Aim-listed GoldStone Resources has successfully completed its first commercial gold pour at the Homase mine in the Ashanti gold belt in Ghana.
The first pour was completed during the commissioning of the smelt house this week, which followed the commissioning of the elution plant announced on November 1.
The company's first smelt and gold pour produced gold bars weighing, in aggregate, 14.46 kg.
This enables the company to meet the interest payment demands for the $3-million secured gold loan announced in June 2020 with Asia Investments Management Services (AIMS), subject to the company receiving its export permit.
The total interest payments in respect of October and November comprise 11 kg of gold, which is due to be paid on November 30.
AIMS acknowledges that, following the first gold pour, GoldStone is in a position to settle the amounts due and has therefore agreed that the company will not be in default under the gold loan agreement, subject to the company settling the October and November interest payments in gold within 15 business days (or longer if agreed by AIMS in writing).
Interest will continue to accrue at the default rate of 17% on the amounts due.
GoldStone expects to receive the required export permit within this 15-business-day period.
In the context of Covid-19-related restrictions, and if conditions permit, GoldStone will be hosting an on-site inauguration ceremony of Ghana's newest gold mine with Ghanaian government authorities early next year.