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AIM-listed GoldStone Resources is pleased with the Government of Ghana’s in-country support for the redevelopment of gold mines in the country.

The government’s support was highlighted by the granting of the environmental permits for dual-listed gold miner AngloGold Ashanti’s historic and current 70 Moz Obuasi gold mine.

The granting of the permits by Ghana’s Environmental Protection Agency follows the Parliamentary ratifications of the regulatory and fiscal agreements that cover the redevelopment of the Obuasi mine.

The Ghanaian Government decision follows AngloGold’s approval in February 2018 that they are committed to spending US$31 million for front-end engineering and other preparatory work as part of their US$500 million investment for the redevelopment of the high-grade Obuasi mine.

Moreover, the decision to grant the environmental permits underpins the pro-mining environment in Ghana and in particular the highly prospective Obuasi district within the Ashanti Gold Belt – the region in which GoldStone Resources’ Akrokeri-Homase gold project is located.

Akrokeri-Homase is located about 8 km from the Obuasi gold mine, and the decision bodes well for GoldStone Resources, who is also planning to bring the project back into production with the support of its two major shareholders, Paracale Gold, a mining investment specialist, and BCM International, one of Africa’s largest private contract miners.

GoldStone Resources believes that the Obuasi mine and its development plans underpin the significant potential of Akrokeri-Homase.

Akrokeri-Homase contains two historic gold mines: the high-grade Akrokeri underground mine which produced approximately 75 000 oz  of gold at a final recovered average grade of 24 g/t, and the Homase open pit, a shallow oxide deposit which previously produced 52 000 oz of gold at a final recovered average grade of 2.5g/t.

“I am currently in Ghana and there is significant interest in the development of mining opportunities. With the news of the Obuasi mine getting governmental support and AngloGold Ashanti committing over $500 million funds, we are highly encouraged by the local and national operational environment of our Akrokeri-Homase project  as we seek to progress towards production within two years,” says GoldStone Resources CEO Emma Priestley.

“We have an extremely high-grade project which keeps on giving; on top of the historical production grades of 24 g/t Au, we have recently identified 8km of strike of which 4km houses the 602,000 oz Au JORC resource which highlights the significant potential of the Project,” says Priestley.