Goldstake Explorations Inc.

Goldstake Explorations Inc.

May 23, 2006 13:41 ET

Goldstake Completes Private Placement

TORONTO, ONTARIO--(CCNMatthews - May 23, 2006) - Goldstake Explorations Inc. (TSX:GXP) is pleased to announce that it has completed a non-brokered private placement for net proceeds of $945,840 through the issuance of 6,000,000 units at a price of $0.16 per unit.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at a price of $0.25 until November 19, 2007. The shares will have a hold period of 4 months from May 19, 2006.

The funds will be used for drilling and verification of the historical copper resource on the Home of Bullion Mine and for working capital.

Goldstake Explorations Inc. is a Canadian mineral exploration company with a diversified portfolio of precious, base metals and diamond properties in Canada, United States and Australia.

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