The Board of Golden Saint (AIM: GSR) has told DirectorsTalk that the Company has improved operational efficiencies, following several internal restructuring initiatives including closing the small London office. It is expected that the cash current burn rate will be reduced from approximately USD300, 000 to USD150, 000 per month. This will allow the Company to progress the operational activities in accordance with the recommendations from Rock Forage Consulting Services.
To this end, the Board also intends subject to compliance with the relevant AIM Rules to put in place arrangements for the Chairman’s and CEO’s salaries from August to February to be settled by share placement at an average market price over the period, to the extent that the Board has existing authority to issue shares. In the event existing authority does not cover this, shareholder approval may be sought.
The Board also takes this opportunity to clarify the 3.58 ounces of gold that was sold as announced on 8thDecember was recovered in combination from the previous bulk sampling program and from the Makali area. The sales were achieved locally for 16,711,500 Sierra Leonean Leone, as the quantity was not deemed sufficient to export.
