10 June 2022
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Statement re Suspension
GoldStone Resources Limited (AIM: GRL) notes the suspension of the Company's ordinary shares from trading on AIM following an operational matter.
The Company confirms that operations at the Homase Mine are continuing as usual and will provide a further update in due course.
**ENDS**
For further information, please contact:
| GoldStone Resources Limited |
|
| Bill Trew / Emma Priestley
| Tel: +44 (0) 1534 487 757 |
| Strand Hanson Limited |
|
| James Dance / James Bellman
| Tel: +44 (0) 20 7409 3494 |
| S. P. Angel Corporate Finance LLP |
|
| Ewan Leggat / Charlie Bouverat | Tel: +44 (0) 20 3470 0501 |
| | |
| St Brides Partners Limited Susie Geliher / Catherine Leftley | Tel: +44 (0) 20 7236 1177 |
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted low debt, emerging gold producer via its 100% owned Homase Mine, which started production in 2021. GRL has one of the lowest debt to equity ratios of any emerging gold producer and when at full planned production of approximately 2,000oz per calendar month GRL expects an AISC of approximately USD970oz. Target for full production is mid-2022.
Located ~15km north-west of AngloGold Ashanti's Obuasi mine, in the mineral-rich and highly prospective Ashanti Goldbelt. Homase Mine is a series of shallow open pits producing approximately 20 - 24,000oz pa of gold, with a recently commissioned CIC treatment plant, for the heap leach operation. First gold was poured in November 2021, and the Company will be ramping up production during H1 2022.
The Homase Mine, hosts a JORC Code compliant 602,000 oz gold resource at an average grade of 1.77 g/t. This is confined to a 4km strike length, which the Company plans to explore, along strike and down dip, in order to expand on the known resource. The mine was formerly operated by AngloGold Ashanti in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered.
The Company also hosts the former underground Akrokerri Ashanti Mine, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s. It is the Company's intention to commence exploration of this former mine in the near future.
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