Environmental Permit Granted

12 February 2021

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Environmental Permit Granted

GoldStone Resources Limited (AIM: GRL), the AIM quoted gold exploration and development company focused on bringing its Akrokeri-Homase Gold Project ("AKHM") into production, is pleased to announce that the Ghanaian Environmental Protection Agency ("EPA") has granted the environmental permit for the Company's Homase South Pit within the AKHM Project (the "Project") (the "Environmental Permit"). The Environmental Permit is a key permit required to allow the Company to proceed towards construction of the Project. This is a major achievement in the development of the AKHM Project, which will be the Company's  first mine in its highly prospective 83.24km² total licence area. 

With the Environmental Permit now granted, the Board expects mining and construction operations at the Project to commence imminently, with an estimated timeline for the first gold pour being within two months. The Environmental Permit, along with the 10-year Mining Lease which received Parliamentary Ratification on 22 December 2020, are a prerequisite for procedural operational permits which are expected to be granted on a timely basis.

As announced on 3 December 2020, the Company will also now make an application to the EPA for the Environmental Permit to be expanded to also cover the whole of the Company's expanded mining lease in respect of AKHM, including the Homase North and Homase Central pits.

Emma Priestley, Goldstone's CEO, commented:

"We have been eagerly awaiting receipt of this permit so that we can start construction and mining. The permitting process has taken approximately six months longer than what we initially anticipated, but we are delighted to now be in a position to commence the next stage of operations at the AKHM Project."

Further Information

The issuance of the Environmental Permit follows the formal approval process and acceptance by the EPA of the Company's Environmental Impact Statement ("EIS"), in accordance with Environmental Protection Agency Act - 1994 (Act 490) and the Environmental Assessment Regulations 1999 (LI 1652) of Ghana. The EIS approval process included local open-forum hearings, which were attended by members of the public, as well as site visits from Government representatives. The EIS met with and exceeded all local regulations and complies with international best practice. The Environmental Permit considers the full implementation of key components of the EIS, including environmental impacts and mitigation thereof, stakeholder engagement and reclamation and decommissioning at closure. The Environmental Permit is valid for a period of eigtheen months, during which time the Company is required to submit and implement an Environmental Management Plan, which will supercede the Environmental Permit and will be required to be renewed every three years.  In addition, the Company is subject to the submission of an Annual Environmental Report to the EPA after the commencement of operations, in relation to on-going environmental compliance, in accordance with the Ghanaian Law.

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold exploration and development company.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000 oz gold resource at an average grade of 1.77 g/t.  The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

The project hosts two former mines, the Akrokeri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,500 oz gold at 2.5 g/t recovered.  It is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.