Gunson Resources (ASX:GUN) has moved towards meeting its capital needs for 2013 after the Western Australian Department of Mines and Petroleum retired the $1.2 million Coburn Project Performance Bond.
With $1.2 million in additional working capital now available and $0.5 million from an R&D tax rebate expected this quarter, Gunson will be well capitalised for the remainder of this year.
The transition by the the Western Australian Department of Mines and Petroleum from environmental performance bonds to payment of annual levies into a Mines Rehabilitation Fund released the $1.2 million held in a term deposit to back a Coburn Project performance bond.
Gunson became only one of the two companies to benefit from the transition to an annual levy system from the performance bonds, that started on 1 July, 2013.
At the end of May 2013, the company separately held under $0.4 million in cash and short term deposits.
The company previously said that the search for a new strategic partner for the Coburn zircon project had restarted. Both zircon and titanium dioxide minerals market have shown signs of resurgence.
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