Palm Beach, FL 6/1/12 (StreetBeat) -- Gold and GemStone Mining Inc. (OTCBB:GGSM), an alluvial gold and diamond exploration and development stage mining company focused on Sierra Leone, West Africa has today announced that its local Joint Venture partner has secured an additional 50 acres of surrounding concessions to its existing project Nimiyama situated in the Kono District.
The new extension agreement has been signed with the local paramount chief and extends the previous agreement increasing the existing 50 acre site up to a potential total of 100 acres of prime alluvial diamond and gold mining territory in the Nimiyama Chiefdom in the Kono District, the Country's prominent diamond and gold mining area. With a previous government report valuing the territory in the area at US$ 600,000 per acre, the total value of the new extended concession issued under GGSM's subsidiary can be as much as $60,000,000.
The provision of the additional mining concessions is subject to GGSM initiating mining operations on its existing 50 acre concession located within proximity to the new concessions within the next 12 months, along with a commitment to work with and develop local social projects within communities surrounding the concessions. GGSM's local joint venture partner is in the process of securing all available GPS mapping and existing geological data to help the Company fully evaluate and plan for the development of the new concessions.
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.
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