PERTH (miningweekly.com) – Gold developer Gascoyne Resources has successfully raised A$55-million to fund the development of its Western Australian gold project.
The capital raise was launched in February and was completed over two tranches.
MD Mike Dunbar on Wednesday said that, with the fundraising now complete, the company was looking forward to the development of the Dalgaranga gold project and the exploration at its other gold projects.
A feasibility study on the Dalgaranga project has indicated potential to produce 592 000 oz over a six-year mine life. The project will require a capital investment of A$86-million, based on two opencut mines and a gravity and carbon-in-leach processing plant with a 2.5-million-tonne-a-year capacity.
The project is estimated to have a life-of-mine operating cash cost of A$869/oz and will deliver revenues of A$866-million.