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GEGM Offered for Sale by International Tender

19 January 2004

The Receivers and Managers have completed their initial operational and financial review following their appointment to the Gympie Gold Limited Group on 30 December 2003.

As a result of the review, together with the continuing uncertainty associated with the recommencement of operations at the Southland Coal Colliery, the Receivers and Managers are to offer for sale Gympie Eldorado Gold Mines Pty Ltd (“GEGM”), or its assets, together with its interest in D’Aguilar Gold Limited.

  • An international sale process will commence this week with an information flyer calling for expressions of interest. Non-binding indicative offers are due by 18 February 2004 and final offers by 17 March 2004.
  • Assisting the Receiver and Manager in the sale process will be Mr Ronnie Beevor of Beevor and Associates Pty Limited, who has extensive experience in Investment Banking in the resource sector in Australia and overseas.
  • Mr Andrew Love, Receiver and Manager commented; "Since appointment there has been a significant and high level of interest in the gold assets from local and international interested parties. Discussions have also occurred with various shareholder / investor groups who are currently exploring the possibilities of re-capitalising and restructuring the group".
  • Mr Love stated; "There will be about 30 redundancies implemented during the course of the week, the majority of which will occur at GEGM where exploration and mine development has been curtailed, otherwise gold mining operations continue".
  • Mr Love said that in relation to the Southland Colliery, significant effort and money had been expended with Thiess contractors with a view to assessing at the earliest opportunity the prospects or otherwise of re-entering the mine and recommencement of mining operations. He stated; "At present we are still unable to provide a conclusive timetable as to when this will occur and this position is being monitored on a week by week basis".
  • The present situation is that gas monitoring at the coal mine indicates that the fire appears to have been contained. A bore hole is being drilled to lower a camera and other instruments some 450 metres to a target destination between the postulated source of the fire and the longwall unit. The results will be known within two weeks but may be inconclusive. At the same time it is planned to reventilate part of the mine at very low volumes in an attempt to clear residual gases produced by the fire in the area of the longwall unit.

For further information in relation to the Receivership or media enquiries, please contact Andrew Love, Receiver and Manager on (02) 9286 9999. Any enquiries concerning the sale, please contact Robert Pfaff of Ferrier Hodgson on (02) 9286 9999.

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    Last Modified: Monday, 19-Jan-2004 11:07:24 EST