Golden Saint Resources Ltd General Update (8966N)
October 31 2016 - 10:07AM
UK Regulatory
TIDMGSR
RNS Number : 8966N
Golden Saint Resources Ltd
31 October 2016
31 October 2016
Golden Saint Resources Ltd
("Golden Saint" or the "Company")
General Update
Golden Saint Resources Ltd (AIM: GSR), the West African-focused
diamond and gold exploration company quoted on AIM, is pleased to
provide the market with the following operational and corporate
updates:
Operational update relating to two of the Company's licences in
Sierra Leone.
Baja licence
Further to the announcement made on 7 October 2016, the work on
building the vehicular road access to Baja Site 2 has been
completed. The modified local washing plant and ancillary equipment
are being transported to the site and, barring unforeseen
circumstances, washing operations are expected to commence during
the first half of November 2016.
Security measures and reporting procedures have been put in
place to ensure that the operations run smoothly. The Board will
update the market with the production data as the washing
progresses.
As a result of creating and building the new vehicular access,
the Company will also now be able to mobilise an excavator to the
Baja area to carry out further gravel extraction and bulk sampling
operations, thus improving the operational productivity.
Feasibilitiy studies are currently being carried out to identify
the next prospective sites in Baja for further gravel
extraction.
Tongo licence
The maintenance work on the Dove Explorer has now been
completed.
The water table in alluvial mining site 1 in Tongo has subsided
to a sufficiently low level, allowing water to be pumped from the
designated pit, which is currently filled with water as a result of
the recent wet season. Completion of this exercise is expected in
about one week, with commencement of gravel extraction operations,
at site 1, during the first half of November 2016.
In order to maximise productivity, the Company will be
mobilising an excavator to site 1 for the gravel extraction, in
addition to hiring local casual labour. The Company plans to carry
out washing operations once sufficient gravels have been excavated,
to maximise operational efficiencies.
Site visit by Rock Forage Consulting Services ("Rock
Forage")
With the planned operations underway during the month of
November 2016, Rock Forage's upcoming site visit in early December
2016 is timely as it will allow the Company's technical consultants
to closely examine the production data, thus giving a better
assessment of the potential diamond and gold recoveries in both the
Company's Baja and Tongo license areas.
Corporate update
In line with the Company's continuing efforts to streamline its
service providers and reduce costs, from 19 January 2017, SVS
Securities Plc will become the sole broker to the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Golden Saint Resources Ltd Keng Hock Seah +618 6145 4400
Beaumont Cornish Limited
www.beaumontcornish.com Roland Cornish / Emily Staples +44 (0) 20 7628 3396
SVS Securities Plc Tom Curran / Ben Tadd +44 (0)203 700 0093
Cassiopeia Services LTD Stefania Barbaglio +44 (0)7949690338
This information is provided by RNS
The company news service from the London Stock Exchange
END
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