I find it odd that the director of Solbec ,which is a good company with good prospects , sell some of his shares in SBP to buy into GPN , Do I smell a deal of some sorts ?? , Does anybody know this area ,does it have some good propects ------------------------------------------------------
No work was carried out on the Gabanintha Vanadium Project during the quarter under review.
During the quarter the company reviewed potential new processing techniques for vanadium extraction and is continuing to consider available options in respect to progressing the Gabanintha Vanadium Project.
CORPORATE MATTERS
During the quarter the company was presented with a number of potential projects and investment prospects. The company is continuing to carry out due diligence on those prospects that are considered to have merit and which the Board believes will deliver enhanced shareholder value.
At the end of the quarter the company had cash reserves of $1.708 million and further short term cash call advances/convertible notes of $325,000.
INTERESTS IN MINING TENEMENTS
GABANINTHA VANADIUM PROJECT, WESTERN AUSTRALIA - 100%
PROSPECTING LICENCE 51/2226
The Company has a right to earn an 80% interest in the vanadium mineralisation contained within M51/772 and ELA51/843.
Riverina Tailings Project - Western Australia (10% Production Interest)
ROYALTY INTERESTS
The company has the, following royalty interests:
(a) A 6% royalty light for all production exceeding 100,000 oz of gold in the following tenements:
Mining leases 30/109, 30/48, 30/59 and 30/75 Application for mining lease 30/122 and 30/123 Exploration licence 30/77 and 30/79 Exploration licence 30/165 Prospecting licence 30/901 Prospecting licences 30/909 to 30/923 inclusive, 30/928 and 30/929 Miscellaneous licences 30/9 and 30/36
2 (b) The company will receive a phased royalty on production from mining leases 30/16, 30/60, 30/97 and 30/98 of A$10 per ounce on the first 50,000 ounces. No royalty is payable on the production of the next 25,000 ounces with A$10 per ounce payable on the next 50,000 ounces produced. Thereafter a royalty capped at A$1.3 million is payable at rates linked to the head grade of the ore treated.
+++++++++++++++++++++++++ Michael Ruane became a substantial shareholder in Greater Pacific Gold Limited on 27/03/2002 with a relevant interest in the issued share capital of 11,240,081 ordinary fully paid shares (6.15%).
GPN Price at posting:
0.0¢ Sentiment: None Disclosure: Held