Last checked at 22 Feb 2010 13:54
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Progress Report
The Directors of GoldStone are pleased to provide the following update on the Company's portfolio of exploration projects.
PROJECTS
Ghana - Homase and Manso Amenfi
The Ghanaian Minerals Commission ("GMC") has confirmed that both the Homase and Manso Amenfi licenses are in good standing. GoldStone has further been advised by the GMC that the statutory consents from the Minister of Mines and Forestry, which are required to enable the licences to form the subject of the respective joint ventures, are still outstanding. The Directors are cautiously optimistic that the statutory consents will be granted shortly.
Senegal - Sangola
The Company has entered into a Convention de Recherché and has been granted a Permis de Recherché from the Senegalese Ministry of Mines over the licence area and is awaiting delivery of a decree, which is the equivalent of a notarial registration in English-speaking African countries, in order to commence exploration activities.
Mali - Baroya, Metedia-Est and Yatia
The Company has not received a formal reply from the Malian Department of Mines and Geology regarding the progress of its applications for a Permis de Recherché over the Baroya, Metedia-Est and Yatia areas. A further announcement will be made in due course.
GEOQUEST DIVESTMENT
Further to the announcement on 30 November 2009 that GeoQuest Holdings Limited ("GeoQuest"), which owns 40,000,000 ordinary shares in the Company, intends to divest its holding in the Company, GoldStone has been informed that GeoQuest shareholders have approved the disposal and that this process is to be completed by 28 February 2010. The divestment by GeoQuest is a requirement of the South African Reserve Bank to allow GoldStone to acquire interests in assets in the Southern African Development Community.
GeoQuest has advised GoldStone that a substantial proportion of its shareholding in GoldStone may be acquired by parties associated with, or related to, some of the existing GeoQuest shareholders and that discussions are progressing with third parties to acquire the remainder of the shareholding.
DISCUSSIONS WITH INDUSTRY PARTICIPANTS
The directors have been approached by several industry participants who have indicated an interest in discussing strategic partnerships or joint ventures with the Company. The directors are currently considering these options and the potential benefits to the Company and its shareholders.
Enquiries
| GoldStone Resources Ltd | +27 21 551 9009 |
| Jurie Wessels (Chief Executive Officer) |
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| Westhouse Securities Limited | +44 113 246 2610 |
| Tim Feather / Matthew Johnson |
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