Hey Esh,

You were right. I wish you were not, but... it would seem it's not just the high strip that has led the company to such a terrible fall in value, but management incompetence. I can only hope I learn lesson here. Although I should have with BLK.

In the news....

Double whammy puts Gascoyne Resources shares in tailspin

Double whammy puts Gascoyne Resources shares in tailspin

Stuart McKinnonThe West Australian

Monday, 29 October 2018 11:28AM

Stuart McKinnon

The Dalgaranga gold project produced just 12,951 ounces in the last quarter.

Shares in Gascoyne Resources have plunged more than 50 per cent after its newly appointed chairman and long-serving managing director departed suddenly last week.

The early-stage gold producer emerged from a trading halt this morning to announce former Gold Road Resources boss Ian Murray, who only joined the company this month as non-executive chairman, had resigned on Wednesday last week while Mike Dunbar had followed him out the door on Thursday.

The company announced chief financial officer Mike Ball had accepted the role of interim chief executive and non-executive director Sally Anne-Layman would take on the role of chair.

Mr Dunbar has been with the company since February 2010 and as managing director since March 2011, leading it from explorer to producer.

“He has worked tirelessly in growing the company, and developing its team and assets, guiding Gascoyne through discovery, feasibility and development of the Dalgaranga gold project, which continues its production ramp up,” the company said in a statement.

However, the ramp-up of production at the 100,000 ounce-a-year project has been slower than expected with the company revealing in its September quarter report today that Dalgaranga had produced just 12,951 ounces in the quarter.

Mr Murray joined Gascoyne’s board earlier this month with former Evolution Mining chief operating officer Mark Le Messurier, who will continue as a non-executive director along with Mike Joyce and Ian Kerr as executive director of operations and development.

Gascoyne shares were off 14.5¢, or 54.7 per cent, to 12¢ at the close, representing a three-year low.

The company’s shares have been on the slide since it began production at Dalgaranga in May