The unsolicited take over bid is the reason why you have seen the release of announcements slow down in regards to what resource they have in the floor.
its clear that GGG resources and Auzex will come together for this project. if we see this happen we will then see the flow of upgrades in the resource model and see the project advancing. until then a lot of people are waiting on the sidelines to get in. with the expectataion of a maiden reserve of 1m/oz, this is assuming only half then JORC resourse is converted. im looking at much better conversion than that, hence my bullishness.
if and when they come together to get Bullabulling then becomes very well funded going forward as AZX currently have around $6mill in cash and GGG (GGB on the asx) just completed a $25mill cap raising. this will see the Bullabulling project very well going into 2012 to continue to drill a prove up an even larger resource than expected.
so in terms of funding to get more rigs on site, with a joined balance sheet in excess of $30 cash, Bullabuling is well funded.
AZX Price at posting:
49.4¢ Sentiment: Buy Disclosure: Held
