Report for June 2003 Quarter21 July 2003
Gympie Eldorado Gold produced 14,486 ounces for the June quarter.
Drilling Inglewood North intercepted economic grades 1.2 kilometres north of the mine, including 2.5 metres at 10.7 g/t and 2.4 metres at 11.0 g/t.
Drilling Inglewood South, 300 metres south of the mine, has located near-surface the favourable productive beds.
Completed capital raisings of $15 million, repaid borrowings of $8 million and rescheduled bank facilities.
Gold hedging reduced by 54,100 ounces to 126,000 ounces to provide greater short term upside to a stronger gold price.
Currency hedging increased to $US57 million of coal revenues hedged at an average $A/$US rate of $A1.00/$US 0.616.
The group's personnel requirements and costs were reviewed during the quarter. Mr Peter Hayes appointed Chief Operating Officer and Mr Arthur Gillen appointed Chief Financial Officer, replacing Mr John Leach - retiring Finance Director. Personnel numbers reduced by 60 at Gympie Eldorado, principally reflecting mine mechanisation and reduced development.
Gympie Gold received this year's Australian Mines Handbook Award from Louthean Publishing for the best quarterly reporting.
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