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Gascoyne rattles tin for $24m Dalgaranga ramp up

Mike Dunbar at Diggers.Mike Dunbar at Diggers.
Camera IconMike Dunbar at Diggers.

Newly minted gold miner Gascoyne Resources will raise as much as $24 million to help in the ramp-up of its Dalgaranga gold project near Mt Magnet.

The Mike Dunbar-led company yesterday flagged a $19 million placement priced at 30¢ a share, including $10 million from cornerstone investor LIM Advisors. It will also raise $5 million in a share purchase plan.

Along with a cash balance of $11.3 million, Gascoyne said it planned to spend $1.5 million paying out Dalgaranga’s previous owners, $6.5 million completing the project, $5 million on exploration and as much as $22.3 million in corporate costs and working capital.

The company produced first gold at the 100,000oz-a-year project in May.

Mr Dunbar told the Diggers and Dealers Mining Forum in Kalgoorlie last week the miner planned to maintain an aggressive exploration campaign.

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