TIDMGSR
RNS Number : 9012I
Golden Saint Resources Ltd
22 June 2017
22 June 2017
Golden Saint Resources Ltd
("Golden Saint", "GSR" or the "Company")
Board Changes & Operational Update
Golden Saint (AIM: GSR), the West African-focused diamond and
gold exploration company quoted on AIM, is pleased to provide the
market with the following corporate and operational updates.
Board Changes
Further to the announcement of 28 April 2017, the Board has now
decided to appoint Mr Yohannes Adimas Prawiro to the role of
Executive Director, Business Development which will be effective
from 24 July 2017. Mr Prawiro has previously served as Project
Manager for GSR. In addition, the Board is now proposing to appoint
Mr Pierre Fourie to the role of Chief Executive Officer. The
appointment of Mr Fourie is subject to satisfactory due diligence
and regulatory checks, which are currently in progress.
Mr Pierre Fourie is a member of Rock Forage Consulting Services,
which is currently engaged as the Company's technical consultants.
Mr Pierre Fourie is a mining engineer with over 20 years'
experience in the field of resource/reserve estimation, mineral
economics, mine construction and operations. Mr Fourie has a
Bachelor of Accountancy Science and a B. Eng in mining with
practical mining experience in both underground and open pit
mining. He has significant experience of mining in Africa.
The Board also announces that Mr Keng Hock Seah has notified the
Board of his intention to resign as Finance Director of the Company
and Director of all subsidiary companies of GSR at the end of July
2017.
David McDonald, Executive Chairman commented: "The Board would
like to express its appreciation to Keng for his valuable
contribution during his four years with GSR and wish him all the
very best in his future endeavours. The search for Keng's successor
is now underway and the Company will make an announcement at the
appropriate time."
Further AIM Disclosures
The information included below is required under Schedule Two
Part (g) of the AIM Rules for Companies in respect of Mr. Prawiro's
appointment.
Yohanes Adimas Prawiro, aged 29, has held the following
directorships and/or partnerships in the past 5 years:
Current Past
Orangebyte Pty Ltd Clayhill Capital Consultants
Pty
Atozed Pty Ltd
Mr Prawiro currently holds 60,606 ordinary shares in the Company
representing 0.0007% of the Company's issued share capital.
There is no further information on Mr Prawiro required to be
disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM
Rules for Companies.
Appointment of Exploration Manager
Golden Saint is pleased to announce the appointment of Mr Hassan
Abass Kargbo as Exploration Manager. Reporting to the Board,
Hassan's key responsibilities include preparation of geological
strategies and planning policies, supervision and coordination of
all other geological work of the Company.
Tongo Licence area - Alluvial Diamonds
At Tongo site 1, with the bulk sampling operations carried out
to 13 June 2017, the Company recovered 14 more diamonds weighing a
total of 10.46 carats. The stones ranged from 0.25 to 2.15 carats
per stone. In addition, some 23.62 grams of alluvial gold were also
recovered from the gravels treated. The Company will provide
further updates as the gravel extraction and washing operations
progresses
Baja Licence area
At Baja site 4, operations were focused on relocating the
stockpile of gravels to a higher and more secure location. This
will reduce the risk of loss associated with the rising water table
resulting from the impending wet season. Bulk sampling operations
have resumed and are operating concurrently with the gravel
relocation exercise.
Exploration licence renewals
The annual licence fees for Baja, Tongo and Moa have been paid
on 5 May 2017 for the following periods:
-Baja 13 December 2016 to 12 December 2017;
-Tongo 25 November 2016 to 24 November 2017; and
-Moa 28 January 2017 to 27 January 2018
The Company wishes to make the following clarification with
regards to the expiry dates for renewal of the Company's three
licences as reported on 19 July 2016. Following receipt of the
official documentation relating to the first renewal of these
licences it transpired that the expiry dates of the renewal are as
summarised in the table below:
Licence As announced First RenewalExpiry Provisional extension
expiry on Dates expiry dates
dates 19 July
2016
-------- ------------- -------------------- ----------------------
Baja 12 December 12 December 2018 12 December 2020
2020
-------- ------------- -------------------- ----------------------
Tongo 24 November 24 November 2018 24 November 2020
2020
-------- ------------- -------------------- ----------------------
Moa 14 December 27 January 2019 27 January 2021
2020
-------- ------------- -------------------- ----------------------
Pursuant to the terms of the licence renewal, there is a
provision allowing for all three licences to be extended for a
further period not exceeding two years, after the expiry of the
first renewal (as illustrated in the table above) subject to
compliance with all provisions and regulations and the submission
of an acceptable work programme and expenditure commitment.
Site visit report from Rock Forage Consulting Services ("Rock
Forage")
Rock Forage conducted a site visit to the Company's field
operations in the Tongo, Baja and Moa licences between 9 February
2017 and 4 March 2017. The primary objective was to investigate and
review the best approaches to increase confidence in the two
exploration targets, Baja and Tongo, moving them towards a resource
status. On-site guidance was also provided for the implementation
of a small, cost- effective kimberlite exploration programme over a
high priority airborne magnetic target in the Tongo licence
area.
The site visit report submitted by Rock Forage (which includes a
glossary of technical terms) can be downloaded from the Company's
website at www.goldensaintresources.com and can also be accessed
through the link on this announcement.
INSERT LINK TO PDF REPORT
The information in this announcement that relates to the site
visit by Rock Forage is based upon information compiled by Dr John
D Ward (Pr. Sci. Nat; PhD), an Independent Consultant employed by
Rock Forage Mining Limited and a Fellow of The Geological Society
of South Africa. Dr Ward has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
the activity in which he is undertaking to qualify as a Competent
Person under the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves
(JORC Code). Dr Ward consents to the inclusion in a release of the
matters based on his information in the form and context in which
it appears.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Golden Saint Resources Ltd David McDonald +618 9336 6300
Beaumont Cornish Limited Roland Cornish +44 (0) 20 7628 3396
SVS Securities Plc Tom Curran / Ben Tadd +44 (0) 20 3700 0093
Cassiopeia Services LTD Stefania Barbaglio +44 (0)7949690338
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDOKBDNDBKDAAB
(END) Dow Jones Newswires
June 22, 2017 07:39 ET (11:39 GMT)
Golden Saint (LSE:GSR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Golden Saint (LSE:GSR)
Historical Stock Chart
From Oct 2023 to Oct 2024