Business
Homase Project - EPA Certificate Received
Homase Project - EPA Certificate Received.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n \nRNS Number : 4973F Goldstone Resources Ltd 27 April 2011 \n \n\nGoldStone Resources Limited\n \n(\"GoldStone\" or the \"Company\")\n \n \nHomase Project (Ghana): EPA Certificate Received\n \n \nGoldStone (AIM: GRL), the AIM quoted exploration company focused on gold in West Africa, is pleased to announce that Cherry Hill Mining Company Limited (\"Cherry Hill\"), the Company's joint venture partner at the Homase project in the Ashanti gold belt, has received an Environmental Permit for Minerals Exploration (the \"EPA Certificate\") from the Environmental Protection Agency of Ghana (the \"EPA\"). \n \nThe terms of the EPA Certificate enable Cherry Hill to commence exploration activities on the Homase Prospecting Licence Project Area (\"Licence Area\"). The award of the EPA Certificate follows the verbal approval received from the EPA to commence drilling activities announced on 11 March 2011. The EPA Certificate is valid for a period of two years and authorises Cherry Hill to commence drilling operations in the Licence Area subject to the fulfilment of certain conditions relating to the environment and the socio-economic impact of the operations on local communities. Drilling operations will commence as soon as the Company has secured the services of a drilling contractor.\n \nGoldStone currently holds a 51 per cent. interest in the Homase joint venture and is entitled to increase its interest to 85 per cent. through:\n \n· either expending a minimum of US$1 million on exploration work, or by conducting a pre-feasibility study over the permit area. On satisfaction of this provision, GoldStone's interest will increase to 65 per cent. Participation fees of US$30,000 are payable to Cherry Hill by GoldStone in relation to this phase; and\n \n· the completion of a successful feasibility study over the area. In this event, GoldStone's interest will increase to 85 per cent. Participation fees of US$60,000 will be payable to Cherry Hill by GoldStone in relation to this phase.\n \nEnquiries\n \n\n\n\n\nGoldStone Resources Limited\n\n\n+27 21 551 9009\n\n\n\n\nJurie Wessels \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWesthouse Securities Limited\n\n\n+44 20 7601 6100\n\n\n\n\nTim Feather / Mat...