Company Information for GMA Resources Plc

Company stock charts - 12 Month chart

AIM; GMA View full financial data

Company Statement

GMA Resources Plc owns a controlling 52% interest in the exciting 1,425 square kilometer Tirek-Amesmessa gold concession in Southern Algeria. The other 48% is a participating interest owned by the State owned Sonatrach AVAL, the Algerian Oil & Gas giant.

The Company recently constructed a new heap leach facility at Amesmessa that is now in operation and has begun an extensive exploration program over the entire concession.

The Company’s shares are listed on the London Stock Exchange Alternative market (AIM) with the code GMA.

Current Operations

Tirek Mine
The Tirek gold mine is located centrally in the northern third of the exploitation permit area some 60km north of Amesmessa which is in the extreme south of the permit area.

A gold deposit at Tirek was discovered in the early 1970s and the initial mine development commenced in October 1998 with a decision to mine a number of open cuts exploiting high grade quartz-reef lodes. Construction of a processing facility was completed in June 2001 and since that date ENOR has produced in aggregate approximately 20,000 ounces of gold from an open-pit mining operation. A resource statement for Tirek has been produced by the Algerian government agency ORGM totalling 576,225 ounces at an average grade of 17g Au per tonne. In addition, a South African based consulting group reported an open-pit mining resource of 152,000 tonnes averaging 21.3g Au per tonne and in addition an underground resource of 360,000 tonnes averaging 21g Au per tonne.

Amesmessa Deposit
Prospecting in the region since the 1970s led to the discovery of about 50 mineralised veins in the Amesmessa area, with the main Amesmessa deposits found in 1978.

The Amesmessa goldfield is located approximately 60 km south of Tirek and is about 10 km north of the property boundary. The Amesmessa Vein deposits stretch over 12 km along a north-south direction. The area has been geographically broken down into a Southern, Central and Northern zone. The Central Zone includes the most important Veins 7 to 11 that extend over 3 km of strike length and contain about 70% of the resource estimate.

Other Prospects in the ZITA zone
The zone between Tirek and Amesmessa, referred to as ZITA, contains a large number of gold deposits and showings hosted in the mylonite of the In Ouzzal deformation zone. They have only been partially investigated by trenching and limited follow-up drilling by the ORGM. Only 98 core holes totaling 10,314 m and 811 trenches for 6,890 m have been completed on a zone extending over 60 km along the prospective IODZ.

Consequently, a vast potential remains to develop some of those prospects in the ZITA zone and to delineate lower-grade, heap-leachable ore that could be rapidly mined in shallow trenches and open pits. Indeed, a few veins in the ZITA area have already been developed on the basis of the ORGM work and Resources estimates and have supplied feed to the Tirek plant.

Geographical Spread

Algeria

Board of Directors and Key Management

David Netherway	Non Executive Chairman
Douglas G Perkins	Executive Director and Chief Executive Officer
Richard John Linnell	Non Executive Deputy Chairman
François J Gauthier	Non-Executive Director

Company Address 30 Farringdon Street London, United Kingdom EC4A 4HJ Telephone: 020 7544 5677 Facsimile: 020 7544 5565 Email: info[at]gmaresources.co.uk Website: http://www.gmaresources.plc.uk

Annual General Meeting London, July

Year End 31 December

Nominated Brokers Brokers Mirabaud Securities Limited 21 St James Square London, SW1Y 4JP United Kingdom Hichens, Harrison & Co Bell Court House 11 Bloomfield Street, London, UK EC2M 1LB.

Nominated Advisors John East & Partners Limited 10 Finsbury Square London EC2A 1AD

Broker/Analyst Reports

20/02/08 - Edison Investment Research
29/05/07 - Mirabaud

Major Shareholders

Pictet & Cie	14.30%
Majedie Asset Management	6.74%
RAB Capital	5.37%
Teather & Greenwood	4.80%
Coghill Capital	3.26%
UBS	3.14%

Related News

16/06/08 - GMA Resources Waits For The Explosives Delivery Man
21/01/08 - GMA Resources Expects Gold Production To Build Steadily This Year
24/04/07 - GMA Anticipates Success With Its Leach Pad By The End Of The Year

Most Recent Statement

08/01/09 - Production Update
29/12/08 - Placing to raise £1.39 million
18/11/08 - Trading Update
03/11/08 - Operations Update
21/10/08 - Operations Update
24/09/08 - Interim results for the six month period ended 30 June 2008