Home Home  Gympie Gold Limited
about usChairman's ReportGympie EldoradoGemstoneSouthland CoalFinancialReleasesInvestor CentreLibrary

Coal Production and Gold Exploration Update

31 October 2002

At Gympie Gold's Annual General Meeting today, Chairman Mr Michael Darling reiterated that the Company's two major objectives are:

1. to establish the Gympie Goldfield as a long-term major gold producer; and
2. to build up Southland Coal into producing at least 1.5 million tonnes per annum.

Mr Darling said "Our growing gold operations are being developed to provide cash flow and, importantly a knowledge base for our major goldfield exploration program.

"At Southland, despite difficult ground conditions during the September quarter, coking coal production should increase to between 1.3 and 1.5 million tonnes for 2002-03, with profitability and two-thirds of the output being generated in the second half."

Managing Director, Mr Harry Adams, added that "Difficult ground conditions continue but it is encouraging that Southland's run-of-mine coking coal production for October is above-budget at over 100,000 tonnes. Our operational responses have been effective with the operation being converted from 5 to 7-day production and mining procedures being adjusted to better accommodate the physical conditions.

"At Gympie Eldorado, our expanded exploration of the goldfield warrants watching closely this year. Current encouragement comes from first-pass drilling of the Inglewood Lode 700 metres north of delineated resources and mining zones. Notably two drill intercepts returned good results of 1.0 metre at 16.1g/t gold and 1.1 metres at 18.1g/t gold (see figure below). This work indicates that the extended Inglewood Structure represents a major exploration target within easy reach of the Lewis Decline."

  • Download this announcement (500KB) [ pdf ]

  •   Latest Releases
    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:
    2002 Annual Report
    Profit Reports
    28 August 2003:
    Full-Year Results and Update
    28 August 2003:
    02-03 Preliminary Final Report
    25 November 2003:
    2003 AGM - Managing Director's Presentation
    05 November 2003:
    Mining 2003 Conference Presentation

    [ Home | About Us | Chairman's Report | Financial Summary | Releases | Investor Centre ]
    [ Gympie Eldorado Gold Mine | Gemstone | Southland Coal ]
    [ Media | Disclaimer ]
    © Gympie Gold Limited
    Email: info@gympiegold.com.au
    ABN: 88 000 759 535

    URL: http://gympiegold.com.au/releases/FYE2003/1036042906_15559.html
    Last Modified: Monday, 04-Nov-2002 14:39:48 EST