At a general meeting in Perth today, shareholders voted to amend a previous provision granting a second tranche of 5 million shares to interests associated with Lingchip Pty Ltd, namely well known prospector, Mr John Doutch, on the delineation of a JORC compliant Indicated gold resource of 200,000 ounces at Wiluna.
The 5 million shares will now be granted to Mr Doutch, who vended West Wiluna into GWR's original float in 2004, once Golden West delineates an Indicated resource of 10 million tonnes of iron ore within the project.
Although not compulsory to do so, the alteration was proposed by the Company's Board to maintain the intent of the original share issue agreement and to respect the fact Golden West has since successfully moved the exploration focus and planned development path at Wiluna from gold into a flagship iron ore play.
The Company expects to mine and export first iron ore shipments next year at an initial rate of 1 million tonnes per annum (mtpa), increasing eventually to 10 mtpa.
A maiden iron ore JORC resource for West Wiluna is expected to be announced in the March 2007 quarterly report.
Shareholders also approved today the issue of a range of up to 3 million options each to individual Directors, exercisable at $2.00 and $3.00, by the end of December, 2011. The approval follows a decision by Directors 15 months ago to withdraw a then proposed options package exercisable at a considerably lesser figure.
Golden West Resources has grown in market capitalisation from around $8 million at listing in December 2004 to currently in excess of A$160 million.
About Field Public Relations
Field Public Relations provides leading edge communications advice to a broad range of clients - drawing on 20 years experience at the forefront of Australian media and public relations. The consultancy's expertise covers all aspects of communication strategies.
Golden West Resources Limited
Field Public Relations