REG - Goldstone Resources - Interim Results <Origin Href="QuoteRef">GRL.L</Origin>

Goldstone ResourcesAnnouncement

19/09/2016 07:05

RNS Number : 1329K
Goldstone Resources Ltd
19 September 2016
19 September 2016
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Interim Results for the six months ended 30 June 2016
GoldStone (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, is pleased to announce its interim results for the six month period ended 30 June 2016.
Chairman's Statement
It is with pleasure that I present the interim results for GoldStone as Chairman of the Board. I am pleased to report that following the completion of the fundraise in July and with our new CEO, Emma Priestley, firmly in the driving seat, we are confident that we will be able to add value to the Company for the benefit of all shareholders. 
Post the period end we raised, in aggregate, 1.0 million (approximately US$1.3 million) through the placing announced on 28 July 2016, and I am pleased to say that the majority of the funds raised came from existing shareholders who demonstrated their support in the Company and its management. The fundraise was to provide, inter alia, funding to advance the Company's principal project,Homase-Akrokerri in Ghana, and we have now completed the 120 hole auger-drilling program and expect to mobilise shortly a multi-purpose reverse circulation ("RC") and diamond drill ("DD") rig to follow up on the extensions to known mineralisation within the Akrokerri licence as identified by the 2015 auger programme.
I do believe that we are finally seeing the bottom of the commodity cycle at last and there is a palpable confidence and enthusiasm in the junior mining sector, which has not been there for the past five years or so. GoldStone is well placed to take advantage of this and we are already seeing a number of opportunities being presented to us, which we will continue to review and assess going forward. Our focus, however, will initially be on adding to the resources we already have in Ghana.
I would like to thank Christopher Hall for the efforts he put into Goldstone during his tenure as Chairman, and we wish him well with his focus now as Chairman of Stratex International Plc, our major shareholder.
I look forward to being able to update you on the results of the recently completed auger and the planned RC/DD drilling programme at Homase-Akrokerri as they become available, and will undertake to keep you and the market fully informed about our progress.
Neil Gardyne
Chairman
Chief Executive Officer's Report
PRINCIPAL ACTIVITIES
The principal activities of the Company during and post the period were focused on concluding essential corporate administrative issues and in recent months the Company has undertaken the successful fundraise of 1.0 million (approximately US$1.3 million) and the recommencing of exploration activities at the Company's principal project, Homase-Akrokerri, in Ghana.
REVIEW OF OPERATIONS
The Company continued to focus its activities on its two key licences in Ghana, namely Homase and Akrokerri. A well-structured programme of early works was undertaken, including rehabilitation of the site access roads, locating and pegging the drill site locations for the auger and RC/DD programmes, crop compensation negotiations, site clearing and procurement of elements for the refurbishment to the camp and certain items of mobile equipment. The Company also continues to be engaged with the local community with the restoration works to the Krodia and Adubriem Schools and the proposed outgrowers scheme involving the local community. 
Homase-Akrokerri Licences - Ghana 
The Group owns a 90 per cent. interest in the Homase licence and 100 per cent. of the Akrokerri licence. The local 10 per cent. partner in the Homase licence is supportive of the Company's plans.
The 2015 auger drilling programme identified, amongst other targets, a 1,500m gold-in-regolith anomaly at the AK02 prospect on the Akrokerri licence, immediately south-west and along strike of the 602,000 ounce Homase-Akrokerri JORC resource. The Homase-Akrokerri deposit is contiguous with Anglo Gold Ashanti's Obuasi Mine and the geology within Goldstone's Homase-Akrokerri Project is interpreted to be similar to that which hosts the Obuasi mineralisation.
The AK02 prospect has been prioritised for the planned RC drilling programme of up to 2,500m, whilst the auger programme has been designed to evaluate areas of ground between the anomalous zones identified in 2015.
The 120 hole auger programme has now been completed and the multi-purpose RC/DD drill rig is expected to be mobilised on site shortly with drilling expected to commence towards the end of September. 
The rig also has the capability to undertake deeper drilling if warranted by the initial results and the DD capability will enable the Company to follow-up on zones of interest identified by the planned RC drilling and to test higher-grade zones of mineralisation beneath the existing resource. These zones have previously been identified as a result of exploration and drill programmes completed over the last 10 years.
Elsewhere in Ghana, minimal work has been undertaken at the Manso Amenfi project. 
Gabon and Senegal
The Company continues to identify potential corporate deals for these licences in order to extract their underlying value without actively pursuing significant exploration work ourselves. This may take the form of joint ventures, disposals or other corporate restructuring.
Emma Priestley
Chief Executive Officer
For further information, please visit www.goldstoneresources.com or contact:
GoldStone Resources Limited
Emma Priestley +44 (0)20 7830 9650
Neil Gardyne +27 (0)82 490 4427 
Strand Hanson Limited
Richard Tulloch /James Bellman +44 (0)20 74093494
SI Capital Limited
Nick Emerson /AndyThacker +44 (0)1483 413 500
Consolidated Statement of Financial Position
as at 30 June 2016

In United States dollars
30 June
2016
31 December
2015
30 June
2015

Unaudited
Audited
Unaudited
Assets



Property, plant and equipment
10,219
9,110
21,507
Non-current assets
10,219
9,110
21,507




Trade and other receivables
-
912
7,693
Cash and cash equivalents
79,580
244,530
749,921
Current assets
79,580
245,442
757,614
Total assets
89,799
254,552
779,121
Equity



Share capital - ordinary shares
1,008,352
1,008,352
1,008,352
Share capital - deferred shares
6,077,013
6,077,013
0
Share premium
25,717,878
25,717,878
25,717,878
Capital contribution reserve
555,110
555,110
6,632,123
Share options reserve
605,808
605,808
605,808
Accumulated deficit
(34,153,353)
(33,718,456)
(33,233,738)
Total equity
(189,192)
245,705
730,423
Liabilities



Trade and other payables
28,991
8,847
48,698
Short term loan
250,000
0
0
Current and total liabilities
278,991
8,847
48,698
Total equity and liabilities
89,799
254,552
779,121
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2016

in United States dollars
6 months ended
30 June
2016
year ended
31 December
2015
6 months ended
30 June
2015

Unaudited
Audited
Unaudited
Continuing operations



Sundry income
1,758
27,500
14,938
Exploration expenses
(125,389)
(525,291)
(420,662)
Other expenses
(312,537)
(804,366)
(409,460)
Results from operating activities
(436,168)
(1,302,157)
(815,184)
Finance income
1,271
4,234
1,978
Net finance cost
1,271
4,234
1,978




Loss before tax
(434,897)
(1,297,923)
(813,206)
Loss from continuing operations
(434,897)
(1,297,923)
(813,206)
Other comprehensive income
0
0
0
Total comprehensive loss for the period
(434,897)
(1,297,923)
(813,206)
Loss per share:



Basic loss per share
(0.007)
(0.021)
(0.013)
Diluted loss per share
(0.007)
(0.021)
(0.013)
Consolidated statement of change in equity
for the 6 months ended 30 June 2016

in United States dollars
6 months ended
30 June
2016
year ended
31 December
2015
6 months ended
30 June
2015

Unaudited
Audited
Unaudited




Share capital - ordinary shares



- at beginning ofperiod - restated
1,008,352
1,008,352
1,008,352
- end ofperiod
1,008,352
1,008,352
1,008,352




Share capital - deferred shares



- at beginning ofperiod - restated
6,077,013
6,077,013
0
- end ofperiod
6,077,013
6,077,013
0




Share premium
25,717,878
25,717,878
25,717,878




Capital contribution reserve



- at beginning ofperiod - restated
555,110
555,110
6,632,123
- end ofperiod
555,110
555,110
6,632,123




Share options reserve
605,808
605,808
605,808




Accumulated deficit



- at beginning ofperiod
(33,718,456)
(32,420,533)
(32,420,533)
- loss for theperiod
(434,897)
(1,297,923)
(813,206)
- end ofperiod
(34,153,353)
(33,718,456)
(33,233,738)
Consolidated statement of cash flow
for the 6 months ended 30 June 2016

in United States dollars
6 months ended
30 June
2016
year ended
31 December
2015
6 months ended
30 June
2015

Unaudited
Audited
Unaudited
Cash flow from operating activities



Loss for the period
(434,897)
(1,297,923)
(813,206)
adjusted for:



- depreciation
0
12,397
0
- interestreceived
(1,271)
(4,234)
(1,978)
changes in:



- trade and otherreceivables
912
9,011
2,230
- trade and otherpayables
20,144
(42,040)
(2,189)
Net cash used in operating activities
(415,112)
(1,322,789)
(815,142)




Cash flow from investing activities



Interest received
1,271
4,234
1,978
Acquisition of property, plant and equipment
(1,109)
0
0
Net cash used in / from investing activities
162
4,234
1,978




Cash flow from financing activities



Proceeds from issue of ordinary share capital
0
0
0
Increase in short term loans
250,000
0
0
Net cash from financing activities
250,000
0
0




Net (decrease) / increase in cash and cash equivalents
(164,950)
(1,318,555)
(813,164)
Cash and cash equivalents at beginning of the year
244,530
1,563,085
1,563,085
Cash and cash equivalents at end of the period
79,580
244,530
749,921
Notes to the consolidated financial statement
1.Loss per share
in United States dollars
6 months ended
30 June
2016
year ended
31 December
2015
6 months ended
30 June
2015

Unaudited
Audited
Unaudited
Loss attributable to shareholders
(434,897)
(1,297,923)
(813,206)
Weighted average number of shares
62,286,363
62,286,363
62,286,363
Basic loss per share
(0.007)
(0.021)
(0.013)
2.Availability of InterimReport
The Interim Report will shortly be available on the Company's website www.goldstoneresources.com.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). 

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