Ghana, Gabon and Mali Project

RNS Number : 3328I

Goldstone Resources Ltd

09 March 2010

 



GOLDSTONE RESOURCES LTD

("GoldStone" or the "Company")

Ghana, Gabon and Mali Projects Update

The Directors of GoldStone are pleased to provide the following update on the Company's activities in Ghana, Gabon and Mali.

GHANA - Ministerial consent granted

The Directors are pleased to announce that the Ghanaian Ministry of Lands, Mines and Forestry has granted its consent that both the Homase and Manso Amenfi licences may form the subject of the joint venture agreements between the Company and Cherry Hill Mining Co. Ltd and Asasemu Mining Ltd respectively.

The Company will now be able to commence exploration activities on both properties and undertake additional desk top work which will include a code compliant resource statement on the Homase licence area based on historical data in the Company's possession. 

GABON - Applications filed over prospective areas

The Company has filed two applications over two geologically distinct licence areas which have exhibited promising soil anomalies obtained from the recently published SYSMIN data compiled by the French and South African Geological Surveys and the Gabonese Mining Department.  The areas selected are situated within under explored Archean and Birimian age gold prospective terrains in the centre and north of Gabon.

MALI - Refusal of Malian applications for prospecting permits

The Directors have been informed by the Minister of Mines of Mali that the Company's applications for prospecting permits ("Permis de Recherche") over the Metedia-Est and Baroya licence areas have been refused and that prospecting permits over these licence areas have been granted to another applicant.  In addition, despite numerous written and verbal requests to the DNGM, no reply has been received regarding the Company's application for a prospecting permit over the Yatia area.

CEO Comment

Jurie Wessels, Chief Executive of GoldStone, commented: "We are pleased with the news from Ghana and excited about the possibilities that these projects offer the Company and especially the prospect of receiving a JORC compliant resource statement in the near future on the Homase licence area.  The Ghanaian projects, together with our prospects in Senegal and now in Gabon offer the Company the potential of a well diversified portfolio of exploration assets that could substantially reduce discovery risk. 

"The Mali exploration projects were the lowest priority in our portfolio.  We are disappointed with the outcome of the lengthy application process and are currently assessing the Company's options in Mali."    

Background to Mali applications

During June 2008 the Company was granted gold exploration permits over Baroya and Metedia-Est licence areas (the "Exploration Permits").  According to the terms of article 20 of the Malian Code Minier and the Exploration Permits, GoldStone held exclusive rights ("droit prioritaire") for a period of three months to file applications for prospecting rights.

GoldStone carried out the required exploration programmes over the Baroya and Metedia-Est permit areas and the results were found to be positive and encouraging.  Early in August 2008 the Company exercised its exclusive rights and filed applications for comprehensive rights over the Baroya and Metedia-Est licence areas with the Malian Department of Geology and Mines ("DNGM").  In addition, and at the same time, the Company applied to the DNGM for a prospecting licence over the Yatia permit area which is an area adjacent to the Exploration Permits.  

During the application period and up to August 2009, representatives of GoldStone in Mali and the directors of the Company were continuously assured by the DNGM that no other applicant had filed an application over the area, that GoldStone's applications were in order and that the prospecting rights would be granted shortly.

Notwithstanding GoldStone's priority rights in terms of the Malian Code Minier and the Exploration Permits, the DNGM has now informed the Company that priority has been given to another applicant because this party already holds an exploration permit for gold at a nearby property.

Enquiries:

GoldStone Resources Ltd	[phone]
Jurie Wessels (Chief Executive Officer)
Westhouse Securities Limited	[phone]
Tim Feather / Matthew Johnson

 

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