Business
Bauxite update
Bauxite update.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n Goldstone Resources Ltd\n14 September 2006\n\n GOLDSTONE RESOURCES LTD\n\n BAUXITE UPDATE\n\n\nIn September 2005, GoldStone Resources Ltd ('GoldStone' or the 'Company')\nentered into an option agreement with BHP Billiton over the Company's bauxite\ninterests in Guyana. An initial programme was launched to explore the bauxite\npotential in the lease areas. This programme, conducted during the last quarter\nof 2005 and continued into the first half of 2006, confirmed the deposits\npreviously identified by GoldStone and further, more detailed, sampling is\nplanned.\n\nBHP Billiton accordingly elected to make, and has now effected, payment of the\noption fee of US$100,000 required to maintain the option until 6 June 2007.\n\nBHP Billiton must before 7 June 2007 choose whether to exercise the option to\nrequire GoldStone to apply for such prospecting licences as may be permissible\nunder the Bauxite Reconnaissance Permission. If BHP Billiton elects to exercise\nthe option and a requisite number of prospecting licences are granted to\nGoldStone, then upon transfer of the licences to BHP Billiton, GoldStone will\nreceive a further US$100,000. Potential payments thereafter are as follows:\n\n US$200,000 on the 1st anniversary of the transfer;\n US$1 million on the 2nd anniversary of the transfer;\n US$3 million on the 4th anniversary of the transfer; and\n US$8 million on the 7th anniversary of the transfer.\n\nDr. Lawrie Minter, who holds a PhD in Palaeoplacer Sedimentology, has reviewed\nand approved the content of this announcement.\n\n\nEnquiries:\n\nGoldStone Resources Ltd +27 21 794 4004\nNico van der Hoven (Chief Executive Officer)\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]