Brief: Gascoyne Resources Says Mining & Ore Processing Operations At Dalgaranga Will Be Suspended

Spartan Resources

08/11/2022 08:28

Nov 8 (Reuters) - Gascoyne Resources Ltd  GCY.AX :
    * DALGARANGA GOLD MINE OPERATIONS UPDATE
    * HIGH RAINFALL, LABOUR SHORTAGES AND COVID-19 IMPACTS
CONTINUED
THROUGH OCTOBER, NOVEMBER IMPACTING PRODUCTION AT DALGARANGA
    * HAS INITIATED A REVIEW OF CO'S OPERATING STRATEGY
    * OPEN PIT MINING AND ORE PROCESSING OPERATIONS AT
DALGARANGA WILL
BE SUSPENDED IMMEDIATELY
    * MAJORITY OF WORKFORCE CURRENTLY AT DALGARANGA WILL BE
DEMOBILISED OVER NEXT 1-2 DAYS
    * DESPITE POTENTIAL AT YALGOO, AMONG OTHERS TRANSITION TO
MINING
HIGHER-GRADE ORE IS NOT AFFORDABLE
    * DISCUSSIONS COMMENCED WITH CONTRACTORS AND CREDITORS TO
ALLOW CO
TO RESTRUCTURE ITS FINANCIAL POSITION

Source text for Eikon:  ID:nASXBJRjV 
Further company coverage:  GCY.AX 
 ((Reuters.Briefs@thomsonreuters.com;))