Ann: Operational Changes - Bullant Gold Project , page-3

re: Ann: Operational Changes - Bullant Gold P... The Board of Kalgoorlie Mining Company has resolved to take immediate steps to suspend mining operations at the Bullant gold project. The decision is a result of a management recommendation following a detailed operational and financial review of the current Bullant operation. The combined effect of missed production targets and high processing costs meant that the only sustainable outcome was an immediate decision to place the operation on active care and maintenance.
Consequently, there will be an immediate reduction in the required workforce at site. The Board regrets the need for this reduction, however it remains the most feasible alternative to best preserve the value of the project. KMC continues to assess its recapitalisation options for the project and its asset inventory.
The Company requests that its shares remain in voluntary suspension until the Company is able to provide further details to the market on its recapitalisation plans and prospects for the project going forward.