Business
Ghanaian Government Positive on Obuasi Development
Ghanaian Government Positive on Obuasi Development.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n \nRNS Number : 0017U Goldstone Resources Ltd 09 July 2018 \n\n9 July 2018\nGOLDSTONE RESOURCES LIMITED\n(\"GoldStone\" or the \"Company\")\n \nGhanaian Government Positive on Obuasi Development\n \nGoldStone Resources Limited (AIM: GRL), which is seeking to bring the Akrokeri-Homase Gold Project (\"AKHM\" or the \"Project\") in the Ashanti Region of Ghana back into production, notes that AngloGold Ashanti Limited (JSE: ANG, NYSE: AU) (\"AngloGold\") has received environmental permits for its historic and current 70 million ounce Obuasi Gold Mine (\"Obuasi Mine\"), located c.8km along strike from AKHM. The granting of the permits by Ghana's Environmental Protection Agency follows the Parliamentary ratifications of the regulatory and fiscal agreements that cover the redevelopment of the Obuasi Mine. The decision highlights the in-country support for the redevelopment of goldmines and underpins the pro-mining environment in Ghana and in particular the highly prospective Obuasi district within the Ashanti Gold Belt. \n \nThe Ghanaian Government decision follows AngloGold's approval in February 2018 that they are committed to spending US$31 million for front-end engineering and other preparatory work as part of their US$500 million investment for the redevelopment of the high-grade Obuasi Mine. The Company believes that the Obuasi Mine and its development plans underpin the significant potential of the Project. AKHM contains two historic gold mines: the high-grade Akrokeri underground mine which produced approximately 75,000 oz Au at a final recovered average grade of 24 g/t, and the Homase open pit, a shallow oxide deposit which previously produced 52,000 oz Au at a final recovered average grade of 2.5g/t. The Company is actively looking to bring the Project back into production with the support of its two major shareholders, Paracale Gold Ltd, a mining investment specialist, and BCM International Ltd, one of Africa's largest private contract miners.\n \nEmma Priestley, CEO of GoldStone said, \"I am currently in Ghana and there is significant interest in the development of mining opportunities. With the news of the Obuasi Mine getting Governmental support and AngloGold committing over US$500 million funds, we are highly encouraged by the local and national operat...