Goldstone Resources Ltd Technical Agreement with Stratex (9981M)
October 20 2016 - 1:00AM
UK Regulatory
TIDMGRL
RNS Number : 9981M
Goldstone Resources Ltd
20 October 2016
20 October 2016
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Technical Agreement with Stratex
GoldStone Resources Limited (AIM: GRL), the West and Central
Africa focused gold exploration company quoted on AIM, is pleased
to advise that it has entered into an agreement with Stratex
International Plc ("Stratex"), pursuant to which Stratex will
provide technical services, including but not limited to
exploration and mining services, to GoldStone to support the
Company's exploration activities (the "Technical Agreement").
Pursuant to the Technical Agreement, the Company will pay a monthly
fee of GBP1,750 plus VAT to Stratex as well as a further fee in
respect of any specific work streams, including but not limited to
project management and analysis of results from exploration
programmes.
As Stratex currently holds over 10 per cent. of the Company's
issued share capital and is accordingly a substantial shareholder
pursuant to the AIM Rules for Companies ("AIM Rules"), the
Technical Agreement is deemed to be a related party transaction
under Rule 13 of the AIM Rules. The independent directors of the
Company, being Neil Gardyne and Richard Lloyd, having consulted
with the Company's nominated adviser Strand Hanson Limited,
consider that the terms of the Technical Agreement are fair and
reasonable insofar as GoldStone's shareholders are concerned.
For further information, please contact:
GoldStone Resources
Limited
Emma Priestley/ Neil +44 (0)20 7830 9650 /
Gardyne +27 (0)82 490 4427
Strand Hanson Limited
Richard Tulloch / James
Bellman +44 (0)20 7409 3494
SI Capital Limited
Nick Emerson / Andy
Thacker +44 (0)1483 413 500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- END -
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted
exploration company with projects in Ghana, Senegal and Gabon that
range from grassroots to advanced exploration.
The Company is focused on developing the Homase-Akrokeri project
in Southern Ghana, which hosts an existing 602,000 oz gold JORC
compliant resource at an average grade of 1.77g/t, along strike
from the Anglo Gold Ashanti Obuasi Gold Mine. Goldstone is focussed
upon building a portfolio of high quality projects in Ghana, in the
highly prospective Birimian-age Ashanti Gold Belt, one of the
largest in the world - approximately 70 Moz gold produced
to-date.
In Senegal, the Company holds the Sangola "Permis de Recherche",
where a permit wide termite mound sampling programme has identified
several robust gold anomalies at surface. In Gabon, the Company
holds the Oyem and Ngoutou permits, which both contain robust gold
in soil anomalies in excess of 15km length. Nine DD holes have been
completed at Oyem and assay results yielded gold concentrations of
up to 9.5g/t in a 120m wide deformational zone. At Ngoutou, three
DD holes have indicated a wide gold mineralisation potentially
covering 120m of strike. These licences are currently being
reviewed by the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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