REG - Goldstone Resources - Directorate Change and Corporate Update

Goldstone ResourcesAnnouncement

02/04/2024 07:15

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RNS Number : 9103I  Goldstone Resources Ltd  02 April 2024

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.

 

 

- ENDS -

 

For further information, please contact:

 

 GoldStone Resources Limited
 Emma Priestley                      Tel: +44 (0)1534 487 757

 Strand Hanson Limited
 James Dance / James Bellman         Tel: +44 (0)20 7409 3494

 S. P. Angel Corporate Finance LLP
 Ewan Leggat / Charlie Bouverat      Tel: +44 (0)20 3470 0501
                                     Tel: +44 (0)20 7236 1177

 St Brides Partners Ltd

 Susie Geliher

 

 

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.

 

 

 

 

 

 

 

 

 

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