Goldstone Resources Ltd – Interim Results

Goldstone Resources Ltd – Interim Results

GoldStone (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2019.

 

Highlights

·      Continued advancement of the Akrokeri-Homase Gold Project (“AKHM” or “the Project”) in the highly prospective Ashanti Region of Ghana

·        Work streams underway focused on the recommencement of production and delivery of first revenues

·       Pilot heap leach study to determine parameters for near-term development of an operating mine along the Homase Trend completed

–   Recoveries in excess of 87.5% indicated after just 60 days due to coarse gold content, exceeding initial expectations and endorsing plans for a heap leach facility to minimise capex

–   Trenching programme, covering over 900 metres, resulted in six of eight trenches encountering above cut-off mineralisation with the highest individual assay at 3.87 g/t Au

·        Completion of Definitive Economic Plan (“DEP”) for AKHM, results of which set out basis for a low-cost heap leach facility to process material from three satellite open pits lying along the known Homase Trend, to generate cash flows to fund the further development of AKHM

·        The DEP indicated

–   After-tax Net Present Value of US$19.5 million (at a 10% discount rate)

–   After-tax IRR of 143% at a gold price of US$1,300 per oz

–   After-tax payback of the initial capital cost within 1 year

·        DEP submitted to the Ghanaian Minerals Commission for its review and approval ahead of application for a Mining Lease

·        Appointment of Dr Orrie Fenn to the Board, post-period end, whose extensive experience and expertise is expected to be highly valuable as the Company advances towards production

 

Copies of the interim report will shortly be available on the Company’s website www.goldstoneresources.com.

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