9 December 2024
GOLDSTONE RESOURCES
LIMITED
("Goldstone" or the
"Company")
Homase Mine
Update
Update re Convertible Loan
Note
Goldstone Resources Limited (AIM:
GRL) is pleased to provide an update on the progress of operations
in respect of the Homase Mine and heap leach operation in
south-western Ghana ("Homase").
·
The production ramp up continues to advance in
line with expectations and remains on target for expected
production for the remainder of 2024 and going into
2025.
·
34% increase in average monthly production, with
380 ounces of gold doré produced in November (average production
during 2024 of 250 ounces per month) - see Figure 1 for the bar
poured.
·
The second shift started in November 2024 and
stacked agglomerated ore totalled 45,000 tonnes.
·
Civil engineering continues to progress the
construction for Cells 6 and 7 for the continuation of the mining
operations for the planned ramp up of production into
2025.
Convertible Loan Note
Further to the Company's
announcement of 2 December 2024, the Company continues to be in
discussion with Blue Gold International Limited ("BGL" or "Blue
Gold") and its related party that now controls the Convertible Loan
Note ("CLN"). The Company has agreed a Standstill Agreement until
20 December 2024, during which time the Board remains confident
that a resolution will be agreed and the Company will provide a
further update in due course.
Emma Priestley, Chief Executive
Officer, commented:
"Our ramp up at Homase continues at
pace and we remain on track to deliver our stated objective of
producing 1,000oz pcm from January 2025. November was a great
month on site, with gold production up 34% from our yearly average,
and we stacked a total of 45,000 tonnes of ore, supporting our
upward production trajectory into next
year. We have had constructive
discussions with Blue Gold and its related parties and we are
hopeful that this will reach a positive conclusion in the coming
weeks."
Figure 1: Poured
Doré 12 kilos
For
further information, please contact:
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GoldStone Resources Limited
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Emma Priestley
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Tel: +44 (0)1534 487 757
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Strand Hanson Limited
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James Dance / James
Bellman
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Tel: +44 (0)20 7409 3494
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S.
P. Angel Corporate Finance LLP
|
|
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Ewan Leggat / Charlie
Bouverat
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Tel: +44 (0)20 3470
0501
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St
Brides Partners Ltd
Susie Geliher
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Tel: +44 (0)20 7236 1177
|
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About GoldStone Resources Limited
GoldStone Resources Limited (AIM:
GRL) is an AIM quoted mining and development company with projects
in Ghana that range from grassroots exploration to
production.
The Company is focused on developing
the Akrokeri-Homase project in south-western Ghana, which hosts a
JORC Code compliant 602,000oz gold resource at an average grade of
1.77 g/t. The existing resource is confined to a 4km zone of the
Homase Trend, including Homase North, Homase Pit and Homase
South.
The project hosts two former mines,
the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24
g/t recovered grade in the early 1900s, and the Homase Pit which
AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at
2.5 g/t recovered. Production is currently focussed on the Homase
Mine however 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.
