Business
Bauxite Update
Bauxite Update.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n Goldstone Resources Ltd\n09 July 2007\n\n\n GOLDSTONE RESOURCES LTD\n\n BAUXITE PROGRESS REPORT\n\n\nThe Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') wish to\nprovide the following update on the Company's bauxite interests.\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\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\nBy 7 June 2007 BHP Billiton had not elected to exercise this option, but\nsubsequently reached an agreement with the Company pursuant to which the\nelection date of 7 June 2007 was extended to 7 July 2007. GoldStone received a\npayment of US$25,000 from BHP Billiton in consideration for the one month\nextension.\n\nBHP Billiton has now elected not to exercise this option and no further payments\nare accordingly due from BHP Billiton.\n\nBHP Billiton is obliged to make available to GoldStone forthwith all information\nin its possession which relates to the exploration programme, as well as a\nsummarising geological report. The Company intends, subject to a positive\nevaluation of the information and report, to continue to hold the Bauxite\nReconnaissance Permission in good standing and to enter into discussions with\nother major players in the bauxite industry.\n\nA further announcement will be made in due course.\n\n\nEnquiries:\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 FWUSWSEFW ...