Source - RNS
RNS Number : 3365R
Goldstone Resources Ltd
14 June 2018

14 June 2018



("GoldStone" or the "Company")


Geological Managers Appointed to Accelerate Development at Akrokeri-Homase


GoldStone Resources Limited (AIM: GRL) is pleased to announce the appointment of SEMS Exploration Services Limited ("SEMS") of Accra, Ghana as Geological Manager of the Company's Akrokeri-Homase project ("AKHM" or "Project") in the Ashanti Region of Ghana.  SEMS is charged with designing and implementing the development of the Project with the objective of reopening the Akrokeri underground mine, extending the Homase open pit and delivering first gold production within 24 months.


SEMS has contributed to the development of the Project for many years, with the founder and owner of SEMS, Simon Meadows Smith, originally having discovered the Homase deposit in 1998 with Dominion Mining Ltd.  Simon Meadows Smith later sold the project to Ashanti Goldfields Corporation ("Ashanti Goldfields") which developed a shallow open pit which produced 52,000 oz gold at 2.5g/t.  Ashanti Goldfields later merged with AngloGold to form AngloGold Ashanti Limited ("ASA"), which is developing the Obuasi Gold Mine, one of the world's major gold mines with a total historical and current resource in excess of 70 million ounces of gold located 12km along strike from the Akrokeri underground mine.   


With its long association with the Project, and expertise in the gold exploration and mining industry, the Board believes SEMS is well qualified to serve as the Company's Geological Manager.


SEMS will assess results from the recently completed soil sampling programme that has tested exploration targets along the Homase trend.   In addition, they will review historic data including production and drilling results from the Akrokeri Mine, which produced 75,000 oz Au at an average grade of 24g/t in the early 1900's, as well as the production records of ASA's mining operations at Homase from 2001 to 2003.  In addition, SEMS has its own geological and technical assessments from studies completed on the project since its discovery in 1998.  Once an exploration and development programme for the Project has been approved by the board, SEMS will oversee ground exploration activity.


GoldStone's Chief Executive Officer Emma Priestley commented:

"Our intention is to fast track development at our Akrokeri-Homase project targeting first gold within 24 months.  In order to keep to this ambitious schedule, we need advisers and consultants who are specialists in their field, with demonstrable experience of advancing projects such as ours into production. Having originally discovered Homase in 1998, as well as having successfully executed the transaction with Ashanti Goldfields, SEMS and Simon have demonstrated the ability to implement successful exploration and development programmes and deliver shareholder value and were the obvious choice for the Company.


"I look forward to providing regular updates regarding our operational activities and the advancement of AKHM towards a decision to mine."



About SEMS

SEMS Exploration is a leading independent, full-service mineral exploration and mining consultancy company in West Africa. SEMS provides a full range of geological, mining engineering and environmental services; from grassroots reconnaissance through mineral resource estimations, project management and mine design to the supervision of feasibility studies.  SEMS consultancy staff compile Independent Technical Reports as Qualified and Competent Persons.  SEMS has managed several gold discovery and mineral resource definition projects in West Africa over the last 18 years including the management of the Nzema Gold Mine discovery in Ghana and the Banfora Gold Project in Burkina Faso.  SEMS is currently working with several junior and mid-tier gold producers on exciting gold exploration projects in Guinea, Cote d'Ivoire and Ghana.


For further information, please contact:


GoldStone Resources Limited

Emma Priestley

Tel: +44 (0)7867 785177 /

        +233 (0)55 581 8855

Strand Hanson Limited

Richard Tulloch / James Bellman

Tel: +44 (0)20 7409 3494

SI Capital Limited

Nick Emerson

Tel: +44 (0)1483 413 500

Citigate Dewe Rogerson

Louise Mason-Rutherford

Tel: +44 (0)20 7282 2932

St Brides Partners Ltd

Susie Geliher / Juliet Earl

Tel: +44 (0)20 7236 1177



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.


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About GoldStone Resources Limited


GoldStone Resources Limited (AIM: GRL) is an AIM quoted exploration company with projects in Ghana, Senegal, and Gabon that range from grassroots to advanced exploration.


The Company is focused on developing the Homase-Akrokeri project in south-western Ghana, which hosts an existing 602,000 oz gold JORC Code compliant resource at an average grade of 1.77g/t, along strike from the Obuasi Gold Mine, one of the World's major gold mines with a total historical and current resource in excess of 70 million oz gold.  The project holds two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold @ 24g/t head grade in the early 1900s, and the Homase Pit with AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold @ 2.5g/t.  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.


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