Only weeks after Gascoyne Resources turned to shareholders to raise A$20.6-million in an entitlement offer, it was announced on Monday that FTI Consulting had been appointed as voluntary administrators of the ASX-listed gold mining company.
The administrators – Michael Ryan, Kathryn Warwick and Ian Francis – said that Gascoyne had been producing below expectations at the Dalgaranda gold project, in Western Australia, despite efforts to optimise operations by targeting improved mine grade, resource reconciliation and increased material movements.