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GSR Golden Saint

0.018
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Golden Saint LSE:GSR London Ordinary Share VGG3960L1085 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.018 0.017 0.019 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Golden Saint Resources Ltd Board Changes & Operational Update (9012I)

22/06/2017 12:39pm

UK Regulatory


Golden Saint (LSE:GSR)
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TIDMGSR

RNS Number : 9012I

Golden Saint Resources Ltd

22 June 2017

22 June 2017

Golden Saint Resources Ltd

("Golden Saint", "GSR" or the "Company")

Board Changes & Operational Update

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

Board Changes

Further to the announcement of 28 April 2017, the Board has now decided to appoint Mr Yohannes Adimas Prawiro to the role of Executive Director, Business Development which will be effective from 24 July 2017. Mr Prawiro has previously served as Project Manager for GSR. In addition, the Board is now proposing to appoint Mr Pierre Fourie to the role of Chief Executive Officer. The appointment of Mr Fourie is subject to satisfactory due diligence and regulatory checks, which are currently in progress.

Mr Pierre Fourie is a member of Rock Forage Consulting Services, which is currently engaged as the Company's technical consultants. Mr Pierre Fourie is a mining engineer with over 20 years' experience in the field of resource/reserve estimation, mineral economics, mine construction and operations. Mr Fourie has a Bachelor of Accountancy Science and a B. Eng in mining with practical mining experience in both underground and open pit mining. He has significant experience of mining in Africa.

The Board also announces that Mr Keng Hock Seah has notified the Board of his intention to resign as Finance Director of the Company and Director of all subsidiary companies of GSR at the end of July 2017.

David McDonald, Executive Chairman commented: "The Board would like to express its appreciation to Keng for his valuable contribution during his four years with GSR and wish him all the very best in his future endeavours. The search for Keng's successor is now underway and the Company will make an announcement at the appropriate time."

Further AIM Disclosures

The information included below is required under Schedule Two Part (g) of the AIM Rules for Companies in respect of Mr. Prawiro's appointment.

Yohanes Adimas Prawiro, aged 29, has held the following directorships and/or partnerships in the past 5 years:

 
 Current              Past 
 Orangebyte Pty Ltd   Clayhill Capital Consultants 
                       Pty 
                      Atozed Pty Ltd 
 
 

Mr Prawiro currently holds 60,606 ordinary shares in the Company representing 0.0007% of the Company's issued share capital.

There is no further information on Mr Prawiro required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Appointment of Exploration Manager

Golden Saint is pleased to announce the appointment of Mr Hassan Abass Kargbo as Exploration Manager. Reporting to the Board, Hassan's key responsibilities include preparation of geological strategies and planning policies, supervision and coordination of all other geological work of the Company.

Tongo Licence area - Alluvial Diamonds

At Tongo site 1, with the bulk sampling operations carried out to 13 June 2017, the Company recovered 14 more diamonds weighing a total of 10.46 carats. The stones ranged from 0.25 to 2.15 carats per stone. In addition, some 23.62 grams of alluvial gold were also recovered from the gravels treated. The Company will provide further updates as the gravel extraction and washing operations progresses

Baja Licence area

At Baja site 4, operations were focused on relocating the stockpile of gravels to a higher and more secure location. This will reduce the risk of loss associated with the rising water table resulting from the impending wet season. Bulk sampling operations have resumed and are operating concurrently with the gravel relocation exercise.

Exploration licence renewals

The annual licence fees for Baja, Tongo and Moa have been paid on 5 May 2017 for the following periods:

   -Baja       13 December 2016 to 12 December 2017; 
   -Tongo   25 November 2016 to 24 November 2017; and 
   -Moa      28 January 2017 to 27 January 2018 

The Company wishes to make the following clarification with regards to the expiry dates for renewal of the Company's three licences as reported on 19 July 2016. Following receipt of the official documentation relating to the first renewal of these licences it transpired that the expiry dates of the renewal are as summarised in the table below:

 
 Licence   As announced   First RenewalExpiry   Provisional extension 
  expiry    on             Dates                 expiry dates 
  dates     19 July 
            2016 
--------  -------------  --------------------  ---------------------- 
 Baja      12 December    12 December 2018      12 December 2020 
            2020 
--------  -------------  --------------------  ---------------------- 
 Tongo     24 November    24 November 2018      24 November 2020 
            2020 
--------  -------------  --------------------  ---------------------- 
 Moa       14 December    27 January 2019       27 January 2021 
            2020 
--------  -------------  --------------------  ---------------------- 
 

Pursuant to the terms of the licence renewal, there is a provision allowing for all three licences to be extended for a further period not exceeding two years, after the expiry of the first renewal (as illustrated in the table above) subject to compliance with all provisions and regulations and the submission of an acceptable work programme and expenditure commitment.

Site visit report from Rock Forage Consulting Services ("Rock Forage")

Rock Forage conducted a site visit to the Company's field operations in the Tongo, Baja and Moa licences between 9 February 2017 and 4 March 2017. The primary objective was to investigate and review the best approaches to increase confidence in the two exploration targets, Baja and Tongo, moving them towards a resource status. On-site guidance was also provided for the implementation of a small, cost- effective kimberlite exploration programme over a high priority airborne magnetic target in the Tongo licence area.

The site visit report submitted by Rock Forage (which includes a glossary of technical terms) can be downloaded from the Company's website at www.goldensaintresources.com and can also be accessed through the link on this announcement.

INSERT LINK TO PDF REPORT

The information in this announcement that relates to the site visit by Rock Forage is based upon information compiled by Dr John D Ward (Pr. Sci. Nat; PhD), an Independent Consultant employed by Rock Forage Mining Limited and a Fellow of The Geological Society of South Africa. Dr Ward has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity in which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Ward consents to the inclusion in a release of the matters based on his information in the form and context in which it appears.

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   David McDonald          +618 9336 6300 
Beaumont Cornish Limited     Roland Cornish          +44 (0) 20 7628 3396 
SVS Securities Plc           Tom Curran / Ben Tadd   +44 (0) 20 3700 0093 
Cassiopeia Services LTD      Stefania Barbaglio      +44 (0)7949690338 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDOKBDNDBKDAAB

(END) Dow Jones Newswires

June 22, 2017 07:39 ET (11:39 GMT)

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