Last checked at 2 Apr 2024 07:00
2 April 2024
GOLDSTONE RESOURCES LIMITED
("Goldstone" or the "Company")
Directorate Change and Corporate Update
Goldstone Resources Limited (AIM: GRL announces today that Mr William (Bill) Trew has stepped down from the Company's Board of Directors, effective April 1, 2024. The Company wishes to thank Mr Trew for his contributions during his Board tenure and wishes him well in his future endeavours.
Corporate Update
The Company continues to advance its capital raising plans to provide additional funds to support the Company's operational development, for working capital and to settle various balances due to the Company's outstanding creditors in order to facilitate publication of the 2022 Accounts and Interim Results on a going concern basis. The Company's financial position remains materially unchanged from that announced on 1 March 2024.
The Board believes it is making positive progress towards, inter alia, completing a fundraise and agreeing an extension to the Gold Loan and expects to be able to provide a further update during the next two weeks. It is noted than any equity funding arrangements are expected to be conditional on shareholder approval at a general meeting of the Company and that there can be no guarantee such additional funding arrangements can be concluded.
In the event that the Company is unable to procure sufficient additional funding to fund its ongoing operations, partially settle balances due to the Group's overdue creditors, and reach suitable repayment agreements with such creditors, the Company may be unable to continue as a going concern and trading in the Company's Ordinary Shares on AIM may be cancelled.
The Company's Ordinary Shares will remain suspended from trading and further updates will be provided as appropriate in due course.
Defined terms used in this announcement shall have the same meanings as in the Company's announcement dated 3 January 2024 unless otherwise defined herein.
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For further information, please contact:
GoldStone Resources Limited |
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Emma Priestley | Tel: +44 (0)1534 487 757 |
Strand Hanson Limited |
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James Dance / James Bellman | Tel: +44 (0)20 7409 3494 |
S. P. Angel Corporate Finance LLP |
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Ewan Leggat / Charlie Bouverat | Tel: +44 (0)20 3470 0501 |
St Brides Partners Ltd Susie Geliher | Tel: +44 (0)20 7236 1177 |
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.
The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t. The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.
The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered. Production is currently focussed on the Homase Mine however it is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.