(Kitco News) - Goldstone Resources (AIM: GRL) announced today that the company produced and sold 5,153 troy ounces of gold to date from the Homase mine in Ghana, realizing an average price of US$1,794 per oz for revenues of US$9.3 million.
The company said that the 5,153 ounces of gold produced does not include the estimated 192 ounces of gold, amounting to some USD350,000, that were stolen in the robbery, announced 29 June 2022, in relation to which investigations are on-going with the target of pursuing charges on those responsible.
Importantly, Goldstone noted that its 2022 production target of 7,000 ounces of gold not yet achieved, but the shortfall ounces remain within the heap at various stages of recovery.
The company explained it has had some persistent agglomeration delays, further to the 24 March 2022 announcement, which continue to be causing some shortfall in recovery, this together with inclement weather which has affected the stacking of the material and the overall recovery of gold.
“Notwithstanding the processing challenges, experienced during 2022, external factors have materially disrupted development and production, with supply shortages and volatile markets for currency and consumables being affected by inflation in Ghana which was reported to be running at 50.3% in November 2022,” Goldstone said in a statement.
“Staff recruitment, due to skill shortages, has also presented difficulties, as we migrate from being a development company into managing steady production and building on it. These issues are being shared by the industry as a whole and are likely to continue in the short term,” it added.
The company also pointed out it is taking proportionate and appropriate steps to improve 2023 production at Homase mine, by increasing production and expanding the mineable resource.
“This is combined with extensive training and recruitment to establish an in-country team of seasoned committed local professionals who will be capable of taking the mine through and beyond the development phase by expanding and improving all areas of production,” the company said.
Goldstone is focused on developing the Akrokeri-Homase project in south-western Ghana. Production is currently focused on the Homase mine however 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.
