Gold Loan Update

RNS Number : 2625B

Goldstone Resources Ltd

30 September 2022

 

30 September 2022

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Gold Loan Update

GoldStone Resources Limited (AIM: GRL) is pleased to announce that it has agreed to extend the maturity of the gold loan announced on 22 June 2020 with Asia Investment Management Services Limited ("AIMS") (the "Gold Loan"). The terms of the Gol d Loan agreement have been varied as follows:

• the date for repayment of the Gold Loan shall be extended to 30 September 2023 (the "Revised Term") and the Maturity Date stated in Schedule 1 of the Agreement shall be amended accordingly;

• interest shall continue to accrue on the Gold Loan at the non-default rate of 14% per annum until the date of repayment; and

• the Company may (but shall not be obliged to) repay any part of the Gold Loan and/or accrued interest thereon from time-to-time by way of instalments during the Revised Term.

The outstanding principal of the Gold Loan currently stands at 1,924.61 oz, with accrued interest to date of 124.37 oz. A total of 675.17 oz (21 kilos) of gold to date has been paid to AIMs to date in respect of the Gold Loan.

- ENDS-

For further information, please contact:

GoldStone Resources Limited
Bill Trew / Emma Priestley	Tel: [phone]
Strand Hanson Limited
James Dance / James Bellman	Tel: [phone]
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat	Tel: [phone]
St Brides Partners Ltd Susie Geliher / Max Bennett	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t.  The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered.  Production is currently focussed on the Homase Mine however it is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

 

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