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5 Jun 2008 07:00
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GOLDSTONE RESOURCES LTD
GRANT OFΒ EXPLORATION PERMITS
The Directors of GoldStone Resources Ltd ("GoldStone"Β or theΒ "Company") are pleased to announce that the Company has been granted two gold exploration permits inΒ Mali,Β West Africa.
The Baroya and Metedia permit areas theΒ "Permit Areas") are contiguous and occupy a total area of 15 square kilometres, close to the international border withΒ SenegalΒ in the south-western gold belt ofΒ Mali.Β Β The granted permits are within 8 km of the Tabakoto/Segala gold mine, which went into production during 2006 and was recently acquired by Avion Resources.Β Β The permits grant theΒ Company exclusive exploration rights for a period of three months. At the end of this periodΒ theΒ Company may elect to renew the permits for a second evaluation period of three months orΒ applyΒ for a prospecting licence valid for a period of two years.Β Β A further areaΒ adjacent toΒ the Permit Areas is still under application with the Malian Director of Geology and Mines ("DNGM").
Previous Exploration and Prospectivity
The Permit Areas have previously been explored by various Malian and international companies.Β Β The most recent report available from the DNGM for the Permit Areas is dated 2003Β and indicatesΒ that exploration was discontinued on the Permit Areas during 2003 when the gold price was approximately US$350 per ounce and also before the Tabakoto gold mineΒ enteredΒ into production.
A review of the available reports of previous soil sampling, trenching and drilling programmes indicatesΒ that the PermitΒ Areas and the area that is still under application contain several goldΒ anomalies. Any follow up field exploration programme over the next three months may however be limited by the West African rainy season from June to November and exploration workΒ willΒ be primarily focused on the review and assessment of available data, which could include the review of soil geochemistry, geophysical surveys, satellite images, previous structural interpretations as well as the locations of boreholes and trenches.Β Β The interpretation of this data will be completed in a GIS environment, which will help to evaluate the prospectivity of the Permit AreasΒ and the focus of any future exploration. A field visit is planned to confirm previous borehole and trench locations and possibly alsoΒ toΒ conduct a limited soil geochemistry orientation study.
APPROVAL
Dr.Β Hendrik Schloemann, who holds a PhDΒ inΒ GeochemistryΒ has reviewed and approved the content of this announcement.
Enquiries:
GoldStone Resources Ltd 00 27 21 794 4004Β
Dr.Β Hendrik Schloemann (Director of Exploration) / Jurie Wessels (Finance Director)
Hanson Westhouse Limited 0113 246 2610Β
Tim FeatherΒ /Β Matthew Johnson
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