The Board of Directors of Golden Saint Resources Ltd is pleased to announce the audited results for the financial year ended 31 December 2015.
Highlights within the 12 months to 31 December 2015
— The bulk sampling programs in the Tongo and Baja license areas produced promising results in its early stages and this was evidenced by the recovery of some good quality rough diamonds as announced previously; notably nine clear white diamonds of 9.475 carat, 9.65 carat, 2.77 carat, 1.82 carat, 1.0 carat, 0.8 carat, 0.775 carat, 0.53 carat and 0.325 carat in the Tongo license area; two light coloured purple diamonds of 2.45 carat and 0.525 carat and two white diamonds of 0.970 carat and 0.820 carat in the Baja license area.
— In the Zimmi areas (where the Company actively sponsored artisanal mining operations until the second half of 2015), the Company also announced the recovery of six rough diamonds comprising 2.54 carat, 1.3 carat, 0.73 carat, 0.69 carat, 0.30 carat and 0.26 carat.
— During the year ended 31 December 2015 the Company raised a total of GBP1,073,678 (before expenses) through the issue of 1,646,732,486 ordinary shares of no par value (“Ordinary Shares”) as a result of market placings and subscriptions.
— On 5 March 2015, all outstanding convertible loan notes were converted by Darwin Strategic terminating the agreement made with Darwin Strategic Limited in October 2014 to issue further unsecured convertible bonds.
— The Company appointed Rock Forage Consulting Services (“Rock Forage”), part of the Rock Forage Mining Limited group, as its Technical and Exploration Consultant, to guide the Company’s technical team on the exploration and bulk sampling of diamond and gold bearing deposits on its licenses held in Sierra Leone.
— On 3 July 2015, the Company announced further diamond recoveries pursuant to the bulk sampling programs in Baja and Tongo.
— From the site visit in August 2015, Rock Forage observed remnant potential alluvial gold and diamond deposits in the more inaccessible places and they recommended various mining methods including robust dredging techniques to be assessed in order to optimise extraction from accurately mapped and prioritised targets.
— During their second site visit, Rock Forage oversaw and advised on the implementation of the necessay improvements and modifications to to the Dove Explorer 1 at Tongo with a view to improve productivity when gravel washing resumed.
— On 8 December 2015, the Company announced a further recovery of 3.58 ounces of gold from bulk sampling operations which was subsequently sold locally for Sierra Leonean leone 16,711,500 (approximately GBP2700).
— The Diamond Club generated approximately USD $26,000 in confirmed sales during the financial year.
Highlights of operations post 31 December 2015
— From 1 January to date the Company has raised a further GBP1,086,930 (before expenses) through the issue of 2,030,232,142 Ordinary Shares as a result of market placings and subscriptions.
— Licence renewal applications for all three exploration licences were submitted on 23 March 2016 to the National Minerals Agency (“NMA”).
— The Company participated in the Myanmar International Gems, Jewellery and Watch Expo from 1(st) to 4(th) April 2016.
— On 16 May 2016 , the Company received written confirmation from NMA that its three licence renewal applications had been approved by the Minister of Mines. Details of the terms of the renewal are pending.
