Homase Project - EPA Certificate Received

RNS Number : 4973F

Goldstone Resources Ltd

27 April 2011

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Homase Project (Ghana): EPA Certificate Received

GoldStone (AIM: GRL), the AIM quoted exploration company focused on gold in West Africa, is pleased to announce that Cherry Hill Mining Company Limited ("Cherry Hill"), the Company's joint venture partner at the Homase project in the Ashanti gold belt, has received an Environmental Permit for Minerals Exploration (the "EPA Certificate") from the Environmental Protection Agency of Ghana (the "EPA"). 

The terms of the EPA Certificate enable Cherry Hill to commence exploration activities on the Homase Prospecting Licence Project Area ("Licence Area").  The award of the EPA Certificate follows the verbal approval received from the EPA to commence drilling activities announced on 11 March 2011.  The EPA Certificate is valid for a period of two years and authorises Cherry Hill to commence drilling operations in the Licence Area subject to the fulfilment of certain conditions relating to the environment and the socio-economic impact of the operations on local communities.  Drilling operations will commence as soon as the Company has secured the services of a drilling contractor.

GoldStone currently holds a 51 per cent. interest in the Homase joint venture and is entitled to increase its interest to 85 per cent. through:

·     either expending a minimum of US$1 million on exploration work, or by conducting a pre-feasibility study over the permit area.  On satisfaction of this provision, GoldStone's interest will increase to 65 per cent.  Participation fees of US$30,000 are payable to Cherry Hill by GoldStone in relation to this phase; and

·     the completion of a successful feasibility study over the area.  In this event, GoldStone's interest will increase to 85 per cent.  Participation fees of US$60,000 will be payable to Cherry Hill by GoldStone in relation to this phase.

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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