News blog

GoldStone Resources Ltd

  • BY: Andrew Hore |
  • POSTED: 19/03/2010 |

GoldStone Resources Ltd has received ministerial consent for its joint ventures in Ghana and is waiting for news about the two prospecting licences applied for in Gabon.

Exploration can start in Ghana but the first priority is to put together a resource statement using existing data for the Homase project. Upon defining an inferred resource GoldStone will earn 51% of the Homase joint venture. GoldStone then has to spend a minimum of $1m to take its interest to 65%. If a successful feasibility study is completed within 24 months of a pre-feasibility study the stake will rise to 85%.

The other joint venture is at Manso Amenfi. A minimum of $700,000 needs to be spent to earn 55% of the joint venture and a further $1m would take the stake to 75%. A successful feasibility study would take the stake to 85%.

The EU funded a 13m study of Gabon and GoldStone has applied for two of the areas with the best gold anomalies. There should be news of the applications in the next few weeks.

GoldStone intends to sell on projects when they reach the mining stage.

GoldStone has been quoted on Aim for practically six years. It started out exploring for gold in Guyana. Although gold was found there were no commercial deposits discovered.

At 2.3p a share, GoldStone is valued at 3.01m. The share price has moved ahead since GeoQuest sold its 40m shares. This removes a block on GoldStone acquiring projects in southern Africa.

GoldStone raised 5.6m at 25p a share when it floated in March 2004 so it is currently worth less than that initial placing.

GoldStone is likely to need to raise additional cash in order to finance the exploration and development of its projects.

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