Golden Saint Resources Regulatory News (GSR)

24 August 2016

Golden Saint Resources Ltd

("Golden Saint" or the "Company")

Operational update and change of management in Sierra Leone

Operational update - Tongo

The initial bulk sampling operations in Tongo have now been completed notwithstanding the wet weather conditions prevailing during the month of August. In the recent announcement on 18 August 2016, the Company reported that for the first sample of 140 tonnes (dry weight) of gravels, washed between 27 June 2016 and 10 August 2016, it yielded 27 diamonds weighing 12.79 carats, giving an initial grade of 9.1 carats per hundred tonnes and 5.37 grams of gold giving a grade of 0.04 grams per tonne. 

Further to that announcement on 18 August 2016, the Company wish to update the market that with the subsequent washing of the second sample, from 11 August 2016 to 22 August 2016, comprising 66 tonnes ( dry weight) of gravels, it has recovered a further 37 diamonds weighing 13.99 carats giving a grade of 21.2 carats per hundred tonnes. This is a much improved diamond grade compared to the previous 9.1 carats per hundred tonnes from the first sample. The second sample also yielded 3.12 grams of gold giving a grade of 0.05 grams per tonne.

Going forward, the Company will be focusing on modifying and transporting the local washing plant to Baja site 2. As access to this site is not possible during the wet season, we expect bulk sampling of the Sewa River low terrace alluvial gravels at Baja site 2 will commence with the onset of the dry season towards the end of September 2016. The Company will also be looking to source an excavator to be shipped to Sierra Leone for use at the Company's licensed areas to improve productivity and efficiency.

A picture of the recovered rough diamonds and gold can be found on the Company website at www.goldensaintresources.com.

Change of management in Sierra Leone

The Company is pleased to announce the promotion of Mohamed A.S.Deen ("Sallau Deen") (aged 31) to Geologist Manager in Sierra Leone with effect from 1 August 2016.

Sallau Deen holds a BSc Hons in geology and has approximately 7 years' combined industry experience in gold, diamond, bauxite, coltan and iron ore. He has been with the Company since September 2013 working as a senior geologist. Prior to joining Golden Saint Resources in 2013, Sallau Deen held a number of in house geologist and consultancy positions, for both private and public companies.

Sallau Deen has taken over the geological project responsibilities from Ernest Gbappi who has recently resigned as the Company's Chief Resident Geologist for personal reasons. Sallau Deen is currently assisted by six technicians and one plant engineer and will work closely with the project manager in the Perth office and our technical and exploration consultants, Rock Forage Consulting Services.

The information in this announcement that relates to diamond and gold discoveries has been reviewed by Dr John D Ward (Pr. Sci. Nat; PhD) who is an Independent Consultant employed by Rock Forage Mining Limited and is a Fellow of The Geological Society of South Africa. Dr Ward has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity in which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Ward consents to the inclusion in a release of the matters based on his information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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