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New Consortium Replaces Existing Banks

02 March 2004

Australian exploration, mining and marketing company Gympie Gold Limited today announced that a consortium of banks led by Mizuho International Plc (“Mizuho”) and Investec Bank Australia Limited (“Investec”) have agreed to replace HSBC Precious Metals Australia and Fortis Banks as its principal bankers. Concurrently, the Company has appointed Investec Wentworth Pty Ltd as its financial advisor.

The Mizuho/Investec consortium, together with the Receiver-Managers, Ferrier Hodgson, are reviewing all options with respect to the operations at the Company's Southland Coal mine and the Gympie Eldorado Gold mine. As a consequence of this change, Mr Peter Geroff of Ferrier Hodgson & Co, as Receiver and Manager, has advised that the sale process previously put in place for Gympie Eldorado Gold Mine and the Company's shareholding in D'Aguilar Gold Limited has been put on hold while the consortium concluded its appraisal of the situation.

[ends]



  • Download this announcement (131kb) [ pdf ]
  • Download Ferrier Hodgson Report on Sale of Gold Assets(164kb) [ pdf ]


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    Last Modified: Friday, 05-Mar-2004 11:21:10 EST