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Uranium Project and Listing U
Uranium Project and Listing U.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n RNS Number : 7786Q Goldstone Resources Ltd 17 April 2009 \n \nGOLDSTONE RESOURCES LIMITED\n\n('GoldStone' or the 'Company')\n\nURANIUM PROJECT AND LISTING UPDATE\n\nThe Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') wish to provide the following update on the Company's proposed uranium project and listing on the Alternative Exchange ('AltX') of the JSE Ltd ('JSE')\n\nDR3-EAST URANIUM PROJECT\n\nDuring June 2008 GoldStone conditionally agreed to acquire up to a 100 per cent. interest in the DR3-East Uranium Project owned by Hymrai Properties 1 (Pty) Ltd ('Hymrai') (the 'Acquisition Agreement'). Completion of the transaction with Hymrai was dependent on the receipt of approval by the South African Department of Minerals and Energy ('DME'), as well as the listing of GoldStone on the AltX. The DME has now approved the transaction, but this approval was received much later than expected by the Company.\n\nLISTING ON THE ALTX\n\nThe listing of GoldStone on the AltX must occur within certain time limits set by the advisory committee of the JSE and is also subject to the JSE's Listing Requirements. As a consequence of the late receipt of DME approval and in order to complete the listing process GoldStone would have to make further representations to the advisory committee of the JSE and also include the audited financial results for the year ended February 2009 in its Pre-Listing Statement.\n\nThere is no certainty that the AltX would grant GoldStone the requisite approvals and further delays to the listing would be experienced as the audited financial information is prepared.\n\nThe Board is of the opinion that the uncertainty and delays are severely disrupting the ongoing exploration activities of the Company and has therefore resolved that the Company should no longer seek to list on the AltX.\n\nLAPSING OF ACQUISITION AGREEMENT\n\nAs result of the Board's decision to discontinue the listing process, the Acquisition Agreement, which is co...