23rd Sep 2019 12:23
(Alliance News) - Goldstone Resources Ltd on Monday reported a narrowed first-half loss due to a fall in expenses and said it expects a Ghanaian gold project to generate its maiden revenue in 2020.
In the six months to June 30, Goldstone's pretax loss narrowed to USD289,951 from USD346,247. As a mineral explorer, it generated no revenue, but administrative expenses fell by 20% to USD276,071 from USD346,253.
The company reported "continued advancement" of its Akrokeri-Homase gold project in the Ashanti region of Ghana.
In May, Goldstone said heap leach test work on the project beat expectations and in June, it submitted a definitive economic plan as it pursues a mining lease and environmental permit from the Ghanaian Minerals Commission.
The plan estimated a mineable resource of 82,000 ounces of contained gold in the oxide ore with a projected 82% recovery from 2.2 million tonnes of oxide ore. It also indicated an average grade of 1.2 grammes of gold per tonne of ore.
Chief Executive Emma Priestly said: "Since June, the company continues to monitor the key deliverables for our path to achieving production, with the focus being on completing the application for the mining lease and environmental permit and securing the requisite funding to bring the project into production.
"We remain confident that the development of Akrokeri-Homase, subject to securing the requisite funding, will drive the growth of the company as it looks to commence production and deliver first revenues in 2020."
Shares in Goldstone were untraded, last quoted at 1.92 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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