Business
Interim Results - Correction
Interim Results - Correction.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n Goldstone Resources Ltd\n29 November 2007\n\n\n GOLDSTONE RESOURCES LIMITED\n\n CORRECTION TO INTERIM RESULTS\n\n\nGoldStone Resources Limited advises that the following replaces the 'Interim\nResults' announcement released today at 12.02 under RNS number 7826I. The\nfigure for other expenses on the Income Statement for the period ended 31 August\n2007 was incorrectly stated as US$323,993 and should have read US$348,993.\nThere are no other changes to the interim financial information. The full\namended text appears below.\n\n\n INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007\n\n\nChief Executive's Report\n\nI am setting out below a review of the activities during the six months ended 31\nAugust 2007 for GoldStone Resources Limited ('GoldStone' or the 'Company'),\nwhich incorporates an update on the current status of the Company's projects.\n\n\nSWARTDORING DIAMOND PROJECT\n\nIn April 2007 GoldStone conditionally agreed to acquire a 70% interest in Xanadu\nMining (Pty) Ltd ('Xanadu') from GeoQuest Holdings Limited ('GeoQuest') (the '\nAcquisition'). The interest comprises 70% of both the share capital of Xanadu\nand inter-company loans owed by Xanadu to GeoQuest.\n\nXanadu, through its wholly owned subsidiaries, GrindStone Mining (Pty) Ltd and\nMultidirect Mining (Pty) Ltd, holds prospecting rights over the Swartdoring\nDiamond Project.\n\n\nCompletion of the Acquisition is conditional on:\n \n• The successful listing of GoldStone on the Alternative Exchange of the\n JSE Securities Exchange; and\n\n• The approval of the Acquisition by the South African Reserve Bank ('SARB').\n\nThe Company has received provisional approval from the Listings Committee of the\nJSE Securities Exchange to list on the Alternative Exchange. In addition the\nSARB has approved the acquisition of 70% of the share capital of Xanadu by\nGoldStone. Approval by the SARB of the acquisition of the inter-company loans\nis still pending.\n\nCompletion of the Acquisition will not take place until full satisfaction of\neach of the outstanding conditions. GoldStone and GeoQuest agreed to extend the\nlong stop date for completion of the Acquisition to 28 February 2008.\n\nThe Swartdoring Diamond Deposit is a preserved diamondiferous palaeochannel of\nthe Swartdoring River in the Northern and Western Cape Provinces of South\nAfrica. An inferred resourc...