Ministerial Approval for Mining Lease

RNS Number : 9724T

Goldstone Resources Ltd

20 November 2019

 

20 November 2019

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Ministerial Approval for Mining Lease

GoldStone Resources Limited (AIM: GRL), the West and Central Africa focused gold exploration and development company quoted on AIM, is pleased to announce that the Ghanaian Ministry of Lands and Natural Resources ("MLNR") has approved the recommendation for the grant of a 10 year mining lease on the Akrokeri and Homase Licences, for the Homase South Pit and land for the plant and process operation, see Plan 1 (the "Lease").  The Company now awaits issue of the Lease by MLNR.

The Lease represents an important step in the Company's goal of bring the Akrokeri-Homase Gold Project into production.  The Homase South Pit is the first of the three pits along the Homase Trend which GoldStone will bring into production as detailed in the Definitive Economic Plan announced on 27 June 2019.

Plan 1: Location plan of Proposed Mine

http://www.rns-pdf.londonstockexchange.com/rns/9724T_1-2019-11-19.pdf

Emma Priestley, Chief Executive Officer, commented:

"We continue to work to bring the Akrokeri and Homase project into production at the earliest opportunity and we are very pleased to have received this approval, which is an important step to achieving our goal.  I look forward to keeping shareholder updated as we move forward."

For further information, please contact:

GoldStone Resources Limited
Emma Priestley	Tel: [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	Tel: [phone]
SI Capital Limited
Nick Emerson	Tel: [phone]
St Brides Partners Ltd
Catherine Leftley / Juliet Earl	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

About GoldStone Resources Limited

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

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000 oz 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 Akrokeri 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 52,500 oz gold at 2.5 g/t recovered.  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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