Accra, Jan. 13, GNA - The Geological Survey Department (GSD) on Friday denied that it had confirmed the existence of gold deposits on the Elmina Beach.

Reacting to a publication in the Daily Graphic of Thursday, January 12, 2012 under the headline "GSD" confirms gold deposit at Elmina Beach, it said "The GSD would like to state categorically and officially that the caption is misleading as the investigation carried out so far by the Department show only indications of gold and not a deposit at the Elmina Beach."

In a statement signed by Mr J.A.Duodu, Director of GSD copied to Ghana News Agency in Accra said "For "a find" to be described as a deposit, GSD has to carry out field investigations and laboratory tests to determine the gold grade of the beach sand and establish whether it is of economic value or not."