GYM gympie gold limited

gympie gold exploration back on track

  1. 6,931 Posts.
    I hold GYM and expect great things from it.

    Also their presentation to the Diggers & Dealers conference.

    Do your D & D.



    ASX Announcement
    5 August 2003
    Australian mining company, Gympie Gold Limited, is this month recommencing drilling of its
    recently discovered extensions to the Inglewood structure, a prolific gold- feeder system at its
    Gympie goldfield in south east Queensland, Managing Director, Mr Harry Adams said today.
    Mr Adams, who was addressing the Diggers and Dealers Forum in Kalgoorlie, Western
    Australia, said the company's Southland Coal operation in the Hunter Valley, NSW was
    showing strong performance with production in July of another 198,000 tonnes of coking coal.
    He said that while the company had faced exceptional challenges during the past year due to
    temporary difficulties when the coal operation started mining in a new production zone, such
    problems had been overcome earlier this year.
    "While we encountered worse ground conditions since then, because of the lessons learned
    and the consequent changes to the operating regime, we have nevertheless produced coal
    satisfactorily. Run-of-mine coking coal production in the six months to January 2003 was
    500,000 tonnes while in the six months since it had doubled to 1.1 million tonnes," he said.
    "Our recent curtailment of gold exploration at Gympie has been frustrating, particularly in view
    of results in the first half of the 02-03 financial year which justify aggressive follow-up.
    "During the past six months our mapping and reviews have led to our identification of seven
    targets in the Gympie Goldfield with the potential to be of a similar scale to the zones
    historically mined on the Inglewood System, which yielded 2 million ounces. While it would be
    overoptimistic to expect to discover economic ore in all or even many of these zones we believe
    there is a high probability of major discovery amongst them, " Mr Adams said.
    He said four of these targets are on extensions to the Inglewood itself and three are on analogs.
    "It is pleasing that we are recommencing our drilling, albeit less aggressively than is warranted
    by the prospectivity. We’ll bide our time so the balance sheet can strengthen further."
    Mr Adams said he looked forward to the imminent Stock Exchange listing of Gympie Gold's
    associate company D'Aguilar Gold which will focus on exploring the bulk mineable goldporphyry
    targets in the Gympie region .
    D’Aguilar 's IPO is progressing with applications to date having surpassed the minimum
    subscription level," he said.
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