Technical Agreement with Stratex

RNS Number : 9981M

Goldstone Resources Ltd

20 October 2016

 

20 October 2016

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Technical Agreement with Stratex

GoldStone Resources Limited (AIM: GRL), the West and Central Africa focused gold exploration company quoted on AIM, is pleased to advise that it has entered into an agreement with Stratex International Plc ("Stratex"), pursuant to which Stratex will provide technical services, including but not limited to exploration and mining services, to GoldStone to support the Company's exploration activities (the "Technical Agreement"). Pursuant to the Technical Agreement, the Company will pay a monthly fee of £1,750 plus VAT to Stratex as well as a further fee in respect of any specific work streams, including but not limited to project management and analysis of results from exploration programmes.

As Stratex currently holds over 10 per cent. of the Company's issued share capital and is accordingly a substantial shareholder pursuant to the AIM Rules for Companies ("AIM Rules"), the Technical Agreement is deemed to be a related party transaction under Rule 13 of the AIM Rules.  The independent directors of the Company, being Neil Gardyne and Richard Lloyd, having consulted with the Company's nominated adviser Strand Hanson Limited, consider that the terms of the Technical Agreement are fair and reasonable insofar as GoldStone's shareholders are concerned.

For further information, please contact:

GoldStone Resources Limited
Emma Priestley/ Neil Gardyne	[phone] / [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	[phone]
SI Capital Limited
Nick Emerson / Andy Thacker	[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 ("MAR").

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About GoldStone Resources Limited

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

The Company is focused on developing the Homase-Akrokeri project in Southern Ghana, which hosts an existing 602,000 oz gold JORC compliant resource at an average grade of 1.77g/t, along strike from the Anglo Gold Ashanti Obuasi Gold Mine. Goldstone is focussed upon building a portfolio of high quality projects in Ghana, in the highly prospective Birimian-age Ashanti Gold Belt, one of the largest in the world - approximately 70 Moz gold produced to-date.

In Senegal, the Company holds the Sangola "Permis de Recherche", where a permit wide termite mound sampling programme has identified several robust gold anomalies at surface. In Gabon, the Company holds the Oyem and Ngoutou permits, which both contain robust gold in soil anomalies in excess of 15km length. Nine DD holes have been completed at Oyem and assay results yielded gold concentrations of up to 9.5g/t in a 120m wide deformational zone. At Ngoutou, three DD holes have indicated a wide gold mineralisation potentially covering 120m of strike. These licences are currently being reviewed by the Company.

 

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