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GULLEWA LIMITED - ASX: GUL
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Gullewa Limited is a listed public company based in Sydney. Since 2000 the company has been focused on investments in mining and exploration companies and its own exploration.
Coal
On 21 September Gullewa Limited announced that it has signed an agreement to acquire 80% of the shares in coal explorer Mineral & Coal Investments Pty Ltd (“M&CI”) subject to a due diligence review. The purchase price is 6,849,315 Gullewa Limited shares. M&CI holds, and is acquiring, twelve coal exploration tenements in Queensland targeting coking, PCI and thermal coal.
Dandaloo Project
Gullewa Limited (“Gullewa”) is in the early stages of exploring for metallic minerals in the northern part of the exceptionally well mineralised and economically productive geologic unit known as the “Lachlan Fold Belt”. Gullewa is carrying out this exploration through its wholly owned subsidiary Claymor Resources Pty Ltd (“Claymor”).
Geothermal
Gullewa Geothermal Pty Ltd, a wholly owned subsidiary of Gullewa Limited, tendered for a Special Exploration Licence covering a 2,800 km2 area of western and northern Tasmania, to facilitate exploration for deep rock geothermal energy. Deep hot rock geothermal energy is energy derived from the heat generated by chemically special granites buried several kilometres below surface. The process of generating geothermal power involves drilling large diameter holes down into the heat sources, developing a reservoir of fractures in the hot rocks, pumping water from surface down into this hot reservoir and extracting the heated water to surface up adjacent drill holes.
ATW Venture (Australia) Pty Ltd
Gullewa Limited has a 1% royalty in several ATW Venture (Australia) Pty Ltd Mining Tenements. This includes the Deflector Gold-Copper Project, located in the Gullewa Project area. Further exploration drilling was undertaken on the Deflector Gold-Copper Project which was successful in increasing the Mineral Resource to 770,000 Au Eq ozs. The global resource inventory for the Gullewa Project is now 872,000 Au Eq ozs. The metallurgical testwork program was successful in meeting the key objective of developing a common gravity and flotation process to produce gold bullion and copper-gold concentrate from the oxide, transitional and primary material.
Gullewa Gold Mine
The Gullewa Project is located 450 km north of Perth, 160 km east of Geraldton and 300 km south west of ATW's 100% owned Bumakura Gold Mine in the Yilgam goldfields of Western Australia. The Gullewa Project includes a total of 756 square kilometres of mineral tenements that cover the prospective central and southern portions of the Gullewa Greenstone Belt and include the Gullewa Mining Centre, the Deflector Deposit, the Prince George Ming, the Michaelangelo and Monarch Prospects. Mining infrastructure asets of the Gullewa Project include a turn-key gold operation with a Carbon-in-Leach plant capable of up to 300,000 tpa (tonne per annum) gold production, a licensed tailings disposal facility, a 50-person camp, offices, workshops, bore fields and haulage roads. Teh site is currently on care and maintenance.
Mine For
gold, coal, geothermal, copper
Location of operation(s)
New South Wales, Tasmania,
Australian Basins
Bowen, Surat, Moreton, Laura
Address
Level 2 Quantum House , 49-51 York Street
SYDNEY, NSW, AUSTRALIA
Phone
+61 2 9397 7555
Website
Last Updated
16/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.