to act as the company's nominated adviser and broker. Any appointment is likely to include and be conditional upon raising additional working capital for the company as well as the mandate to act as financial adviser for raising Gippsland's equity contribution to the Abu Dabbab tantalum-tin project scheduled for later this year.
The company’s shares have been suspended on AIM since February 11 pending the appointment of a new Nomad and broker.
Gippsland's ability to complete the due diligence process related to the Abu Dabbab and Nuweibi tantalum deposits located in Egypt has been hampered due to its limited working capital resources and the need to address corporate matters such as securing a replacement Nomad and broker for its AIM listing.
“However, with a new Nomad and broker plus additional working capital in place the company's primary focus will be on addressing all outstanding matters in the completion of the due diligence process as quickly as possible,” Gippsland said.
