Gold and GemStone Mining Inc. (OTC: GGSM), an exploration stage company engaged in the acquisition, exploration and development of diamond and gold properties, today, said that its joint venture partner in Sierra Leone, West Africa, secured another 50 acres of surrounding concessions to the existing project Nimiyama.
The project is located in the Kono District, which is a prominent diamond and gold mining area. GGSM said that the new agreement, which has been signed with the local paramount chief, increases the existing 50 acre site up to a potential total of 100 acres of prime alluvial and gold mining territory.
GGSM noted that the provision of the additional mining concessions is subject to its initiating mining operations on the existing 50 acre concession within the next 12 months.
Gold and GemStone shares have risen sharply in the last three trading sessions. Since Wednesday, the stock has gained 172%. In today’s trading, the stock is up 3.70%.
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