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Golden Saint eyes bulk sampling restart after placing

Golden Saint Resources (LON:GSR) has brought in £170,000 via a share placing, it revealed, as it gave an operational update and reported on board changes...

GSR is focused on gold and diamonds...

Golden Saint Resources (LON:GSR) has brought in  £170,000 via a share placing, it revealed, as it gave an operational update and reported on board changes.

The net proceeds will be used for general working capital, the mining group said.

The firm issued 680 million new shares at 0.025 pence each - around a 33% discount to yesterday's closing price of 0.0375p.

It means  preparations can now be made on the restart of bulk sampling  in Tongo, which was put on hold due to heavy rains and the management's decision to conserve cash resources.

Consultant  Rock Forage will be joining the Golden Saint team in Sierra Leone on November 26 to oversee the restart of the operations.

Meanwhile, sales of diamonds and gold that were expected in the latter part of 2015 are now expected to begin in the first part of 2016 - again due to cash.

Golden Saint plans to appoint Alimamy Rassin Wurie, currently the mining and business development consultant, to the board as executive director in due course. 

Wurie was previously employed as a Government Mining Engineer in the Sierra Leone Ministry of Mineral Resources, where he served for over 30 years before retiring in 2008 as Director of Mines, a position which he had held for over a decade, currently advises GSR Africa as a consultant on general mining matters. 

Stephen Ledger has meanwhile resigned  as a non-executive director with effect from November 23 this year for personal reasons.

The board wants to appoint a further non-executive director to the board in due course.

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