Tanami Gold NL (ASX:TAM) recently announced the outcome of a review of the Company's operations in response to prevailing market conditions.
The Board assessed the impact of the substantial fall in the gold price on the Company's current financial position and its impact on the current Coyote Mine Operation.
The Board also assessed the current status of the feasibility studies in progress and the investment case for the development of Tanami's future gold projects.
The key outcomes of the Board review were:
- Placing the Coyote Gold Project on care and maintenance;
- Broadening the scope of the feasibility studies on the Kavanagh Deposit;
- Deferring a development decision on the Groundrush/Central Tanami Project; and
- Commencing a broader review of the Company's strategic direction, with a focus on the restoration of shareholder value.