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Monday, 27th October 2008 (979 views)

Norseman Gold has restructured a major gold project in Western Australia in order to boost cash flow and enhance efficiency.

According to the company, gold production over the quarter to September 2008 rose to 19,007 ounces.

The AIM-listed firm has recently raised a loan of AS$1.5 million (£588,000) through companies linked to three of its directors and is working towards a third source of ore in order to accelerate regional exploration and development programmes.

Australian firm Norseman reduced its pre-tax losses for the year to June 2008 and announced that the mine produced 77,229 ounces, in line with predictions.

A statement by the chairman and chief executive read: "Subject to a satisfactory, stable production level being achieved, the board believes that the true value of the effort and capital committed will be realised in the coming year."

The preliminary results for the year to June show that the restructuring programme is starting to produce results, having addressed a range of critical issues including equipment, plant upgrade, management recruitment and regional drilling.

 

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