Q1. A Significant announcements last week at Golden Saint Resources, junior diamond explorer in Sierra Leone. CEO Cyril D’ Silva surprised the market with his resignation from the Board last Wednesday and on Friday the Company announced it raised £150,000 via a private placing organised by Mr. D’Silva. The parties involved are D’Silva Investments (WA) Pty Ltd, which is a family trust of Cyril D’Silva, David McDonald, the Company’s Executive and Millennium Vista Limited, a company wholly owned by Niko Arthur Isaac. Keng H. Seah, FD of GSR, could you tell us how the the Board took Mr. D’Silva’s resignation and what will be his role going forward?
A1. Mr D’Silva had explained himself to us and the Board was happy to accept his resignation. The commitment and dedication he has shown to the Company is remarkable and we thank you him for it looking forward to working with him in his new role as consultant. Considering its skills, networking and contact on the ground in sierra Leone and among key investors in Australia and Asia, he will remain a precious assets for Golden Saint Resources. His participation in the private placing was a sign of continued confidence in the Board and the team on the ground. We all agreed at this stage, the Company needs to move forward and the Board needs regeneration. We needed a Director based in Sierra Leone to overview, to direct operations from site and Mr. Wurie is the perfect man for this job.
Q2. Could you tell us more about the use of the money raised for the alluvial operations as well as for the diamond show in Myanmar scheduled for the first week of April 2016.
A2. The money will be used for ongoing operational expenses as we are expecting to restart the bulk sampling in Tongo shortly.
GSR will be also participate to the Myanmar International Gems, Jewellery & Watch Expo 2016, which is held in Yangon from 1 to 4 April 2016 among with key exhibitors/jewellers from Hong Kong and Asia.
This is the 5th year that the organizers have been running the event and we believe it is a great opportunity for us to exhibit and network, considering the strong local demand for precious gems and diamonds.
Our objectives are 2 fold:
1. To showcase our inventory of cut and polished diamonds;
2. To expose GSR to a new and emerging market and meet potential investors.
Q3. How long do you think the funds raised last will last and what are your plans to stabilise the GSR cash position?
A3. We are looking at different ways to secure money to cover our operations costs. It is not easy in this market but we are confident in the value of our assets and in the team on the ground.
Q4. Is the Board actively looking for a CEO?
A4. At the moment due to the limited funds, the focus is to spend it on the ground and restarting bulk sampling operations. Once we are properly funded we will revisit the CEO position again.
Q5. In terms of news flow, what should investors expect next?
A5. As I said, we are focused on the bulk sampling so will update the market as we recover diamonds.
