Update on Operations

RNS Number : 1779L

Goldstone Resources Ltd

17 July 2017

 

17 July 2017

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Update on Operations

GoldStone Resources Limited (AIM: GRL) is pleased to announce that it has commenced field work at its Homase-Akrokerri project in Ghana.

Following the investment by Paracale Gold Limited, the Company has undertaken a review of all of the available historic data on the existing JORC Code compliant resource for the Homase-Akrokerri project. Based on the review to date, the directors of the Company believe that there is a mineable reserve within the oxide zone within the Akrokerri licence. As the next step, the Company has commenced pit definition drilling, coupled with additional confirmation drilling to progress pit modelling. To carry out this work the Company has appointed Ghanaian contractors, BCM Ghana Limited, who have mobilised a drill rig and established earthworks equipment on the Akrokerri mine site.

These initial steps will facilitate pit design and provide the necessary platform for proceeding with an application to the Government of Ghana for a mining permit, which we expect to initiate before the end of September.

Neil Gardyne, Chairman, commented: "At long last we have an action orientated outlook for the Company and we are building a team to aggressively pursue a gold production focused strategy for the benefit of our shareholders."

For further information, please contact:

GoldStone Resources Limited
Emma Priestley / Neil Gardyne	Tel: [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	Tel: [phone]
SI Capital Limited
Nick Emerson / Andy Thacker	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 ("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-Akrokerri project in south-western Ghana, which hosts an existing 602,000 oz gold JORC Code compliant resource at an average grade of 1.77g/t, along strike from the Obuasi Gold Mine, one of the World's major gold mines with a total historical and current resource in excess of 70 million ounces of gold.  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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