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March 2001 Quarterly Report

1 January - 31 March 2001

09 April 2001

Principal Points

GYMPIE ELDORADO GOLD GROWING RAPIDLY

  • Record production of 13,179 ozs and strong growth outlook. Monkland Mine cash operating costs averaged $A288/oz for an operating margin of $A232/oz ($US114/oz) which is a 74% higher margin than for the previous corresponding quarter.
  • Mine plans for the new large Stockwork 6A orebody completed, underpinning the operation at an annual average 10g/t for 3 years or more. This is one of the country's highest-grade gold mines.
  • Recent exploration drill-intercepts include 7 metres at 21g/t and 12 metres at 17.5 g/t gold on a newly discovered, large gold orebody within the Monkland Mine.
  • Lewis Mine construction is on schedule and the large Rands Dyke Stockwork has been discovered, including one drill intercept of 18 metres at 8.1g/t close to the decline. Such increasing exploration success is profoundly transforming the future scale of mine and mill production at Gympie.

SOUTHLAND COAL STARTS PRODUCTION AS COAL PRICES RISE

  • Leading contractor Thiess Mining Pty Ltd was appointed to replace Colrok after it went into voluntary administration on 10 January. Thiess is now restarting production following a $4.5 million remediation program.
  • While little coal was produced for the quarter during this remediation program by Thiess, mine production over the next two years is planned at 3.2 million tonnes. Installed mine capacity exceeds 2 million tonnes per annum and production rates will build up steadily.
  • Customers continue to show strong support with most of the next 12 months production already allocated at prices more than 20% higher than the past 12 months. The coal market is particularly strong with excess export demand from Japan, Korea, India, Taiwan, Europe and also domestically.

GROUP FINANCIALS

  • Have hedged 50% of 6 years' gold sales at $A526/oz, assuming only 100,000 ozs per annum and hedged planned coal sales for the next 10 months at $US:$A exchange rates averaging US63 cents.
  • In the coming financial year, operations are expected to contribute $40 million, which will be reinvested or used to reduce borrowings. This annual operating contribution is the equivalent of 60% of the Company's current market capitalisation of $67 million.
  • The group owes no money to previous coal contractor Colrok or its associated entities and has lodged damages claims for $39 million and received counter-claims for $21 million.
  • Liabilities are 30% of asset book


    Full details can be obtained in the following downloadable files:

  • Quarterly Report [ pdf ]


  Latest Releases
Announcements
10 February 2005:
Circular to Gympie Gold Group Stakeholders - 9 February 2005
16 November 2004:
Closure of Registered Office
Quarterly Reports
30 January 2004:
Report for December 2003 Quarter
20 October 2003:
Report for September 2003 Quarter
Annual Reports
23 October 2003:
2003 Annual Report
01 October 2002:
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28 August 2003:
Full-Year Results and Update
28 August 2003:
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25 November 2003:
2003 AGM - Managing Director's Presentation
05 November 2003:
Mining 2003 Conference Presentation
 




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