TIDMGRL

RNS Number : 1779L

Goldstone Resources Ltd

17 July 2017

17 July 2017

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Update on Operations

GoldStone Resources Limited (AIM: GRL) is pleased to announce that it has commenced field work at its Homase-Akrokerri project in Ghana.

Following the investment by Paracale Gold Limited, the Company has undertaken a review of all of the available historic data on the existing JORC Code compliant resource for the Homase-Akrokerri project. Based on the review to date, the directors of the Company believe that there is a mineable reserve within the oxide zone within the Akrokerri licence. As the next step, the Company has commenced pit definition drilling, coupled with additional confirmation drilling to progress pit modelling. To carry out this work the Company has appointed Ghanaian contractors, BCM Ghana Limited, who have mobilised a drill rig and established earthworks equipment on the Akrokerri mine site.

These initial steps will facilitate pit design and provide the necessary platform for proceeding with an application to the Government of Ghana for a mining permit, which we expect to initiate before the end of September.

Neil Gardyne, Chairman, commented: "At long last we have an action orientated outlook for the Company and we are building a team to aggressively pursue a gold production focused strategy for the benefit of our shareholders."

For further information, please contact:

 
 GoldStone Resources 
  Limited 
 Emma Priestley / Neil     Tel: +44 (0)20 7830 9650 
  Gardyne                   / +27 (0)82 490 4427 
 
 Strand Hanson Limited 
 Richard Tulloch / James   Tel: +44 (0)20 7409 3494 
  Bellman 
 
 SI Capital Limited 
 Nick Emerson / Andy       Tel: +44 (0)1483 413 500 
  Thacker

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-Akrokerri project in south-western Ghana, which hosts an existing 602,000 oz gold JORC Code compliant resource at an average grade of 1.77g/t, along strike from the Obuasi Gold Mine, one of the World's major gold mines with a total historical and current resource in excess of 70 million ounces of gold. It is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

This information is provided by RNS

The company news service from the London Stock Exchange

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