LONDON (Alliance News) - West and Central Africa-focused gold miner GoldStone Resources Ltd on Tuesday said it was cutting costs and exploring options for its assets as it secured a short-term loan from Stratex International PLC.
GoldStone said it has been cutting costs and making changes across the business in order to cope within the tough commodities market environment. This has included stripping out day-to-day administration and running costs, including salaries. All the company's non-executive directors and its interim CEO have waived their salaries going forward, it said.
In addition, GoldStone is undertaking limited exploration activities and is now exploring all options for its assets, including the sale of one or all of its holdings.
Separately, GoldStone said it has secured a USD100,000 loan from Stratex International, the AIM-listed miner which holds a 33% stake in GoldStone. The loan will be repayable by the end of 2016 and will be used to provide general working capital, GoldStone said.
GoldStone shares were down 3.5% to 1.52 pence, while Stratex shares were untraded on Tuesday morning, having last traded at 1.70 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Goldstone Resources (GRL)