Goldstone Resources Ltd – GRL – Final Results

Goldstone Resources Ltd – GRL – Final Results

GoldStone Resources Limited (AIM: GRL), is pleased to announce its final results for the year ended 31 December 2020. 

The Annual Report and Accounts will shortly be available to view and download in full at the Company's web site www.goldstoneresources.com.  Hard copies of the Annual Report and Accounts are available on request.  

Highlights

·      The Homase Mine within the Akokeri-Homase Gold Project ("AKHM") was awarded its Environmental Permit, Water Permit and Operating Permits.  The Group commenced mining operations in May 2021, and commissioned the dry plant for the Heap Leach operation and is awaiting the final inspection by the Minerals Commission before gold processing can commence.  

·      Mining and stacking remain on schedule with 160kt of ore having been mined and stockpiled and 40Kt stacked on the heap leach pad to date.

·      Losses for the 12 months to 31 December 2020 were US$610k (2019: Loss of US$655k and with net assets standing at US$10,845k against net assets of US$6,892k at the end of the previous year.  This consists predominately of exploration costs for AKHM of US$14,340k (2019: US$8,256k).

·      The Group completed a resource expansion programme to further define and extend the mineable resource down-dip at Homase South to a vertical depth of approximately 80 metres, and further metallurgical testwork was carried out.  The results increased the minable resource of the southern pits, by 86,900 ounces of gold at depth, representing a 257% increase on the previous estimate of 33,800 ounces of gold, within the existing JORC defined resource.

·      US$2.7 million raised post period end through the exercise of Warrants, to meet ongoing costs associated with the ramp up of operations at the Homase Mine. 

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