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Licence Renewal and Operational Update

19 Jul 2016 12:40

RNS Number : 6117E
Golden Saint Resources Ltd
19 July 2016
 

19 July 2016

Golden Saint Resources Ltd

 

("Golden Saint" or the "Company")

 

Licence Renewal and Operational Update

 

Further to the Company's announcement of 16 May 2016, Golden Saint Resources Ltd (AIM:GSR), the West-African focused diamond and gold exploration company quoted on AIM, is pleased to update the market in relation to the renewal of its three exploration licences in Baja, Tongo and Moa and its operations in Tongo:

 

Exploration licence renewals

 

Following the Company's acceptance of the approval by the National Minerals Agency ("NMA") for the renewal of the Group's three exploration licences in Sierra Leone ( Baja, Tongo and Moa) on 18 July 2016 the  Company received written payment orders from the NMA for the renewal of the licences in accordance with the following renewal terms:

 

Baja

Tongo

Moa

Licence type

Exploration

Exploration

Exploration

licence

licence

licence

Licence No.

EL 87/2011

EL 86/2011

EL 07/2012

Area size (sq km)

59.51

53.42

46.45

Licence expiry

12-Dec-20

24-Nov-20

14-Dec-20

Annual licence payment USD

23,804

21,368

18,580

Period covered by payment

12-Dec-15

24-Nov-15

27-Jan-16

to

to

to

11-Dec-16

23-Nov-16

26-Jan-17

 

Each licence is in respect of gold, diamonds and associated minerals.

 

The Baja licence area was reduced from 240.11 sq km to 59.51 sq km, at the Company's request following consultation with the Company's technical consultants, Rock Forage Consulting Services, for the reasons provided in the Company's announcement of 10 February 2016. Both the licence areas for Tongo and Moa remain the same size as previously granted.

 

The Company will be making arrangements to pay for the above three respective licences in the course of the next two weeks following which the Company is confident that the new licences will be granted.

 

Operational Update

 

The bulk sampling operations in Tongo are ongoing. During the month of July the Company washed and processed 120 tons of gravels from which the Company has so far recovered 8.21 carats of diamonds of varying sizes, weights and colours. A picture of the recovered rough diamonds can be found on the Company website at www.goldensiantresources.com.

 

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

 

 

For further information please contact:

 

Golden Saint Resources Ltd

 

Keng Hock Seah

+618 6145 4400

Beaumont Cornish Limited

 

Roland Cornish / Emily Staples

+44 (0) 20 7628 3396

SVS Securities Plc

 

Tom Curran / Ben Tadd

 

+44 (0)203 700 0093

Cassiopeia Services LTD

 

Stefania Barbaglio

+44 (0)7949690338

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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