LONDON (Alliance News) - Golden Saint Resources Ltd Thursday said four yellow stones have been discovered by its Sierra Leone subsidiary, Golden Saint Diamonds.
The company said four yellow stones with approximate sizes of 2.3 carats, 4.20 carats, 10 carats and 10.34 carats have been recovered by the artisanal team under the supervision of its 75% subsidiary Golden Saint Diamonds.
Earlier this month the company reached agreement with Maluei Mohamed from the Southern Zimmi Chiefdom of Makpele, Gelehun - who owns the land where the discoveries were made - after he granted two artisanal mining licences to sponsor the alluvial mining work to be performed in the Zimmi Areas on July 23.
Golden Saint Resources said it believes that such early recoveries are a promising sign for future finds and as a result is considering sponsoring additional artisanal miners in the area.
As per the terms of the agreement, the total value of all diamonds won under the licence are to be shared between Golden Saint Resources and the landholding family as to 70% and 30%, respectively.
The company will be required to apply for an export licence in order to be able to export any diamonds found in the Zimmi Areas.
Under the agreed terms Golden Saint Resources will be responsible for all the artisanal mining operations through a representative, and shall provide machinery, mining tools, food, fuel and lubricants required.
The company "looks forward to building on and consolidating our relationships under the recent sponsorship arrangements which the company has entered into" said Cyril D'Silva, executive chairman.
Shares in Golden Saint Resources were Thursday afternoon trading 27.36% higher, trading at 2.77 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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