Gascoyne Resources has written down the value of its flagship Dalgaranga gold project by $33.5 million, as the company's half-year results revealed its liabilities are greater than its assets.
Shares in Gascoyne Resources have fallen more than 12 per cent today, after the gold producer downgraded its production guidance for the second time in less than a month.
Gascoyne Resources' share price plunged 55 per cent lower today after the gold miner disclosed managing director Mike Dunbar and chair Ian Murray both resigned last week, and it also downgraded its production forecast.
Ian Murray has been appointed non-executive chairman of gold producer Gascoyne Resources, two months after announcing his retirement from Gold Road Resources.
SPECIAL REPORT: WA's 30 gold miners achieved a small increase in aggregate output last year with the state's biggest producer, Newmont Mining, making up about a sixth of this at 1.1m ounces, research by Business News has found.
Wesfarmers subsidiary EVOL has won a long-term contract to supply LNG to the power station and the process plant at Gascoyne Resources' Dalgaranga gold project in the Murchison region.
West Perth-based Gascoyne Resources has secured a $60 million debt facility with two major Australian banks as it aims for its Dalgaranga gold project to be in production in mid-2018.
Gascoyne Resources has raised $21 million through a heavily oversubscribed share placement to fund further exploration and development at two of its Western Australian gold projects.
Aspiring gold miner Gascoyne Resources has tapped NRW Holdings for a $300 million mining services contract at its Dalgaranga project in Western Australia, while NRW's managing director has received a boost to his salary.
Gascoyne Resources has mandated two of Australia's largest banks to arrange a $60 million debt facility for the development of its Dalgaranga gold project in the Murchison region.
GR Engineering Services has finalised a $66.5 million package of work for the construction of processing facilities at Gascoyne Resources' Dalgaranga gold project in the Murchison region.
Perth-based gold juniors Gascoyne Resources and Intermin Resources have both reached milestones, with Gascoyne earmarking GR Engineering Services for construction of processing infrastructure while Intermin has achieved first production.
Perth-based explorer Gascoyne Resources has confirmed a $55 million capital raising to fund development of its Dalgaranga gold project in the Murchison region.
Local explorer Gascoyne Resources has tapped investors for a $15 million capital raising to fund ongoing work at two of its gold projects in Western Australia.
Gascoyne Resources has concluded an agreement with the native claimant group Wajarri Yamatji, enabling the company to progress plans on its 100 per cent owned Glenburgh gold project in the Gascoyne region.
