Acquisition

RNS Number:4979G
GVM Metals Ltd
29 October 2007

                               GVM METALS LIMITED
                            ("GVM" OR "THE COMPANY")




                                                                 29 OCTOBER 2007
--------------------------------------------------------------------------------

                         ACQUISITION OF COAL OF AFRICA

The Company wishes to advise that an additional #10 million has now been paid as
part of the #35.5 million payable to acquire a 70% interest in Coal of Africa 
("CoAL").

In consideration for the #21.5 million already paid in relation to the
acquisition, as previously announced, the first stage of the acquisition has
been completed and the Company has been issued 93 shares in CoAL, representing
46.6% of the entire issued capital of CoAL.  Further, and as a result, the
Company has also today allotted and issued 8,888,888 shares owed in part
consideration for the acquisition.

CoAL is a South African company that owns the Mooiplaats Coal Project and
surrounding New Order prospecting rights. The properties owned by CoAL are
located within 2 kilometres of the Camden Power Station near Ermelo and are
beside the main rail line to the Richards Bay export coal terminal.  Interim
drill results to date have already delineated a JORC compliant Measured Resource
of 43 million tonnes and an Inferred Resource of a further 240 million tonnes.

Transfer to the Company of the remaining 47 shares required to complete the
second stage of the acquisition of a 70% interest in CoAL will take place upon
satisfaction of outstanding conditions precedent, at which time the Company will
make the final payments of #10 million in cash and issue 4,444,445 shares due
under the relevant acquisition agreements.

Simon Farrell, Managing Director of GVM, today commented "The completion of the
first stage of the CoAL acquisition is an important milestone for GVM as it
further progresses the Company's objectives of commencing coal mining operations
in South Africa in the second half of 2008. Drilling and engineering studies are
progressing well, with the Company anticipating a development decision before
the end of this calendar year, subject to regulatory consents."




An Appendix 3B - "New Issue Announcement" will be made under separate cover,
together with a section 708 Cleansing Notice.



Authorised by



SIMON J FARRELL

Managing Director



Notes:

The information in this report as it relates to the geology, geochemistry and
geophysics, regarding Mooiplaats, has been prepared by Grant van Heerden. Grant
van Heerden has more than five years of experience in estimation, assessment of,
and evaluation of Mineral Resources and Ore Reserves which are relevant to the
style of mineralization under consideration. Grant van Heerden is a Senior Coal
Geologist with SRK Consulting. Grant van Heerden has sufficient experience which
is relevant to the style of mineralisation and type of deposit under
consideration and activities herein reported, to qualify as a Competent Person
as defined in the 2004 edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves' and Part two of the AIM
Guidance Notes for Mining, Oil and Gas Companies. Grant van Heerden consents to
the inclusion in this report of such information in the form and context in 
which it appears.


For more information contact:
Simon Farrell, Managing Director                 GVM                       +61 417 985 383        or   +61 8 9322 6776
Nonkqubela Mazwai, Deputy Managing Director,     GVM                       +27 83 690 9079
Petronella Gorrie                                The Event Shop            +27 82 827 8815
Leesa Peters / Jos Simson                        Conduit PR                +44(0) 20 7429 6606
Olly Cairns / Romil Patel                        Blue Oar Securities Plc   +44(0) 20 7448 4400 / + 61 8 6430 1631


www.gvm.com.au




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQXKLBLDBBBFBZ
Gvm Metals (LSE:GVM)
過去株価チャート
から 5 2024 まで 6 2024