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Goldstone Resources shares lifted by stepped-up exploration campaign

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Shares in Goldstone Resources (LON:GRL) were lifted in morning trade by news it has stepped up its exploration efforts in Senegal and Gabon, having now engaged drilling services for three of its five projects.

By 9.35 am, the stock was up 5 per cent at 5.25 pence.

The company is starting a first phase 15,000 metre Rotary Air Blast (RAB) drill programme next month in order to test large parts of the Tiabedji anomaly, one of the three gold anomalies that were identified at the Sangola project in Senegal last year.

A second phase RAB drilling programme, which will be directed at other targets in the area, is planned to follow before the wet season commences in July 2012.

Simultaneous to the first phase drill programme an airborne magnetic and radiometric survey covering the entire permit area will be carried out which is aimed at identifying drill targets in the Baraboye and Tiobo gold anomalous areas.

In Gabon, Goldstone has engaged a contractor for an initial 3,000 metre diamond drilling programme over the Oyem anomaly.  The drilling programme will be directed at testing the central part of anomaly, which extends over a 15 kilometres length.  Elevated gold in soil values indicate that the width of the anomaly is 400 metres.

At the Ngoutou project area, the company plans to carry out initial confirmatory soil sampling once the field camp has been built.

Chief executive Jurie Wessels said: "We have now engaged drilling services for three of our five projects and have as a result moved closer to potentially making a discovery in Senegal and Gabon in the coming months. 

“We are very excited by the prospects and are looking forward to providing further updates once drilling is underway at Sangola and Oyem.  Additionally, we have two drills operating on our properties in Ghana and results will be announced as soon as available. "

Quick facts: GoldStone Resources

Price: 8.17 GBX

AIM:GRL
Market: AIM
Market Cap: £20.57 m
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