Westgold Resources Limited [ASX: WGX - Westgold or the Company] announces its intention to make an offmarket takeover offer [Offer] for all the issued shares in Gascoyne Resources Limited [ASX: GCY - Gascoyne].

Westgold's Offer is one [1] Westgold Share for every four [4] Gascoyne Shares. This Offer provides Gascoyne shareholders with an opportunity to achieve a significant market premium for their shares by Gascoyne walking away from the proposed highly dilutive merger by scheme with Firefly Resources Limited [Firefly]. The Offer also enables Gascoyne shareholders to maintain their exposure to the Gascoyne assets and their growth by becoming part of a much larger, well-funded and established group which is already the dominant gold producer in the region.

Contact:

Wayne Bramwell

Tel: +61 8 9462 3400

Email: wayne.bramwell@westgold.com.au

Web: www.westgold.com.au

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