Nov 2 (Reuters) - Gascoyne Resources Ltd (GCY) : UPDATES ON...

Nov 2 (Reuters) - Gascoyne Resources Ltd (GCY) :

• UPDATES ON FIREFLY SCHEME AND WESTGOLD TAKEOVER OFFER
• SOUGHT TO FIND A WAY TO SATISFY FIREFLY SCHEME TERMINATION CONDITION PRIOR TO COURT HEARING BUT THESE EFFORTS WERE UNSUCCESSFUL
• ACKNOWLEDGES THAT COMPANY IS CONTRACTUALLY BOUND TO IMPLEMENT SCHEME AS APPROVED BY COURT
• DOES NOT BELIEVE THAT IT CAN APPROPRIATELY ISSUE TARGET'S STATEMENT FOR WESTGOLD OFFER UNTIL WESTGOLD CONFIRMES INTENTIONS
• REITERATES THAT SHAREHOLDERS SHOULD TAKE NO ACTION IN RELATION TO WESTGOLD OFFER AT THIS TIME
• WILL NOW PROCEED WITH ISSUE OF GASCOYNE SHARES TO FIREFLY SHAREHOLDERS