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Proposed Southern Goldfield Joint Venture

ASX Announcement & Media Release

29 January 2002

Proposed Joint Venture Financing for Exploration, Development and Production from the Southern Gympie Goldfield

The Company makes the following clarifying comments to the disclosures made in the Quarterly Report issued 24 January 2002.

Proposed Southern Goldfield Joint Venture

Together with financial intermediaries Direct Portfolio Services and ABN AMRO Morgans, the Company is considering the formation of an exploration, development and production joint venture for the southern Gympie Goldfield. Should the joint venture proceed, it would raise approximately $30 million to be used by the joint venture. The joint venture would be majority-owned and site-operated by the Gympie Gold group and would accelerate exploration of zones which have ranked as high priority exploration targets for two years but where progress has been retarded by competing group priorities. These zones would be accessible via the main Lewis Mine decline, which has been constructed with substantial excess capacity. This proposal is subject to regulatory approvals.

Full details can be obtained in the following downloadable files:

  • Announcement & Media Release [ pdf ]

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    Last Modified: Friday, 23-Aug-2002 08:55:16 EST