GMA has completed the transfer of its shares in Enterprise d'Exploitation des Mines d'Or Spa ("ENOR"), representing 52 per cent. of the issued capital in ENOR, to Sonatrach RCH, its former joint venture partner.

Following the disposal of the ENOR Interest and the approval of the Company's investing policy at the general meeting of the Company held on 6 January 2012, the Company is now classified as an investing company in accordance with Rule 15 of the AIM Rules for Companies and as such is obliged to make an acquisition(s) which constitutes a reverse takeover or otherwise have implemented its investing policy within 12 months from the date of the disposal, being 17 April 2013.

The Directors are currently seeking to acquire another company or business in exchange for the issue of Ordinary Shares in a single transaction (a "reverse takeover"). The Directors' main investment criteria are that such a company should be:

• • a business operating in the mining sector with operations principally in a developing country;
• • one which requires little or no funding in excess of the cash resources available to the Company following the Disposal; and
• • one whose growth prospects, if achieved, will be earnings enhancing for Shareholders.

These criteria are not intended to be exhaustive. However, the Company may make an investment which does not fulfil all the investment criteria if the Directors believe that it is in the interests of Shareholders as a whole to proceed with such an investment.

At this stage the Company has not agreed or applied for its securities to be admitted or traded on any other platform other than the AIM Market and there are currently no restrictions on the transfer of securities.