Goldstone Resources Ltd Operational Update and Loan Payment Extension (9491Q)
02 November 2021 - 01:30AM
UK Regulatory
TIDMGRL
RNS Number : 9491Q
Goldstone Resources Ltd
01 November 2021
1 November 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Operational and Construction Update
Extension of Gold Loan Interest Payment
GoldStone Resources Limited (AIM: GRL), the AIM quoted gold
exploration and development company focused on bringing the Homase
Mine in the Ashanti Region of Ghana into production, is pleased to
announce an operational update and an agreement reached with Asian
Investments Management Services Limited ("AIMS").
Operational Update
The Company is pleased to announce that it has now successfully
completed the cold commissioning and has commenced the final phase
of hot commissioning of its newly constructed 1 tonne elution
plant, together with the electrowinning plant and smelting plant at
the Homase Mine (together, the "New Plant"). This enables Goldstone
to strip, elute, electrowin and thereafter smelt doré bars without
reliance on third parties.
As a result of the successful commissioning of the New Plant,
the Company will be resuming normal mining operations shortly and
will update the market on first gold production and the Company's
updated production schedule over the coming weeks.
Gold Loan
The Company is also pleased to announce, further to its
announcement of 20 September 2021, that AIMS, encouraged by the
Company's operational progress and with the confirmation that
commissioning in underway, has confirmed that the Company will not
be deemed in default under the US$3 million secured gold loan in
relation to the payment due at the end of October 2021. Interest
will continue to accrue at the default rate of 17%, and AIMS has
agreed that the Company is able to settle both the October and
November 2021 instalments by the end of November 2021.
Emma Priestley, CEO of GoldStone, commented :
"Despite the many setbacks encountered this year, the
construction of the elution plant and smelt house began on the 17
September 2021. To construct and commission an elution plant of
this size and complexity within six weeks is a great achievement
for the Homase Mine. This not only serves as an important milestone
for the Company, which is now on the cusp of first gold production,
but also an achievement for the employees who have been supported
by MAED for the design and construction, with assistance through to
commissioning in record time. The Company wishes to thank MAED and
all employees for pulling together to achieve this goal, and its
shareholders for their continued support ."
- ENDS-
For further information, please contact:
GoldStone Resources Limited
Bill Trew / Emma Priestley Tel: +44 (0)1534 487 757
Strand Hanson Limited
James Dance / James Bellman Tel: +44 (0)20 7409 3494
S. P. Angel Corporate Finance
LLP
Ewan Leggat / Charlie Bouverat Tel: +44 (0)20 3470 0501
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted
exploration and development company with projects in Ghana that
range from grassroots exploration to development.
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 Akrokerri 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 52,000 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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