GLM 0.00% 0.3¢ gulf mines limited

nowa nowa is now

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    Look for a pot of gold in the under-10c bin Robin Bromby From: The Australian May 31, 2010

    Nowa Nowa is now

    IN one of the early yearbooks published by the new commonwealth government after Federation, there was a two-sentence mention of the Nowa Nowa iron ore deposit near Lakes Entrance in Victoria, but with the rider that this did not seem economic to mine.

    Then in 2008, Gulf Mines (GLM) -- which at Friday's close of 2.2c fits neatly into this week's theme -- took an option over the 100sq km project. We understand that something may be stirring there in terms of a small-scale mining operation, but GLM is in the meantime concentrating on copper and gold 5km from the iron ore play.

    The company thinks it's on the sniff of something and the drill rig is arriving onsite this week. Gulf plans to drill below an old quarry that once produced road base material. The quarry owner, in the hope that the government would one day seal the roads in the area and need raw material, has maintained the licence, and a compensation deal has been done with him even though GLM has the right to drill.

    http://www.theaustralian.com.au/business/mining-energy/look-for-a-pot-of-gold-in-the-under-10c-bin/story-e6frg9ex-1225873206932
 
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