Gascoyne clinches hedging deal with Australian banks

Gascoyne Resources has entered into flat forward gold sales contracts with Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB) for 164 000 oz of gold production from its 100%-owned Dalgaranga gold project, at a delivery price of $1 712/oz. The banks are also providing a $60-million project loan facility for the development of the project, which replaces the short-term hedge facility that was put in place in November.