November 3rd 2017

Australian Securities Exchange Limited Via Electronic Lodgement

57 139 522 900

DALGARANGA GOLD PROJECT - CONSTRUCTION UPDATE 8 MONTHS TO FIRST GOLD
  • Construction work at Gascoyne's 100% Dalgaranga Gold Project advancing well on all fronts, with first gold production scheduled for Q2 2018, currently on budget and on time
  • Engineering and design of the 2.5Mtpa Process Plant well advanced - 91% complete
  • GR Engineering fully mobilised to site on 1st August, construction activities include:
    • SAG mill foundations - completed
    • CIL tank foundations and bunding - completed
    • CIL Tank erection - 60% complete o Steel Fabrication - well advanced o Steel Erection - commenced
    • Buried services - underway
    • Installation of mechanical equipment - commenced
    • Workshop and warehouse construction - completed
  • Administration and maintenance office complex installation - completed
  • Tailings storage facility (TSF) lift approximately - 75% complete
  • Water evaporation pond construction - completed
  • Golden Wings water bore and dewatering pipeline - completed
  • Dewatering of Golden Wings underway - 5 months ahead of mining
  • Dewatering of Gilbeys underway - 8 months ahead of mining
  • Access road construction and clearing for the airstrip - completed
  • NRW Holdings nominated as preferred mining contractor - mining to commence in March 2018

P.O. Box 1449, West Perth, Western Australia 6872 Level 1, 41-47 Colin Street, West Perth, Western Australia 6005 Telephone +61 8 9481 3434, Facsimile +61 8 9481 0411

Email: admin@gascoyneresources.com.au, Web: www.gascoyneresources.com.au

Gascoyne Resources Limited ("Gascoyne" or "Company")(ASX:GCY) is pleased to provide an update on construction activities at the Company's 100% owned Dalgaranga Gold Project, which contains a Measured, Indicated and Inferred Resource of 31.1Mt @ 1.3 g/t for 1,320,000 ounces of contained gold, which is inclusive of Proved and Probable Ore Reserves of 14.3Mt @ 1.27 g/t for 581,000 ounces of gold (see Figures 2 & 3 and Tables 1 & 2 below).

Process Plant Construction Update:

GR Engineering (GRES) has progressed significantly with the design and engineering of the 2.5Mtpa Dalgaranga Processing Plant, with design and engineering 91% complete (see Figure 1).

GRES fully mobilised to site on 1st August and is well advanced on the construction of the process plant. Activities completed to date include:

  • Concrete placement is approximately 85% complete with the SAG mill foundations, CIL tank foundations, reagent storage foundations and wet area foundations all complete.

  • CIL tank erection is well advanced with three tanks at full height. Overall the CIL tank construction is approximately 60% complete.

  • Steel erection on site is well advanced with steelwork around the SAG mill and ore transfer bin progressing on schedule.

  • Installation of the mechanical equipment has commenced.

  • Instalation of the buried services has commenced and is on schedule.

  • Construction of the workshop and warehouse has been completed

  • Off site steel fabrication is well advanced, with conveyor truses, reagent tanks, feed chutes and ore bins being delivered to site as scheduled.

Crushed Ore Stockpile Transfer Bin Jaw Crusher SAG Mill Reagent Tanks Leach Tanks Figure One: Isometric Layout of the Dalgaranga Processing Plant Photo 1: Dalgaranga Plant Site Construction Progress Photo 2: SAG Mill Foundations Completed Photo 3: Steel Erection around the Transfer Bin Photo 4: Installation of the Mechanical Equipment has commenced - Elution Heater being installed

Gascoyne Resources Ltd. published this content on 03 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 November 2017 00:38:09 UTC.

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