Business
Bauxite Progress Report
Bauxite Progress Report.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n Goldstone Resources Ltd\n13 June 2007\n\n GOLDSTONE RESOURCES LTD\n\n BAUXITE PROGRESS REPORT\n\nThe Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') wish to\nprovide the following update on the Company's bauxite interests.\n\n\n\nIn September 2005, GoldStone entered into an option agreement with BHP Billiton\nover the bauxite interests in Guyana. An initial programme was launched to\nexplore the bauxite potential in the lease areas. This programme confirmed the\ndeposits previously identified by GoldStone. BHP Billiton accordingly made\npayment during September 2006 of the option fee of US$100,000 required to\nmaintain the option until 7 June 2007.\n\n\n\nFurther, more detailed sampling was undertaken during the first quarter of 2007\nand this programme has been completed. The Company is awaiting the results of\nthe programme. Under the agreement, BHP Billiton was required to elect by not\nlater than 7 June 2007 whether to exercise its option to require GoldStone to\napply for such prospecting licences as may be permissible under the Bauxite\nReconnaissance Permission.\n\n\n\nBy 7 June 2007 BHP Billiton had not elected to exercise this option, but has\nsubsequently reached an agreement with the Company pursuant to which the\nelection date of 7 June 2007 has been extended to 7 July 2007. Goldstone will\nreceive a payment of US$25 000 from BHP Billiton as consideration for the one\nmonth extension.\n\n\n\nA further announcement will be made in due course.\n\n\n\n\n\nEnquiries:\n\n\nGoldStone Resources Ltd 00 27 21 794 4004\nNico van der Hoven\n\nHanson Westhouse Limited 0113 246 2610\nTim Feather [email protected]\nMatthew Johnson [email protected]\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]