(Alliance News) - GoldStone Resources Ltd said Friday it has been formally awarded the mining lease for two licences in Ghana.
The lease covers the Homase South pit and the land needed for the plant and processing operations near the town of Obuasi in the Ashanti gold belt in Ghana.
GoldStone shares were trading 43% higher in London at 2.72 pence each on Friday.
The west and central Africa-focused gold explorer said the ten-year lease has been officially granted by the government. The lease can be renewed and/or extended to include additional puts along the Homase Trend, the company noted.
GoldStone said the lease represents an important step in its goal of bringing the Akrokeri-Homase gold project into production. Homase South is the first of the three pits along the Homase Trend which the company will seek to "bring into production at the earliest opportunity".
Emma Priestley, chief executive, said: "We are very pleased with the efforts and professionalism demonstrated by the government of Ghana in support of this project."
"We see this as a reflection of a jurisdiction that recognises the importance of encouraging the development of its mineral resources," Priestley said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Goldstone Resources (GRL)