Australia's GBM Resources leaps on farm-in with Newcrest unit

Gbm Resources

21/10/2022 01:21

** Shares of mineral exporer GBM Resources  GBZ.AX  rise as
much as 26.8% to A$0.052, their biggest intraday pct gain since
Oct 20, 2020
    ** Says it executed a farm-in agreement with a unit of
Newcrest Mining  NCM.AX  to advance its Mount Coolon gold
project in Queensland  urn:newsml:reuters.com:*:nASXMCbQY 
    ** Under agreement, Newcrest has the right to acquire up to
a 75% interest in Mount Coolon tenements by spending up to A$25
mln ($15.67 mln) and reaching a set of exploration milestones 
    ** GBZ stock hits highest level since Sept 13
    ** Trading volumes cross four times the 30-day average, with
about 3.4 mln shares traded so far
    ** Stock down 64.4% YTD, as of last close 
    ($1 = 1.5954 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))