(Alliance News) - Goldstone Resources Ltd on Thursday said it has completed the definitive economic plan for the Akrokeri-Homase gold project in Ghana and submitted it to the Ghanaian Minerals Commission.
The plan contains "the basis for a low cost heap leach processing facility", which will process material from three satellite pits at Akrokeri-Homase.
The definitive economic plan estimates an 82,000 ounce mineral resource of contained gold in oxide ore, with projected recovery of 82% from 2.2 million tonnes of oxide ore. The ore's average grade is 1.2 grammes of gold per tonne of ore.
Goldstone Chief Executive Emma Priestley said: "The proposed mine is a small project with robust economics that benefits from straight forward metallurgy, excellent recovery rates, and minimal stripping ratio.
"The proposed mine has the potential to generate cash flows to support the continued development of [Akrokeri-Homase], as we seek to significantly increase the existing JORC resource at [Akrokeri-Homase] to support a potential larger mining operation. Importantly, it will also boost the local economy, create employment in the region and generate revenues for the country when fully operational."
Shares in Goldstone were down 3.8% at 1.71 pence on Thursday afternoon shortly before close.
Goldstone Resources (GRL)