David Catsoulis’ gold mining company faces winding up application

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Twice-bankrupt mining spruiker David Catsoulis has been talking up the prospects of his Papua New Guinea (PNG) gold project despite the company facing a winding up application.

According to The Advertiser, Mr Catsoulis’ company Impact Gold has been talking up the merits of its gold project in the Maprik region of PNG for almost five years now, with an investor document from 2019 estimating the gold resource at 35,000kg of gold.

This comes despite there allegedly being no evidence a resource as defined under Australian mining standards has ever been produced for the project, or any substantial amount of gold mined.

Warwick Gold
David Catsoulis’ Warwick Gold Texas mine in Queensland. Photo: The Australia.

In a letter recently sent to investors ahead of its Annual General Meeting (AGM) on Friday June 28, Mr Catsoulis said the company is about to welcome $25 million in new investment this month from Melbourne company Australian Refining Services (ARS).

ARS director John Spiteri told The Australian he would invest the money subject to conditions and completing due diligence.

“I’m very convinced that the gold is there,” Mr Spiteri said.

Meanwhile, a winding up application has been lodged against Impact Gold in the Queensland Supreme Court by a company called Port Barrack. The claim relates to the non-payment of money the plaintiff claims to be owed in dividends and under contracts around share purchases.

Source: The Advertiser

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