2
April 2024
GOLDSTONE RESOURCES
LIMITED
("Goldstone" or the
"Company")
Directorate Change and
Corporate Update
Goldstone Resources Limited (AIM:
GRL announces today that Mr William (Bill)
Trew has stepped down from the Company's Board of Directors,
effective April 1, 2024. The Company wishes to thank Mr Trew
for his contributions during his Board tenure and wishes him well
in his future endeavours.
Corporate Update
The Company continues to
advance its capital raising plans to provide additional funds to
support the Company's operational development, for working capital
and to settle various balances due to the Company's outstanding
creditors in order to facilitate publication of the 2022 Accounts
and Interim Results on a going concern basis. The Company's
financial position remains materially unchanged from that announced
on 1 March 2024.
The Board believes it is making
positive progress towards, inter
alia, completing a fundraise and agreeing an extension to
the Gold Loan and expects to be able to provide a further update
during the next two weeks. It is noted than any equity funding
arrangements are expected to be conditional on shareholder approval
at a general meeting of the Company and that there can be no
guarantee such additional funding arrangements can be
concluded.
In the event that the Company is
unable to procure sufficient additional funding to fund its ongoing
operations, partially settle balances due to the Group's overdue
creditors, and reach suitable repayment agreements with such
creditors, the Company may be unable to continue as a going concern
and trading in the Company's Ordinary Shares on AIM may be
cancelled.
The Company's Ordinary Shares will
remain suspended from trading and further updates will be provided
as appropriate in due course.
Defined terms used in this
announcement shall have the same meanings as in the Company's
announcement dated 3 January 2024 unless otherwise defined
herein.
- ENDS -
For
further information, please contact:
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GoldStone Resources Limited
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Emma Priestley
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Tel: +44 (0)1534 487 757
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Strand Hanson Limited
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James Dance / James
Bellman
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Tel: +44 (0)20 7409 3494
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S.
P. Angel Corporate Finance LLP
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Ewan Leggat / Charlie
Bouverat
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Tel: +44 (0)20 3470
0501
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St
Brides Partners Ltd
Susie Geliher
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Tel: +44 (0)20 7236 1177
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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.