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general mining corp ltd (GMM) Snapshot

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02/10/15 - A$0.13
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general mining corp ltd (GMM) Details

General Mining Corporation Limited explores and assess mineral exploration projects in Australia. It primarily explores for iron ore, gold, copper, and cabonatite deposits. The company holds 100% interest in the Chesterfield gold project; and holds an option to earn a 100% interest in the Mt Success gold project located in the Murchison Region, Western Australia. It also holds 100% interest in the Mercury Hill project located in the Pilbara Region; and 80% interest in the Shoemaker project located in the Earaheedy Basin, Western Australia. The company was founded in 2007 and is based in Burswood, Australia.

Founded in 2007

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general mining corp ltd (GMM) Key Developments

Galaxy Resources Executes Agreement with General Mining Corporation Limited on Mt Cattlin Project

Galaxy Resources Ltd. announced that it has signed a binding term sheet with General Mining Corporation Limited (GMM) in respect of the Mt Cattlin Project ("Mt Cattlin"), located in Ravensthorpe, Western Australia which gives GMM the sole and exclusive right to operate Mt Cattlin for a period of 3 years together with the option to purchase Mt Cattlin from Galaxy at any time during the 3 year period. GMM will make a non-refundable payment to Galaxy of $50,000 within 5 business days for the right to conduct sixty (60) days exclusive due diligence on Mt Cattlin. GMM will then have for a further ninety (90) days the sole and exclusive right to determine whether GMM wishes to commence production at Mt Cattlin. GMM will be solely responsible for all Mt Cattlin care & maintenance costs and all tenement maintenance costs during this period. If GMM elects to proceed with development at Mt Cattlin, it will have the sole and exclusive right to operate for a period of three (3) years from making such decision ("Operations Period"). During the Operations Period, GMM will: conduct its operations at Mt Cattlin at its sole discretion and cost; pay to Galaxy a lease fee of $2,500,000 per annum (GST exclusive) in monthly instalments in advance and a 10% production royalty, payable quarterly to Galaxy, on the gross value of all minerals mined and sold by GMM (other than any spodumene produced, where revenues will be shared equally subject to the parties entering into a more detailed agreement); receive 100% of all revenues from its high grade tantalum operations at Mt Cattlin, which General Mining plans to commence within 6 months; and have the option to purchase a 100% legal and beneficial interest in Mt Cattlin, at any time during the three (3) year Operations Period, upon payment to Galaxy of $30,000,000 (GST exclusive) less all production payments made to Galaxy up to the date of exercise of the purchase option. If GMM exercises the option to purchase Mt Cattlin, GMM will also pay to Galaxy a future 3% Net Smelter Return (NSR) royalty on the value of all minerals mined and sold by GMM from Mt Cattlin's existing resource base. Any new mineral resources delineated by GMM after acquisition of Mt Cattlin will be subject to a lower 1% NSR royalty. The transactions contemplated are subject to all necessary shareholder and regulatory approvals.

General Mining Corporation Limited, Annual General Meeting, Nov 28, 2014

General Mining Corporation Limited, Annual General Meeting, Nov 28, 2014., at 10:30 W. Australia Standard Time. Location: Level 2, 50 Kings Park Road. Agenda: To receive and consider the financial report for the financial period ended 30 June 2014; to consider the re-election of Director – Mr. Robert Wanless; and to consider the adoption of remuneration report.

General Mining Corporation Limited Announces Change of Registered Office

General Mining Corporation Limited announced that the company is relocating. Effective from 18 August 2014 the registered office and principal place of business will be located at: Ground Floor, 89 Burswood Road, Burswood WA 6100.


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Price/Sales 261.5x
Price/Book 14.5x
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TEV/Sales 293.3x

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