GoldStone acknowledges US$200k appeal retreat

South Africa's labour court ordered the Ghana-focused developer to pay former exploration director Hendrik Schloemann $140,000 plus interest and legal costs in December. 

GoldStone told shareholders it would consider an appeal after the ruling, but withdrew its application for leave to appeal on February 5 in secret. 

In the case, Schloemann successfully argued he had not resigned, as the company said, but was sacked. 

Mining Journal revealed the appeal decision last week. 

Now the company has said it was still considering its options around the payment. 

"Further to its announcement of 14 December 2018, the company has withdrawn an appeal lodged with the South African Labour Court and whilst the company is required to agree a payment schedule with Mr Schloemann's attorney, the company is considering its options in this regard and in relation to the claim with its advisers," GoldStone said. 

A spokesperson declined to elaborate on what its options "in relation to the claim" might be after the appeal was dropped. 

When the ruling was made, the company had around $90,000 in cash. 

Since then, chairman Bill Trew's company Paracale Gold has handed over $324,000 as part of a $1.22 million loan. 

GoldStone's share price was down 11% on Friday's closing price of 2.05p (US2.7c). 

Mining Journal sent questions about the withholding of price-sensitive information to GoldStone's nominated advisor Strand Hanson on Friday, but did not get a response.

The AIM rules say price-sensitive information about a company's financial condition must be released "without delay".

It is the Nomad's responsibility to make sure ts client company operates within the AIM rules.