GBM buys Rio exploration project

Resources company GBM Resources has acquired the Moonmera copper/molybdenum project, in Queensland, from the exploration arm of diversified miner Rio Tinto. GBM acquired the project for A$35 000 of its own shares and a net smelter royalty of 1% over all minerals produced from the area. Furthermore, Rio would maintain a vendor back-in option to purchase a 65% interest in the project, at fair market value, if a A$1.5-billion or greater mineral resource was discovered at the project.