Gascoyne Resources has raised $21.5 million in shareholder and investor funds for aggressive exploration of its Dalgaranga and Glenburgh gold projects, with first gold production at the former scheduled for the second quarter of 2018.
In addition to regional exploration in order to expand the company’s resources base and extend current mine life, funds will be utilised for additional working capital and Dalgaranga development.
Mike Dunbar, the managing director of Gascoyne Resources, expressed his appreciation for the apparent shareholder endorsement, and also singled out the company’s recent growth from professional domestic and international investors.
“We are very appreciative of the strong support we have received for the placement, in particular from our existing shareholders,” he said.
The placement is due to be paid and settled in the form of 56.5 million shares on November 29.
Gascoyne also announced yesterday it had welcomed a new executive director of development, Ian Kerr. Kerr has a background as an engineer with nearly 30 years of experience in the mining industry.