Gabon Exploration Licences Granted

RNS Number : 2266F

Goldstone Resources Ltd

20 April 2011

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Gabon Exploration Licences Granted

GoldStone (AIM: GRL), the AIM quoted exploration company focused on gold in West Africa, is pleased to announce that it has been granted the Ngoutou (515 km²) and Oyem (516 km²) exploration licences in Gabon by the Gabonese Mining Department.  The licences have both been awarded for a period of three years and can be renewed twice for a period of three years.

In March 2010 the Company submitted licence applications for the two permits which each contain distinct gold in soil anomalies.  The anomalies were discovered between 2005 and 2009 when 14 million euros of European Union funding was applied to outline the mineral prospectivity of Gabon.  The gold in soil anomaly associated with the Oyem permit in the northern part of Gabon covers a well-known regional geological structure and gold-prospective Archean rocks.  The Ngoutou anomaly in the eastern central part of Gabon has been reported to contain artisanal gold workings and covers Archean and Birimian age rocks.  Both gold anomalies are consistent and in excess of fifteen kilometres long.  Follow-up soil sampling, trenching and possibly augering will be carried out in order to firm up initial drill targets.

Dr. Hendrik Schloemann, GoldStone's Exploration Director, comments: "The award of the exploration licences in Gabon adds two exciting grassroots exploration opportunities to the Company's portfolio.  Our exploration activities now encompass early stage exploration in Gabon through to our more advanced Homase project in Ghana.  As a geologist I am particular excited about the granting of the Gabon permits because I believe they both bear the potential for the discovery of substantial gold deposits."

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
Westhouse Securities Limited	[phone]
Tim Feather / Matthew Johnson
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Bob Huxford
Jack Rich

 

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