TIDMGRL
RNS Number : 1329K
Goldstone Resources Ltd
19 September 2016
19 September 2016
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Interim Results for the six months ended 30 June 2016
GoldStone (AIM: GRL), the AIM quoted company focused on gold in
West and Central Africa, is pleased to announce its interim results
for the six month period ended 30 June 2016.
Chairman's Statement
It is with pleasure that I present the interim results for
GoldStone as Chairman of the Board. I am pleased to report that
following the completion of the fundraise in July and with our new
CEO, Emma Priestley, firmly in the driving seat, we are confident
that we will be able to add value to the Company for the benefit of
all shareholders.
Post the period end we raised, in aggregate, GBP1.0 million
(approximately US$1.3 million) through the placing announced on 28
July 2016, and I am pleased to say that the majority of the funds
raised came from existing shareholders who demonstrated their
support in the Company and its management. The fundraise was to
provide, inter alia, funding to advance the Company's principal
project, Homase-Akrokerri in Ghana, and we have now completed the
120 hole auger-drilling program and expect to mobilise shortly a
multi-purpose reverse circulation ("RC") and diamond drill ("DD")
rig to follow up on the extensions to known mineralisation within
the Akrokerri licence as identified by the 2015 auger
programme.
I do believe that we are finally seeing the bottom of the
commodity cycle at last and there is a palpable confidence and
enthusiasm in the junior mining sector, which has not been there
for the past five years or so. GoldStone is well placed to take
advantage of this and we are already seeing a number of
opportunities being presented to us, which we will continue to
review and assess going forward. Our focus, however, will initially
be on adding to the resources we already have in Ghana.
I would like to thank Christopher Hall for the efforts he put
into Goldstone during his tenure as Chairman, and we wish him well
with his focus now as Chairman of Stratex International Plc, our
major shareholder.
I look forward to being able to update you on the results of the
recently completed auger and the planned RC/DD drilling programme
at Homase-Akrokerri as they become available, and will undertake to
keep you and the market fully informed about our progress.
Neil Gardyne
Chairman
Chief Executive Officer's Report
PRINCIPAL ACTIVITIES
The principal activities of the Company during and post the
period were focused on concluding essential corporate
administrative issues and in recent months the Company has
undertaken the successful fundraise of GBP1.0 million
(approximately US$1.3 million) and the recommencing of exploration
activities at the Company's principal project, Homase-Akrokerri, in
Ghana.
REVIEW OF OPERATIONS
The Company continued to focus its activities on its two key
licences in Ghana, namely Homase and Akrokerri. A well-structured
programme of early works was undertaken, including rehabilitation
of the site access roads, locating and pegging the drill site
locations for the auger and RC/DD programmes, crop compensation
negotiations, site clearing and procurement of elements for the
refurbishment to the camp and certain items of mobile equipment.
The Company also continues to be engaged with the local community
with the restoration works to the Krodia and Adubriem Schools and
the proposed outgrowers scheme involving the local community.
Homase-Akrokerri Licences - Ghana
The Group owns a 90 per cent. interest in the Homase licence and
100 per cent. of the Akrokerri licence. The local 10 per cent.
partner in the Homase licence is supportive of the Company's
plans.
The 2015 auger drilling programme identified, amongst other
targets, a 1,500m gold-in-regolith anomaly at the AK02 prospect on
the Akrokerri licence, immediately south-west and along strike of
the 602,000 ounce Homase-Akrokerri JORC resource. The
Homase-Akrokerri deposit is contiguous with Anglo Gold Ashanti's
Obuasi Mine and the geology within Goldstone's Homase-Akrokerri
Project is interpreted to be similar to that which hosts the Obuasi
mineralisation.
The AK02 prospect has been prioritised for the planned RC
drilling programme of up to 2,500m, whilst the auger programme has
been designed to evaluate areas of ground between the anomalous
zones identified in 2015.
The 120 hole auger programme has now been completed and the
multi-purpose RC/DD drill rig is expected to be mobilised on site
shortly with drilling expected to commence towards the end of
September.
The rig also has the capability to undertake deeper drilling if
warranted by the initial results and the DD capability will enable
the Company to follow-up on zones of interest identified by the
planned RC drilling and to test higher-grade zones of
mineralisation beneath the existing resource. These zones have
previously been identified as a result of exploration and drill
programmes completed over the last 10 years.
Elsewhere in Ghana, minimal work has been undertaken at the
Manso Amenfi project.
Gabon and Senegal
The Company continues to identify potential corporate deals for
these licences in order to extract their underlying value without
actively pursuing significant exploration work ourselves. This may
take the form of joint ventures, disposals or other corporate
restructuring.
Emma Priestley
Chief Executive Officer
For further information, please visit www.goldstoneresources.com
or contact:
GoldStone Resources Limited
Emma Priestley +44 (0)20 7830 9650
Neil Gardyne +27 (0)82 490 4427
Strand Hanson Limited
Richard Tulloch / James Bellman +44 (0)20 7409 3494
SI Capital Limited
Nick Emerson / Andy Thacker +44 (0)1483 413 500
Consolidated Statement
of Financial Position
as at 30 June 2016
30 June 31 December 30 June
In United States dollars 2016 2015 2015
Unaudited Audited Unaudited
Assets
Property, plant and equipment 10,219 9,110 21,507
=============================== ============ ============ ============
Non-current assets 10,219 9,110 21,507
=============================== ============ ============ ============
Trade and other receivables - 912 7,693
Cash and cash equivalents 79,580 244,530 749,921
=============================== ============ ============ ============
Current assets 79,580 245,442 757,614
=============================== ============ ============ ============
Total assets 89,799 254,552 779,121
=============================== ============ ============ ============
Equity
Share capital - ordinary
shares 1,008,352 1,008,352 1,008,352
Share capital - deferred
shares 6,077,013 6,077,013 0
Share premium 25,717,878 25,717,878 25,717,878
Capital contribution
reserve 555,110 555,110 6,632,123
Share options reserve 605,808 605,808 605,808
Accumulated deficit (34,153,353) (33,718,456) (33,233,738)
=============================== ============ ============ ============
Total equity (189,192) 245,705 730,423
=============================== ============ ============ ============
Liabilities
Trade and other payables 28,991 8,847 48,698
=============================== ============ ============ ============
Short term loan 250,000 0 0
=============================== ============ ============ ============
Current and total liabilities 278,991 8,847 48,698
=============================== ============ ============ ============
Total equity and liabilities 89,799 254,552 779,121
=============================== ============ ============ ============
Consolidated statement of
comprehensive income
for the 6 months ended 30
June 2016
6 months year ended 6 months
ended 31 December ended
in United States dollars 30 June 2015 30 June
2016 2015
Unaudited Audited Unaudited
Continuing operations
Sundry income 1,758 27,500 14,938
Exploration expenses (125,389) (525,291) (420,662)
Other expenses (312,537) (804,366) (409,460)
=========================== ========= ============ =========
Results from operating
activities (436,168) (1,302,157) (815,184)
=========================== ========= ============ =========
Finance income 1,271 4,234 1,978
=========================== ========= ============ =========
Net finance cost 1,271 4,234 1,978
=========================== ========= ============ =========
Loss before tax (434,897) (1,297,923) (813,206)
=========================== ========= ============ =========
Loss from continuing
operations (434,897) (1,297,923) (813,206)
=========================== ========= ============ =========
Other comprehensive income 0 0 0
Total comprehensive loss
for the period (434,897) (1,297,923) (813,206)
=========================== ========= ============ =========
Loss per share:
Basic loss per share (0.007) (0.021) (0.013)
Diluted loss per share (0.007) (0.021) (0.013)
=========================== ========= ============ =========
Consolidated statement
of change in equity
for the 6 months ended
30 June 2016
6 months year ended 6 months
ended 31 December ended
in United States dollars 30 June 2015 30 June
2016 2015
Unaudited Audited Unaudited
Share capital - ordinary
shares
- at beginning of period
- restated 1,008,352 1,008,352 1,008,352
- end of period 1,008,352 1,008,352 1,008,352
Share capital - deferred
shares
- at beginning of period
- restated 6,077,013 6,077,013 0
- end of period 6,077,013 6,077,013 0
Share premium 25,717,878 25,717,878 25,717,878
Capital contribution reserve
- at beginning of period
- restated 555,110 555,110 6,632,123
- end of period 555,110 555,110 6,632,123
Share options reserve 605,808 605,808 605,808
Accumulated deficit
- at beginning of period (33,718,456) (32,420,533) (32,420,533)
- loss for the period (434,897) (1,297,923) (813,206)
- end of period (34,153,353) (33,718,456) (33,233,738)
Consolidated statement
of cash flow
for the 6 months ended
30 June 2016
6 months year ended 6 months
ended 31 December ended
in United States dollars 30 June 2015 30 June
2016 2015
Unaudited Audited Unaudited
Cash flow from operating
activities
Loss for the period (434,897) (1,297,923) (813,206)
adjusted for:
- depreciation 0 12,397 0
- interest received (1,271) (4,234) (1,978)
changes in:
- trade and other receivables 912 9,011 2,230
- trade and other payables 20,144 (42,040) (2,189)
=============================== ========= ============ =========
Net cash used in operating
activities (415,112) (1,322,789) (815,142)
=============================== ========= ============ =========
Cash flow from investing
activities
Interest received 1,271 4,234 1,978
Acquisition of property,
plant and equipment (1,109) 0 0
=============================== ========= ============ =========
Net cash used in / from
investing activities 162 4,234 1,978
=============================== ========= ============ =========
Cash flow from financing
activities
Proceeds from issue of
ordinary share capital 0 0 0
Increase in short term
loans 250,000 0 0
=============================== ========= ============ =========
Net cash from financing
activities 250,000 0 0
=============================== ========= ============ =========
Net (decrease) / increase
in cash and cash equivalents (164,950) (1,318,555) (813,164)
=============================== ========= ============ =========
Cash and cash equivalents
at beginning of the year 244,530 1,563,085 1,563,085
=============================== ========= ============ =========
Cash and cash equivalents
at end of the period 79,580 244,530 749,921
=============================== ========= ============ =========
Notes to the consolidated financial statement
1. Loss per share
6 months ended year ended 6 months
30 June 31 December ended
in United States dollars 2016 2015 30 June
2015
Unaudited Audited Unaudited
Loss attributable
to shareholders (434,897) (1,297,923) (813,206)
Weighted average number
of shares 62,286,363 62,286,363 62,286,363
=========================== ============== ============ ==========
Basic loss per share (0.007) (0.021) (0.013)
=========================== ============== ============ ==========
2. Availability of Interim Report
The Interim Report will shortly be available on the Company's
website www.goldstoneresources.com.
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 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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