By Nick Evans,
The West Australian
January 4, 2013,
Former Adamus Resources executives Milan Bojanjac and Ron
Heeks are plotting a return to the Australian bourse, through a deal
with the Charlie Bass-backed Geopacific Resources.
In a deal it
said would give it access to a substantial land- holding in Cambodia,
Geopacific announced plans for a one-for-one all-scrip acquisition of
unlisted company World Wide Mining Projects. Worldwide is chaired by
former Straits Resources chief executive Milan Jerkovic. Both Mr
Bojanjac and Mr Heeks serve on its board, and will step across to
Geopacific when the acquisition closes.
With Geopacific shares
closing at 10� yesterday, up 1.1�, the planned 53.7 million share
issue values Worldwide at $5.4 million.
The prize is 158sqkm of
exploration tenements in the north of Cambodia, now opening up to
mining. Worldwide and Geopacific will pay $US700,000 ($666,500) for a
one-year option to buy an 85 per cent stake in the ground for $US14
million from South Korean-owned Golden Resources Development, which
pegged the tenements in 2008 and has been drilling for the past two
years. The remaining 15 per cent stake would be held by Cambodia's Royal
Group, the largest company in the emerging economy.
While
returning some high copper grades, the Korean drilling was of variable
quality, and not done to JORC-compliant standards, according to Mr
Bass, who said he accepted the price tag seemed steep on face value. But
the Aquila Resources director said due diligence had convinced him its
potential was worth the option fee, with a final decision dependent on
Geopacific's exploration work.
"We need to have something in the
order of $250 million of contained metal there to justify the payment
and carrying work on," he said. "But we did some quick calculations from
the drilling results, though they need to be verified, and we could
very easily see that kind of dollar value there."
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