(Kitco News) - Australian gold miner Gascoyne Resources (ASX: GCY) announced yesterday that it has delivered production for the year ending 30 June 2022 of 71,153oz, which is within its full-year production guidance range of 70-75,000oz.
According to its press-release, the company’s gold production of 16,298oz for the June Quarter was down on the record of 21,669oz achieved in the March Quarter, reflecting the impacts of inclement weather and significantly increased COVID-19 cases in Western Australia over the past 3-4 months.
Gascoyne said that despite this, the Dalgaranga Operation was able to post a solid quarter of production and achieve full-year guidance, while at the same time enjoying considerable near-mine exploration success as reported during the quarter.
Importantly, the company noted that its balance sheet remains very healthy with no corporate debt and a net cash balance exceeding A$30 million at the end of the financial year.
Managing Director Simon Lawson said, "Our balance sheet remains very healthy. This enables us to continue to invest in our future – a future that looks increasingly bright as new zones of mineralization continue to be delineated at Gilbey’s North and Gilbey’s Eastern Footwall."
He added, "Like all mining companies in Western Australia, we are faced with the challenge of increased input costs and increased competition for personnel. We continue to do all we can to proactively manage our cost base and we have had good success in retaining our employees. Where we have had to replace an employee, our value proposition as an employer has proven successful in attracting new employees."
Gascoyne was reinstated on the ASX in October 2020 and is focused on production, development and exploration of a number of gold projects in Western Australia underpinned by positive cash flow generated from the Dalgaranga Operation.
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