Operations Update

RNS Number : 7574C

Goldstone Resources Ltd

11 March 2011

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Operations Update

GoldStone Resources Limited (AIM: GRL), the AIM quoted exploration company focused on gold in West Africa, is pleased to provide an update on its operations in Ghana and Senegal, and on its application for two licences in Gabon.

GHANA

Homase / Akrokerri

The Company has received verbal approval from the Environmental Protection Agency of Ghana ("EPA") to commence drilling operations at Homase and will begin site preparation immediately.  The Company expects to receive the EPA certificate for its Homase Licence in the coming weeks.  Following receipt of the certificate, which is paid for, drilling is planned to commence subject to drill rig availability.  If drilling does commence as planned the Company expects the first drill results to become available during the third quarter of 2011. 

In addition, the Akrokerri Licence is expected to be renewed shortly, after which the Company will evaluate historical drill data in order to determine if the data supports the estimation of an initial code compliant resource.  If successfully completed this initial resource will, due to its close proximity to Homase, add to the Homase resource.

Manso Amenfi

Progress is also being made at Manso Amenfi, GoldStone's joint venture with Asasemu Mining Ltd, a Ghanaian company.  Soil sampling covering the entire permit area is progressing well and 1,460 of a total of 2,000 samples have already been delivered to the laboratory.  The Company expects the first results in the coming weeks and a full interpretation will be available shortly afterwards.  Additional soil sampling or trenching may follow depending on the results received. 

SENEGAL

Sangola

The soil sampling programme covering the Sangola Licence in Senegal is now well under way with 6,500 samples taken already and a further 1,600 outstanding.  Soil samples are to be sent to the laboratory in the coming weeks.  The Company expects to complete an interpretation of the results during the second quarter of this year.  If further targets of exploration are identified these will be investigated by follow up soil sampling and trenching. 

GABON

The Company submitted licence applications during March 2010 for two distinct gold in soil anomalies in Gabon.  The Company has been recognised as being first in line for the licences which are issued on a first come, first served basis. GoldStone expects to hear whether the applications have been successful in the near term.

Jurie Wessels, Chief Executive of GoldStone, said: "The Company has made solid progress at Sangola and Manso Amenfi and we are poised to start drilling operations at Homase/Akrokerri soon.  Additionally, we are confident that the Akrokerri licence will be renewed and that we'll be able to add ounces to the Homase/Akrokerri resource from the historical data that we've acquired recently.  We are also positive that we will receive news regarding our Gabon applications soon."

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
Westhouse Securities Limited	[phone]
Tim Feather / Matthew Johnson
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Jack Rich

 

END

 

 

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