Golden Saint Resources Ltd General Update (8966N)

TIDMGSR

RNS Number : 8966N

Golden Saint Resources Ltd

31 October 2016

31 October 2016

Golden Saint Resources Ltd

("Golden Saint" or the "Company")

General Update

Golden Saint Resources Ltd (AIM: GSR), the West African-focused diamond and gold exploration company quoted on AIM, is pleased to provide the market with the following operational and corporate updates:

Operational update relating to two of the Company's licences in Sierra Leone.

Baja licence

Further to the announcement made on 7 October 2016, the work on building the vehicular road access to Baja Site 2 has been completed. The modified local washing plant and ancillary equipment are being transported to the site and, barring unforeseen circumstances, washing operations are expected to commence during the first half of November 2016.

Security measures and reporting procedures have been put in place to ensure that the operations run smoothly. The Board will update the market with the production data as the washing progresses.

As a result of creating and building the new vehicular access, the Company will also now be able to mobilise an excavator to the Baja area to carry out further gravel extraction and bulk sampling operations, thus improving the operational productivity. Feasibilitiy studies are currently being carried out to identify the next prospective sites in Baja for further gravel extraction.

Tongo licence

The maintenance work on the Dove Explorer has now been completed.

The water table in alluvial mining site 1 in Tongo has subsided to a sufficiently low level, allowing water to be pumped from the designated pit, which is currently filled with water as a result of the recent wet season. Completion of this exercise is expected in about one week, with commencement of gravel extraction operations, at site 1, during the first half of November 2016.

In order to maximise productivity, the Company will be mobilising an excavator to site 1 for the gravel extraction, in addition to hiring local casual labour. The Company plans to carry out washing operations once sufficient gravels have been excavated, to maximise operational efficiencies.

Site visit by Rock Forage Consulting Services ("Rock Forage")

With the planned operations underway during the month of November 2016, Rock Forage's upcoming site visit in early December 2016 is timely as it will allow the Company's technical consultants to closely examine the production data, thus giving a better assessment of the potential diamond and gold recoveries in both the Company's Baja and Tongo license areas.

Corporate update

In line with the Company's continuing efforts to streamline its service providers and reduce costs, from 19 January 2017, SVS Securities Plc will become the sole broker to the Company.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

 
Golden Saint Resources Ltd   Keng Hock Seah                   [phone] 
Beaumont Cornish Limited 
 www.beaumontcornish.com     Roland Cornish / Emily Staples   [phone] 
SVS Securities Plc           Tom Curran / Ben Tadd            [phone] 
Cassiopeia Services LTD      Stefania Barbaglio               [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 31, 2016 11:07 ET (15:07 GMT)