4f551b40-54c7-4010-9302-ca2cb21c6994.pdf
ASX/Media Release 28 April 2016
ACTIVITIES REPORT MARCH QUARTER 2016
The board is in preliminary discussions with interested parties relating to a recapitilisation of the Company, staying as a mining company, so as to advance mining interests in Western Australia.
During the quarter, on advice from the geological team Exploration Licences E08/2381, E08/2446 and E08/2447 were sold to a private investor (subject to due diligence) for $65,000. The funds are programmed to be received by 30thJune 2016.
New acquisition of E51/1556 located 55km south of Meekatharra, which is prospective for gold and Volcanic Massive Sulphide (VMS) base metal mineralisation, with a number of early stage targets identified by previous operators.
Shareholders will continue to be fully informed of progress on developments, as they advance past the preliminary stage.
The board continues to investigate alternative funding opportunities to provide ongoing working capital to the company, including potential capital raisings however no decision has been made on a raising at this stage. Other funding alternatives include short term unsecured borrowings and joint venture opportunities.
In the interim short term funding requirements as demonstrated during the 2015 calendar year are being satisfied by small placements, asset sales and unsecured loans from directors on an as required basis. The company is of the belief that it will have sufficient working capital and financial support to fund ongoing activities.
Murray McDonald Executive Chairman
Tenement Schedule
Tenements held as at 31 March 2016
|
PROJECT
|
TENEMENT
|
HOLDER/APPLICANT
|
SHARES HELD
|
|
Meekatharra
|
E51/1556
|
GTI Resources Ltd
|
100%
|
|
Mount Jackson
|
E77/2199
|
GTI Resources Ltd
|
100%
|
Changes in tenure during the quarter
|
PROJECT
|
TENEMENT
|
HOLDER/APPLICANT
|
SHARES HELD
|
|
Meekatharra
|
E51/1556
|
GTI Resources Ltd
|
100%
|
|
Henry River
|
E08/2381
|
GTI Resources Ltd
|
Nil
|
|
Silver King
|
E08/2446
|
GTI Resources Ltd
|
Nil
|
|
Silver King
|
E08/2447
|
GTI Resources Ltd
|
Nil
|
Key to Tenement Schedule
|
E
|
‐
|
Exploration Licence
|
|
ELA
|
‐
|
Exploration Licence Application
|
|
P
|
‐
|
Prospecting Licence
|