Goldstone Resources Ltd Issue of Export Permit
02 December 2021 - 06:00PM
UK Regulatory (RNS & others)
TIDMGRL
RNS Number : 3008U
Goldstone Resources Ltd
02 December 2021
2 December 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Issue of Export Permit
GoldStone Resources Limited (AIM: GRL), is pleased to announce
that the Ghanaian Ministry of Lands and Natural Resources has
approved the Company's permit application to export, sell or
dispose of the gold produced from its mining operation on the
Homase Mine in the Ashanti Gold Belt, Ghana (the "Licence"). The
Licence is valid for one year, in line with the Minerals and Mining
Act, 2006 (Act 703) and the Minerals and Mining (General)
Regulations, 2012 (L.I. 2173).
The Licence allows the Company to manage the export of gold in a
timely manner with the offtake partner, in respect of the payments
announced on the 30 November 2021.
In line with the Government of Ghana's policy on development of
the downstream minerals sector, the Company may be requested to
sell an agreed portion of gold produced to local refineries at
internationally competitive prices.
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 gold
exploration and production company. The Company commenced
production at its wholly owned Homase Mine November 2021. When at
full planned production of 2000oz pcm GRL expects an AISC of
<USD600/oz at the Homase Mine.
Located 15km north-west of AngloGold Ashanti's Obuasi mine, in
the mineral-rich and highly prospective Ashanti Goldbelt. Homase
Mine is a series of shallow open pits producing approximately
25,000oz pa of gold, with a recently commissioned CIC treatment
plant, for the Heap Leach operation. First gold was poured in
November 2021, and the Company will be ramping up production during
the first quarter 2022.
The Homase Mine holds a JORC Code compliant 602,000 oz gold
resource at an average grade of 1.77 g/t. This is confined to a 4km
strike length, which the Company plans to explore, along strike and
down dip, in order to expand on the known resource. The mine was
formerly operated by AngloGold Ashanti in 2002/03 producing 52,000
oz gold at 2.5 g/t recovered.
The Company also holds the former underground Akrokerri Ashanti
Mine, which produced 75,000 oz gold at 24 g/t recovered grade in
the early 1900s. It is the Company's intention to commence
exploration of this former mine in the near future.
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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END
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