Gold and GemStone Mining Inc.: Government Geological Data Released for Its Alluvial Mining Concessions in the Heart of the Kono District of Sierra Leone

DRAPER, UT--(Marketwire -05/21/12)- Gold and GemStone Mining Inc. (GGSMD.OB) today announced the results of the latest geological data for its portfolio of alluvial Diamond and Gold mining concessions, released by its joint venture partner, produced by the Director of Mines from the Mines Division of the Ministry of Mineral Resources in Sierra Leone's Capital, Freetown, West Africa.

The reports have been compiled as part of a recent site visit and analysis of the various GGSM concessions in the Kono district, Sierra Leone's prominent mining region. The resource data provided in the report was built upon the main comprehensive geological survey conducted in 1972 by geologist P.K. Hall. The historical data, covering Sierra Leone's prominent diamond and gold mining areas, still holds credence today as no large-scale mining activity has been conducted on GGSM's allotted land since the report was published. The expected grade of diamonds and gold can therefore still be applied although GGSM is in the process of undertaking further geological mapping and sampling studies as part of an ongoing mining development program.

The government report outlines the mining potential of each of GGSM's three concessions and supports the financial viability of the Company's current mining development and operational investment plans. Based upon the historic data confirming a conservative estimate of 50 Carats per hundred Ton (CphT), the report stipulates that each of the concessions has an average gravel thickness of 0.65m, equating to an approximate total production of 2,367 Carats / Acre. These results allow GGSM to place an approximate value of each of its current mining concessions. At a conservative market price of USD $250 / Carat the combined value of all three concessions, split over 105 Acres, equals approximately USD $63,000,000 for diamonds alone. The report also refers to the high incidence of "Special Diamonds" in the areas surrounding GGSM's claims; i.e. gem stones larger than 10 Carats. The report states on average 20% of stones recovered are classified as Special Diamonds, allowing an upward revision of the average yield per acreage.

GGSM's Director of Operations in Sierra Leone, Tom Tucker, comments, "The mining concessions held by GGSM are located in a prime location for the further exploration and production of small scale alluvial mining operations. The historical data supported by recent government analysis of the mining areas goes a long way to proving the incidence of economically viable quantities of both diamonds and gold." He continues, "I have longstanding personal relationships with the paramount Chiefs and senior community members across the Kono District and very much look forward to contributing further to the wide-scale development of the areas surrounding the GGSM mining communities."

In addition to outlining potential production figures within the GGSM concessions the report highlights some of the recent significant historic diamond exploration and development activities in Sierra Leone. Alluvial diamond mining remains the major source of Sierra Leone's hard currency earnings accounting for nearly half of the country's exports. Sierra Leone is renowned for the quality of its diamonds and for the recovery of some spectacularly large stones of very high value from its alluvial deposits. Many of the crystals show excellent octahedral form with bright faces. The largest diamond ever discovered was in 2002 in the Kono district, weighing 1440ct and sold for 75 million dollars in Belgium. Other large stones include the 'Star of Sierra Leone,' weighing 969.8ct, discovered in February 1972 at the No.11 Plant in Kono. In 1970, the Sefadu diamond was discovered in the Dominco mine, weighing 620ct. In 1969, the "Zale light of peace" weighing 435ct was discovered. In 1996, two stones weighing 188ct and 283ct; and in 1997, several large stones weighing 524ct, 700ct and 900ct; were recovered from unspecified locations. In 2006, a 152.42ct diamond was discovered east of Koidu Town. In 2007, two pieces weighing 143.4ct and 129.7ct were discovered. Several large pieces have been discovered along the Woyie River (249.25ct, 532ct, 770ct) and upper Gayia (783ct).

Further geological studies are pending to provide a more up to date analysis of the local conditions within the GGSM claims, and to collect core gravel samples to allow further discussions and negotiations with already identified joint venture partners and investors.

About Gold and GemStone Mining Inc.
Gold and GemStone Mining, Inc. is an exploration stage company that will engage in the acquisition, exploration, and development of Diamond and Gold properties around the world. Integral to our plan is to form strategic alliances and joint ventures with gold and diamond mining companies. For more information please visit

FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company's business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company's business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.

  • How Amazon counterfeits put this man's business on brink of collapse

    How Amazon counterfeits put this man's business on brink of collapse

    Mark Lopreiato was thrilled when he was invited to promote his Forearm Forklift on ABC's "Good Morning America" last month. Lopreiato appeared on "Buy it and Try It," a segment for hosts to test out popular niche gizmos from infomercials in front of an enthusiastic New York studio audience. Then it was Forearm Forklift's turn.

  • Nurse who survived Ebola settles with Texas hospital system
    Associated Press

    Nurse who survived Ebola settles with Texas hospital system

    A nurse who contracted Ebola two years ago while caring for the first person to be diagnosed in the U.S. with the deadly disease settled a lawsuit Monday against the parent company of the Dallas hospital where she worked. Attorneys for Nina Pham announced the settlement with Texas Health Resources. Pham contracted Ebola in the fall of 2014 while caring for Thomas Eric Duncan at Texas Health Presbyterian Hospital Dallas.

  • For some low-income workers, retirement is only a dream
    Associated Press

    For some low-income workers, retirement is only a dream

    The photo and his story went viral and thousands of people donated more than $384,000 for his retirement. With no money saved for retirement, home care worker Gwen Strowbridge, 71, of Deerfield, Florida, plans to stay on the job until she can't physically work anymore. Studies have found that about one-third of low wage workers like Strawbridge say they'll never be able to afford retirement.

  • Under Armour May Be Wearing Out Its Welcome
    The Street

    Under Armour May Be Wearing Out Its Welcome

    In the last year, shares of Under Armour (UA)  are down 19% to around $38. Short-sellers crushed the stock after Sports Authority filed for bankruptcy. Under Armour reports third-quarter results on Tuesday. Can UA get investors get back in the game? Investors in Under Armour have had a difficult year, especially after that Sports Authority bankruptcy because the shorts thought UA's product sales would be hurt by the liquidation. In addition, in the second quarter management said it would take an impairment charge of approximately $23 million related to the liquidation. Of the estimated $163 million worth of sales Under Amour expected to come from Sport Authority, management said it would only

  • Jared Fogle's ex-wife is suing Subway, alleging that it ignored complaints about his sexual interest in children
    Business Insider

    Jared Fogle's ex-wife is suing Subway, alleging that it ignored complaints about his sexual interest in children

    The lawsuit, filed on behalf of Kathleen McLaughlin, says Subway was notified at least three times about Fogle's "sexual interest in and activity with children" but kept featuring him in ads and did not notify authorities. "As early as 2004, Subway's then-senior vice president of marketing received a complaint that Jared had approached a young girl at a promotional event for a Las Vegas Subway franchise for a sex act," the suit alleges.

  • Politics
    Bloomberg Video

    Clinton: Trump ‘Declaring Defeat’ with Mosul Tweet

    Oct. 24 -- At a campaign rally in Manchester, New Hampshire, Hillary Clinton slammed Donald Trump for a tweet in which he said the attack on Mosul is “a total disaster.” She said it was dangerous and proves the GOP nominee is unqualified to be commander-in-chief.

  • Trump Surrogates Continue Their Apologist Tour to Election Day
    The Fiscal Times

    Trump Surrogates Continue Their Apologist Tour to Election Day

    It’s a thankless job being a Donald Trump surrogate these days. The job fell to campaign manager Kellyanne Conway and Republican National Committee Chairman Reince Priebus this weekend, and both twisted themselves in verbal knots casting the Trump campaign as something other than a foundering ship that’s headed to the bottom. After promising to deliver a “closing argument” in a speech on Saturday in Gettysburg, PA, Trump instead dedicated part of his remarks to promising to sue each of the dozen or so women who have accused him of sexual assault.

  • Coke and Pepsi are finally ditching sugar
    Business Insider

    Coke and Pepsi are finally ditching sugar

    This past week we learned that PepsiCo is finally turning against sugar. On Monday, PepsiCo announced that by 2025, two thirds of its drinks will have 100 calories or fewer from added sugar, per 12 oz serving. Currently, these types of sugary beverages make up 40% of PepsiCo's drinks.

  • America's biggest banks are closing hundreds of branches
    Business Insider

    America's biggest banks are closing hundreds of branches

    According to the 3Q earnings report, the bank has 21 million mobile banking active users and 18% of deposit transactions are completed through mobile devices. "That’s better for customers, it’s also better for our shareholders," said Donofrio.

  • Blighted lives: The true cost of diabetes
    BBC News

    Blighted lives: The true cost of diabetes

    Steven Woodman walks like an old man. He needs a stick to maintain his balance as he hobbles forward. Steven is only in his late 50s, but the loss of three toes on one foot means he's unsteady on his feet. It is type 2 diabetes that has led Steven to where he is now. More accurately, it's ignoring the warnings and advice around diabetes that has left him facing a life of disability. He was diagnosed with type 2 diabetes, closely linked to lifestyle and weight gain, when he was still a young man. Steven, who lives in Shrewsbury, freely admits that, at the time, he ignored his GP's advice. "I was in denial. I never took it that seriously, so I carried on eating, going to the pub - doing things

  • Consumer Reports ranks Tesla near bottom for reliability

    Consumer Reports ranks Tesla near bottom for reliability

    Consumer Reports has a serious problem with those falcon-wing doors. The group, which once said a Tesla (NASDAQ: TSLA) car was so good it broke their ratings system, has ranked Tesla 25th out of 29 auto brands in its 2016 Annual Auto Reliability Survey. Tesla's new Model X crossover — and its signature falcon-wing doors — weighed heavily on the decision.

  • Business

    Teacher pensions under fire: 5 tips to prepare for retirement

    If you’re a teacher, the promise of a good retirement pension may have been a selling point when you took the job. Critics warn that pensions are at risk of severe underfunding in some states, and righting them hinges on tax increases so local governments can contribute their share. Some have suggested teachers adopt defined contribution plans, similar to 401(k)s, instead.

  • AAPL
    Money Talks News

    Apple Says 90 Percent of These Amazon Products Are Fakes

    A new lawsuit filed by Apple contends that 90 percent of iPhone devices and Apple accessories it recently purchased from Amazon were fakes. Apple says it purchased the products directly through Amazon, not a third party. Amazon is not named in the lawsuit, according to an Associated Press report.

  • Business

    Bill Miller Buys Valeant, Sees It Doubling, Likes Financials

    Bill Miller, who is best known for beating the S&P 500 Index for 15 straight years, says he has been buying Valeant Pharmaceuticals International Inc. and financial stocks such as OneMain Holdings Inc.Miller said on CNBC that he purchased shares of Valeant

  • Why Thousands of Combat Vets Have to Repay Their Enlistment Bonuses
    The Fiscal Times

    Why Thousands of Combat Vets Have to Repay Their Enlistment Bonuses

    The watchdog charged with monitoring how American money is spent in Afghanistan has in recent years identified projects in which hundreds of millions of taxpayer dollars have been wasted or gone missing: More than $100 million in over-budget expenditures to build the Afghan Ministry of Defense building and $150 million blown on luxury residences for members of the task force charged with rebuilding the Iraqi and Afghan economies, for example. The military has been trying to claw back excessive bonuses that the California National Guard paid to about 10,000 veterans – some of whom went on multiple combat tours – according to The Los Angeles Times. The Times says that with ongoing wars in Iraq and Afghanistan 10 years ago, the military was eager to boost re-enlistment and in many cases offered incentives of $15,000 or more that went beyond what was allowed.

  • News

    2017 Consumer Reports New Car Reliability Results

    Find out what brands build the most reliable new cars, which ones are most likely to need repair, and what tends to go wrong.

  • Fannie Mae streamlines U.S. mortgage underwriting

    Fannie Mae streamlines U.S. mortgage underwriting

    Fannie Mae said on Monday it has launched a program to streamline its underwriting on mortgages for some borrowers that uses electronic data instead of physical proof of their income, assets and employment.

  • Oil dips on Buzzard restart, Iraq; U.S. crude tests below $50

    Oil dips on Buzzard restart, Iraq; U.S. crude tests below $50

    Oil prices dipped on Monday, with U.S. crude briefly falling below $50 per barrel, on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. OPEC hopes to remove about 700,000 bpd from an estimated global supply of 1.0-1.5 million bpd.

  • Belfast bakery loses appeal over refusal of gay-rights cake
    Associated Press

    Belfast bakery loses appeal over refusal of gay-rights cake

    A Belfast bakery on Monday lost its appeal of a ruling that it discriminated against a gay customer by refusing to bake a cake decorated with a message supporting same-sex marriage. The judgment against Ashers Baking Co. found that the family-run chain was wrong to treat gay customers any differently from heterosexuals. The Northern Ireland Equality Commission pursued the lawsuit against Ashers on behalf of the spurned customer, who had ordered the cake for a gay rights event.

  • Jeff Bezos, Jamie Dimon, Warren Buffett agree on the No. 1 priority for business
    Yahoo Finance

    Jeff Bezos, Jamie Dimon, Warren Buffett agree on the No. 1 priority for business

    In recent weeks, we’ve heard Warren Buffett, Jamie Dimon and Jeff Bezos talk about managing their businesses. At the Economic Club of Washington DC in September, JPMorgan CEO Jamie Dimon discussed what eventually led to his ouster from Citigroup in 1998. JPMorgan Chase is the largest bank in America.

  • Former CEO explains how to nurture star employees
    Yahoo Finance

    Former CEO explains how to nurture star employees

    High-potential performers (or Hi-Pos) stand out due to their associative thinking skills—which help solve problems and drive innovation—their strong emotional awareness, and their incredible perseverance, according to Carter Cast, a clinical professor of innovation and entrepreneurship at the Kellogg School and former CEO of, a division of Walmart (WMT). Putting a mirror up in front of people can help them recognize weaknesses, triggers, and gaps that may be impeding self-regulation and performance.

  • Business
    American City Business Journals

    Intel Eliminati seeks clarity in data

    It’s been six months since Intel said it would lay off 11 percent of its global workforce or 12,000 workers. A group called Intel Eliminati, created following a smaller layoff in 2015, took on a greater role connecting former co-workers with each other, and, hopefully new job opportunities. “We are going to advertise it as ‘what has been going on’ and use it to craft our own training strategies for people,” said organizer Richard Vireday, a software developer who was laid off after 15 years with the company.

  • Smartwatch sales tumble, dragged down by Apple

    Smartwatch sales tumble, dragged down by Apple

    Global smartwatch sales slid 51.6 percent in the third quarter, amid a steep decline for the Apple Watch ahead of its updated device, a market tracker said Monday. Apple, the largest smartwatch vendor, saw its sales down 71.6 percent. "The sharp decline in smartwatch shipment volumes reflects the way platforms and vendors are realigning," Llamas said.

  • Business

    Analysts' Actions -- Kinder Morgan, AT&T, Verizon, 3M and More

    RATINGS CHANGES Ariad Pharmaceuticals was downgraded to underweight from neutral at JPMorgan. $7 price target. Expect more volatility in the near term, JPMorgan said.  Con Edison was upgraded to hold from sell at Deutsche Bank. The valuation

  • Best Vanguard Funds for Your Retirement Savings

    Best Vanguard Funds for Your Retirement Savings

    Vanguard is the biggest fund company in the land, with more than $3 trillion in assets. So chances are high that many retirement savers have access to Vanguard funds in their 401(k) plans. But size is no guarantee of good results. Thirty-four Vanguard funds appear on a list of the 105 most popular mutual funds in employer-sponsored retirement savings plans. No other fund company comes close. Not surprisingly, of the 34 most popular Vanguard funds in retirement plans, 15 are index funds. And nine more are target-date portfolios—those set-it-and-forget-it funds that shift over time to more conservative allocations as the fund nears its target year. The remaining 10 are actively managed. We didn’t