REG - Goldstone Resources - Gold Loan Update

Goldstone ResourcesAnnouncement

30/09/2022 07:00

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RNS Number : 2625B  Goldstone Resources Ltd  30 September 2022

30 September 2022

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Gold Loan Update

 

GoldStone Resources Limited (AIM: GRL) is pleased to announce that it has
agreed to extend the maturity of the gold loan announced on 22 June 2020 with
Asia Investment Management Services Limited ("AIMS") (the "Gold Loan"). The
terms of the Gold Loan agreement have been varied as follows:

 

•     the date for repayment of the Gold Loan shall be extended to 30
September 2023 (the "Revised Term") and the Maturity Date stated in Schedule 1
of the Agreement shall be amended accordingly;

•     interest shall continue to accrue on the Gold Loan at the
non-default rate of 14% per annum until the date of repayment; and

•     the Company may (but shall not be obliged to) repay any part of
the Gold Loan and/or accrued interest thereon from time-to-time by way of
instalments during the Revised Term.

 

The outstanding principal of the Gold Loan currently stands at 1,924.61 oz,
with accrued interest to date of 124.37 oz. A total of 675.17 oz (21 kilos) of
gold to date has been paid to AIMs to date in respect of the Gold Loan.

 

- ENDS-

 

For further information, please contact:

 

 GoldStone Resources Limited
 Bill Trew / 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
 St Brides Partners Ltd             Tel: +44 (0)20 7236 1177

 Susie Geliher / Max Bennett

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

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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