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Gascoyne raises A$15M for exploration at Dalgaranga, Glenburgh gold projects

Gascoyne ResourcesLtd. said April 11 that it raised about A$15 million from a placementthat was "many times oversubscribed."

The funds will allow the company to pursue a number of high priorityWestern Australian gold targets at its Dalgaranga project in the Murchison region and the project in the Gascoyneregion.

The company believes there is potential for increasing resourcesat the projects, which currently total over 2.0 million ounces of gold, and willundertake an extensive drilling program.

In addition, Gascoyne will be fully funded to complete the finalfeasibility study for the Dalgaranga project, it added.

A pre-feasibilitystudy released in late March for the Dalgaranga project indicated anet present value of A$193 million, at an 8% discount rate, and an internal rateof return of 90%.