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GBM sets sights on White Dam gold project in planned Millstream takeover

GBM Resources Ltd. signed a heads of agreement to acquire Stibium Mining Pty. Ltd. subsidiary Millstream Resources Pty. Ltd. for 150 million shares.

Millstream owns an option to acquire a 50% stake in Round Oak Minerals Pty. Ltd.'s White Dam gold project in South Australia, with a further option to purchase the remaining 50%.

White Dam is a heap leach project that has produced about 170,000 ounces of gold since 2010. Gold recovery may be improved with the targeted commissioning of a sulfidization, acidification, recycling and thickening plant in 2020.

GBM's deal is subject to Millstream entering into a binding joint venture agreement with Round Oak over White Dam, Stibium completing a capital raising of A$700,000 to A$1.5 million in GBM at 0.3 Australian cent per share, and GBM securing all required approvals.

GBM said Oct. 16 that the proposed deal may help the company generate cash flow in the next 12 months while assessing opportunities to restart mining in remnant open pits and undeveloped resources at White Dam.

The company also noted that the plant may be relocated to the Mount Coolon gold project in Queensland to support its development.