65% Interest Earned in Homase Licence

RNS Number : 6613Q

Goldstone Resources Ltd

24 October 2011

 



Goldstone Resources Limited

65% INTEREST EARNED IN HOMASE LICENCE

GoldStone Resources Ltd ("GoldStone" or the "Company"), the West and Central Africa focused gold exploration company, is pleased to announce that the Company has earned a 65 per cent. interest in the Homase licence.

Under the terms of the Joint Venture agreement with Cherry Hill Mining Company Ltd, which was announced on 19 October 2009 (the "Agreement"), GoldStone will, after the Company has earned an interest of 51 per cent., earn a further 14 per cent. interest in the Homase licence upon spending a minimum of US$1 million on exploration in the Homase licence area.  GoldStone has spent in excess of US$1 million on the Homase licence area since it acquired a 51 per cent. interest in May 2010 and has therefore earned the additional 14 per cent. interest in the licence.

GoldStone is currently executing a multi-phase drilling programme underneath the Homase pit and announced positive drilling results on 11 August 2011 and 20 October 2011.  Under the terms of the Agreement, the Company may increase its interest to 85 per cent. upon the completion of a successful feasibility study over the Homase licence area. 

The Akrokerri licence area, in which GoldStone owns a 95.1 per cent. interest, borders the southern boundary of the Homase licence and the combined licence areas, although differing in ownership structure, are known as the "Homase/Akrokerri project" due to the project sharing a geological structure which controls gold mineralisation on both licences.  The Homase/Akrokerri project borders Anglo Gold Ashanti's Obuasi mine and is situated within the well known Ashanti Gold Belt. 

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels / Hendrik Schloemann
Westhouse Securities Limited	[phone]
Tim Feather / Matthew Johnson
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Louise Mason Bob Huxford

 

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