Goldstone Resources Ltd Shipment and Loan Repayment Update (5617Y)
17 January 2022 - 6:00PM
UK Regulatory
TIDMGRL
RNS Number : 5617Y
Goldstone Resources Ltd
17 January 2022
17 January 2022
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Shipment and Loan Repayment Update
GoldStone Resources Limited (AIM: GRL) is pleased to report that
it has completed its second gold pour at the Homase mine. The first
pour on 30 November 2021 yielded approximately 14.46 kilos of gold
doré, and the second pour just completed has yielded 28.50 kilos of
gold doré. These first two pours have been exported to the
Company's off-taker in Switzerland, resulting in refined gold
bullion of 40.67 kilos and 1.71 kilos of refined silver
bullion.
The Company is pleased to announce that the Gold Loan repayments
to Asia Investment Management Services Limited ("AIMS") for
October, November and December 2021, as set out in the Company's
announcement of 20 September 2021, have now been satisfied.
It has been further agreed with AIMS that, in order to enable to
Company to efficiently manage shipments, it shall not be deemed an
event of default if the monthly payments set out in the Company's
announcement of 20 September 2021 are not made at the end of each
month. With effect from 1 January 2022, interest on the outstanding
balance of the Gold Loan shall accrue at a rate of 14% per annum
and Company shall be required to repay the Gold Loan and accrued
interest in full (whether in one lump sum or by way of multiple
payments from time to time) on or before 30 September 2022, and
failing to do so will be an event of default.
A further update regarding operations and production will be
provided in due course.
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 low
debt, emerging gold producer via its 100% owned Homase Mine, which
started production in 2021. GRL has one of the lowest debt to
equity ratios of any emerging gold producer and when at full
planned production of 2000oz pcm GRL expects an AISC of
<USD600/oz. Target for full production is mid-2022.
L ocated 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, hosts 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 hosts 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 (as amended).
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