Issue of Export Permit

RNS Number : 3008U

Goldstone Resources Ltd

02 December 2021

 

2 December 2021

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Issue of Export Permit

GoldStone Resources Limited (AIM: GRL), is pleased to announce that the Ghanaian Ministry of Lands and Natural Resources has approved the Company's permit application to export, sell or dispose of the gold produced from its mining operation on the Homase Mine in the Ashanti Gold Belt, Ghana (the "Licence").  The Licence is valid for one year, in line with the Minerals and Mining Act, 2006 (Act 703) and the Minerals and Mining (General) Regulations, 2012 (L.I. 2173).

The Licence allows the Company to manage the export of gold in a timely manner with the offtake partner, in respect of the payments announced on the 30 November 2021.

In line with the Government of Ghana's policy on development of the downstream minerals sector, the Company may be requested to sell an agreed portion of gold produced to local refineries at internationally competitive prices. 

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]

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold exploration and production company. The Company commenced production at its wholly owned Homase Mine November 2021. When at full planned production of 2000oz pcm GRL expects an AISC of <USD600/oz at the Homase Mine.

Located ~15km north-west of AngloGold Ashanti's Obuasi mine, in the mineral-rich and highly prospective Ashanti Goldbelt.  Homase Mine is a series of shallow open pits producing approximately 25,000oz pa of gold, with a recently commissioned CIC treatment plant, for the Heap Leach operation.  First gold was poured in November 2021, and the Company will be ramping up production during the first quarter 2022. 

The Homase Mine holds a JORC Code compliant 602,000 oz gold resource at an average grade of 1.77 g/t. This is confined to a 4km strike length, which the Company plans to explore, along strike and down dip, in order to expand on the known resource.  The mine was formerly operated by AngloGold Ashanti in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered. 

The Company also holds the former underground Akrokerri Ashanti Mine, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s.  It is the Company's intention to commence exploration of this former mine in the near future.

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.

 

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