Acquisition of Residual Interest in Akrokerri

RNS Number : 5483M

Goldstone Resources Ltd

19 September 2012

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

ACQUISITION OF RESIDUAL INTEREST IN AKROKERRI LICENCE

GoldStone (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, is pleased to announce that it now holds 100% of the Akrokerri Licence (the "Licence") following the acquisition of the residual 4.9% interest held by Volta Resources Inc. ("Volta").

The Company announced in October 2010 that it had acquired the Licence from Pan African Resources Ltd, subject to a residual interest of 4.9% held by Volta (the "Residual Interest").  GoldStone has entered into an acquisition agreement with Volta (the "Acquisition Agreement") for the purchase of the Residual Interest for a consideration of 1,500,000 ordinary shares of 1p each in GoldStone ("the Consideration Shares").  Under the terms of the Acquisition Agreement, Volta may not dispose of any of the Consideration Shares before 30 June 2013.

The Akrokerri Licence was renewed on 12 May 2011 for a 12 month period.  The Company has applied for an extension of the Licence, which is expected to be granted shortly.  The Company's interest in the Licence is subject to a 10% free carried interest in favour of the Government of Ghana, which will become effective once a Mining Lease is granted.

Application has been made for admission of the Consideration Shares to trading on AIM, which is expected to occur on 19 September 2012.  Following the issue of the Consideration Shares, there are 319,856,738 ordinary shares of 1p each in issue with each share carrying the right to one vote.

Jurie Wessels, Chief Executive of GoldStone, said: "We are delighted to have acquired full ownership of the Akrokerri licence.  Based on the existing resource at Akrokerri and the current share price, the consideration is equivalent to an acquisition cost of approximately US$16 per attributable resource ounce.  We anticipate the Akrokerri resource will be increased with the results of this year's drilling."

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
WH Ireland Limited	[phone]
Tim Feather
Nick Field
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]

 

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