Frugal moves rewarded

By Staff reporter / June 07, 2017 / www.mining-journal.com / Article Link

The Africa-focused junior last week announced it would draw down the remaining half of a ?400,000 loan from Paracale Gold, which will help fund GoldStone into early 2018, and convert the loan amount plus interest into shares.

GoldStone's directors also agreed to convert accrued and future salaries and fees through to the end of September into new ordinary shares to preserve cash.

The measures follow the company's recently announced change to its accounting practice, to capitalise exploration costs as assets rather than profit or loss.

"GoldStone believes this will align its accounting policy with its peers and provide a better reflection of the results of its activities as well as its financial position," the company said.

Non-executive chairman Neil Gardyne last week acknowledged concerns of shareholders regarding legacy issues but said with Paracale's support, GoldStone looked forward to turning a corner and advancing its Homase/Akrokerri gold project in Ghana and other West African projects.

Juniors Papua Mining (LN:PML) and Kazakhstan-focused Kemin Resources (LN:KEM) topped the table with gains of 22.4% and 21.6% respectively, both on no news.

London's Platinum Week last month evidently buoyed investors who sent Bauba Platinum (JSE:BAU) up 12.9%, the only Johannesburg-listed stock to make this week's list.

Overall, markets remained cautious following the London terror attacks, a diplomatic dispute in the Middle East and the looming UK election and testimony by former FBI head James Comey.

Gold hit a seven-month high on the spot market yesterday of US$1,294.39 an ounce and remained above $1,291 earlier today.

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