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GoldStone Resources progressing all of its projects

Last updated: 07:39 20 Nov 2013 GMT, First published: 08:39 20 Nov 2013 GMT

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AIM-quoted gold explorer Goldstone Resources (LON:GRL) is pushing ahead with its exploration  programme in Africa despite the difficult conditions for juniors.

Jurie Wessels, GoldStone's chief executive, said: "We are continuing to progress our projects, all of which hold the potential to significantly improve the company's fortunes.

“We are pleased with the potential that may be unlocked by our JV [joint venture] partner Randgold at our Sangola project at no cost to Goldstone and are looking forward to the results from our exploration at Manso Amenfi.

Goldstone said it expects to do further work at Manso Amenfi if a trenching programme is successful.

A ground magnetic survey is also expected to be conducted at Ngoutou in Gabon in order to further define drilling targets, though Goldstone said further funding will be required to significantly advance the Gabonese projects in 2014.

The company's efforts to commercialise and/or monetise Homase/Akrokerri are ongoing but a positive outcome cannot be guaranteed, it said.

“Various discussions continue over our plans to unlock value at Homase/Akrokerri; however, the outcome remains difficult to predict,” said Wessels.

Losses for the six months to August were reduced to £706,000 (2012: £4.45mln) as Goldstone clamped down on costs, which included deferment of 50% of management’s salaries.

Cash at end August was £534,000, while the company raised a further £500,000 in September.

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