Drilling at Sangola

RNS Number : 6655H

Goldstone Resources Ltd

24 June 2013

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

COMMENCEMENT OF DRILLING PROGRAMME AT SANGOLA

GoldStone (AIM: GRL), the AIM quoted exploration company focused on gold in West and Central Africa, is pleased to announce that drilling has commenced at the Company's Sangola project in Senegal, where it has a joint venture with Randgold Resources (Senegal) Limited ("Randgold").

Since being granted a decree in October 2010, the Company has identified a number of surface anomalies on the Sangola licence.  Notably three major elongated surface anomalies, Baraboye, Tiabedji and Tiobo were identified, of which the Tiabedji anomaly was partly explored by drilling during 2012.  Randgold has now commenced a 6,000 metre reverse circulation drilling programme, targeting the Tiobo surface anomaly.

BACKGROUND

The Company announced on 8 April 2013 that it had concluded a joint venture agreement with Randgold with the purpose of exploring the Sangola licence.  Under the agreement, Randgold will fund all the costs of exploration up to and including the completion of a pre-feasibility study indicating that the mining of at least 1Moz of gold is economically feasible.  Under the terms of the joint venture the Company will own 49% of the project on reaching pre-feasibility.

APPROVAL

The information in this announcement that relates to exploration results, is based on information compiled by Dr. Hendrik Schloemann, who is a Member of the South African Council for Natural Scientific Professions.  Dr Schloemann is a full-time employee of GoldStone Resources Limited.  Dr. Schloemann has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a competent person in terms of the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Dr. Schloemann consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
WH Ireland Limited	[phone]
Tim Feather
Nick Field

 

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