Further to the Company’s announcement of 26 April 2016, Golden Saint Resources Ltd (AIM:GSR), the West-African focused diamond and gold exploration company quoted on AIM, is pleased to update the market in relation to the renewal of its three exploration licences and its operations in Tongo:
Exploration licence renewals
The Company has received written confirmations from the National Minerals Agency (“NMA”) that the renewal applications for the Group’s three exploration licences in Sierra Leone (Baja, Moa and Tongo) have been approved by the Minister of Mines on the recommendation of the Minerals Advisory Board. The Company has until 3 June 2016 to notify the Minister of Mines of its intention to accept the three proposed licences. The Board has consulted its technical and exploration consultants Rock Forage Consulting Services (“Rock Forage”) and will accordingly notify the Minister of Mines of its acceptances before the given deadline. Following such acceptance the NMA will provide the Group with detailed terms of the renewed exploration licences including any annual fees to be paid, the size of the exploration licence areas granted under the new exploration licences (having taken account of any relinquished areas), the expiry date of the renewed licences and any requirements which must be met by the Group to retain the licences for the period of each renewal.
The Company will provide further information to the market once these terms have been received.
Operational update
Bulk sampling operations in Tongo are ongoing under the supervision of Rock Forage. Improvements in operational and reporting procedures have been implemented based on recommendations by Rock Forage and this is primarily to ensure that the samples that have been treated are properly accounted for and grade estimates are accurate. Security measures surrounding the current sorting of concentrates have been assessed to ensure they are satisfactory.
The proposed site visit to Sierra Leone by Rock Forage, together with key members of the Company’s management, has been rescheduled to the second half of June 2016 in order to ensure all key personnel are available for the visit.
