Golden Saint Resources Ltd Operational Update (9978L)

TIDMGSR

RNS Number : 9978L

Golden Saint Resources Ltd

07 October 2016

7 October 2016

Golden Saint Resources Ltd

("Golden Saint" or the "Company")

Operational Update

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 its operations in Baja and Tongo:

Baja

Work on building the vehicular road access to Baja Site 2 commenced on 2 October 2016 when the appointed contractor mobilized its heavy duty earth moving equipment on a low bed for transport to the designated site. Subject to any unforeseen obstacles or unplanned machine downtime it is expected that the road access work will be completed by the end of the month when we can start transporting the modified local washing plant and equipment to the site. Once the plant has been set up, it will be operationally ready to commence the washing of the existing stockpile.

Working in tandem with the heavy machinery, our staff and casual workers were also engaged in clearing thick vegetation and building log bridges across several water obstacles. The construction of the security house at Baja site 2 to house surveillance staff and store equipment including spare machine parts has also been completed.

The modification work on the local washing plant has been completed. Both the plant and the pumps have been fully serviced and a washer concentrate box fitted with security screens has been constructed to minimise any risk of theft during the washing operations.

Tongo

Maintenance work on the Dove explorer is in progress and expected to be completed by the end October 2016.

The water table in our existing alluvial mining site in Tongo is still high as at date of this announcement and it is expected to subside in about four weeks' time. Gravel extraction during this period will incur higher than usual operating costs and hence making it economically inefficient. After due consideration, the Company has decided to wait for the water table to subside to a reasonable level before commencing any gravel extraction. However, during this time, the Company will focus on developing its exploration program. The Company's team of geologists and technicians have been tasked with exploring and investigating the Company's priority one dyke targets in the northern section of the Company's Tongo licence area, where it was identified, in the airborne magnetic surveys, as having increased kimberlite potential. The areas being explored are associated with the structural features trending parallel to current known dyke orientation belonging to our neighboring diamond producers. The team will identify the areas where the Company should next carry out bulk sampling operations after studying the soil profiles and evaluating the accessibilities to the locations.

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

Rock Forage is expected to carry out the next site visit to Sierra Leone in early December 2016.

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     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

END

MSCGIBDGRSGBGLR

(END) Dow Jones Newswires

October 07, 2016 04:49 ET (08:49 GMT)