Golden Saint Resources Ltd Operational update (3307P)

TIDMGSR

RNS Number : 3307P

Golden Saint Resources Ltd

16 November 2016

16 November 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 updates, relating to two of the Company's licences in Sierra Leone.

Baja licence

Following completion of the vehicular road access, as announced on 31 October 2016, the local washing plant and ancillary equipment was relocated and assembled at a strategic location close to both the newly-built security house and to the existing stockpile. This local plant was commissioned on 13 November 2016 when gravel washing operations commenced. The initial wash, of about 6 tonnes of gravels from the existing stockpile, has recovered 1.69 carats of rough diamonds, comprising three diamonds, to date. In addition, the next prospective sites from which gravels will be extracted and washed have been identified, based on the information obtained from field reconnaissance and which is further supported by final imageries from the aeromagnetic survey data compiled by external independent geophysical consultants in February 2014 which gave these target areas high priority ranking.

Tongo licence

During the dewatering operation at the alluvial pit at Tongo site 1 there was a breakage of the shaft connected to the centrifugal pump, resulting in equipment downtime. Additional time was then incurred in sourcing and replacing the damaged shaft. With the repairs carried out satisfactorily, the dewatering operation was completed on 14 November 2016 and the excavator was mobilised to the site to commence gravel extraction operations at Tongo site 1. Gravel extraction using the excavator is expected to take approximately two weeks subject to any unforeseen machinery breakdowns while gravel washing using the recently maintained Dove explorer will take place concurrently. Security measures that were implemented during the bulk sampling operations carried out in August 2016 will remain in place during these operations.

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

With the above planned operations underway in Baja and Tongo, the site visit by Rock Forage and key individuals from the GSR management team will commence on 1 December 2016. The visit 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 licence areas. With the interpretation of these results, it is expected that the exploration strategy going forward will also be fine-tuned accordingly, with the objective of confirming gold and diamond mineralisation.

The Company will provide further updates to the market as work progresses.

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

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November 16, 2016 04:46 ET (09:46 GMT)