Gascoyne Resources : Key Management Appointments Made as Dalgaranga Progresses, 975 KB

November 29th, 2016

Australian Securities Exchange Limited Via Electronic Lodgement

• Two key senior management appointments made as the Dalgaranga Project moves towards development:
  • Mr Ian Kerr has been appointed as Development Manager
  • Mr David Lim has been appointed as Chief Financial Officer (CFO)
• Tenders for the SAG Mill required for the new 2.5Mtpa Processing Plant have been received and the tender process closed. Assessment of the tenders is underway with the award of the preferred supplier expected in the next few weeks.
• The Company has secured a second hand 182 person accommodation village including a kitchen, messing facilities and associated infrastructure for the Dalgaranga Village
• The Company has also secured a mix of second hand and new site buildings including the project administration office, maintenance offices, ablution facilities and crib rooms for the processing plant and administration complex.
• The Company has received confirmation from the Department of Mines and Petroleum (DMP) that the Native Vegetation Clearing Permit has been approved.
• The Mining Proposal, Mine Closure Plan and Works Approval are progressing through the DMP approval process. These approvals are expected to be received in early Q1 CY2017.

  Gascoyne Resources Limited (Gascoyne or Company) (ASX:GCY) having recently completed the Feasibility Study (FS) on its 80% owned Dalgaranga Gold Project in the Murchison region of Western Australia, is pleased to announce that in readiness for project development it has made two key management appointments, and has secured core site infrastructure to progress towards the development of the project. The Dalgaranga Gold Project contains a Measured, Indicated and Inferred Resource of 25.7 Mt @ 1.4 g/t gold for 1.12Moz of contained gold (see Figure 1&2) and a recently updated Proved and Probable Ore Reserve of 13.3Mt @ 1.29 g/t for 552,000 ounces of contained gold (See ASX

  Announcement 25th November 2016 for full details).

  KEY MANAGEMENT APPOINTMENTS

  The Company is pleased to advise that two key management appointments have been made as it moves into the development phase for its Dalgaranga Gold Project.

  Mr Ian Kerr has been appointed as the Company's Development Manager. Mr Kerr's initial focus will be on managing the development of the Dalgaranga Gold Project, and once this has been completed Mr Kerr will commence work on Gascoyne's 100% owned +1.0 million ounce Glenburgh Gold Project.

  Prior to his appointment with Gascoyne, Mr Kerr has spent the last 8 ½ years working for Mintrex Pty Ltd, a highly respected and successful engineering group who have been instrumental in the design of a number of mineral processing facilities, including Regis Resources' three gold processing plants in Western Australia, Millennium Minerals' Nullagine gold project as well as numerous other developments around the world.

  Prior to working with Mintrex, Mr Kerr has had a distinguished carreer over the last three decades in both project management and operations management, having taken a number of mining projects from concept through to commissioning for a number of Australian and international mining companies.

  Mr Kerr has a detailed knowledge of the Dalgaranga Gold Project, having been the Project Manager for Mintrex on the Dalgaranga project for both the PFS and FS.

  Mr David Lim has been appointed as Chief Financial Officer of the Company. Mr Lim has been working with Gascoyne in an interim capacity as Joint Company Secretary for the last 6 months.

  Mr Lim is a company executive with over 16 years of experience in the resources sector. He spent 12 years working for Equigold NL, a successful Australian gold exploration and mining company which developed and operated several gold mines in Australia and West Africa, and was Equigold's CFO and Company Secretary at the time of the company's merger with Lihir Gold in 2008. He has worked for ASX listed companies operating in the Oil and Gas, Coal, Iron ore, Lithium and Gold sectors, and has experience with companies operating in Australia, Indonesia, Peru, USA and West Africa.

  PROGRESS TOWARDS DEVELOPMENT

  The Company is pleased to announce that significant progress is being made on early development activities for the Dalgaranga Gold Project. The progress includes:

• Tenders for the SAG Mill required for the new 2.5Mtpa Processing Plant have been closed. Assessment of the tenders is underway with the award of the preferred supplier expected in the next few weeks.

• The Company has secured a second-hand 182 person accommodation village including a kitchen, messing facilities and associated infrastructure for the Dalgaranga village. The accommodation village will be owned by the third party on a "lease to buy" arrangement. Gascoyne is responsible for the camp installation and a series of lease payments over a 60 month period, after which ownership is transferred to Gascoyne.

• The Company has also secured a mix of second-hand and new site buildings including the project administration office, maintenance offices, ablution facilities and crib rooms for the processing plant and administration complex. Securing these second-hand facilities confirms the low capital costs budgeted in the FS for the offices, and provides considerable savings over new facilities.

• The Company is pleased to report that it has received confirmation from the DMP that the Native Vegetation Clearing Permit has been approved.

• The Mining Proposal, Mine Closure Plan and Works Approval are progressing through the DMP approval process. These approvals are expected to be received in early Q1 CY2017.

For further information please refer to the Company's website or contact the Company directly. On behalf of the board of

Gascoyne Resources Limited

Michael Dunbar Managing Director

Figure 1: Gascoyne Resources Project Locations in the Gascoyne and Murchison Regions

Figure 2: Plan of Dalgaranga Deposits and Prospect Location