Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

June 22, 2010 08:00 ET

Goldstone Resources Exploration Update

TORONTO, ONTARIO--(Marketwire - June 22, 2010) - Goldstone Resources Inc. ("Goldstone" or "the Company") (TSX:GRC)(PINK SHEETS:GRSZF) announces the initiation of a preliminary economic assessment ("PEA") on the Company's Brookbank gold deposit located in Northwestern Ontario. The PEA will be carried out by Micon International Limited, Toronto, Ontario, and will assess the economic viability of mining the Brookbank deposit utilizing a decline ramp with trucking and milling the ore at the Company's fully permitted Northern Empire Mill.

The Brookbank Deposit currently hosts a significant NI 43-101 compliant high grade gold resource. Utilizing a 3.4 g/t Au.cut-off grade, the deposit hosts 424,400 ounces of gold in the indicated category (1.36 mt @ 9.7 g/t Au.) as well as 276,000 ounces in the inferred category (1.09 mt @ 7.9 g/t Au.) (See National Instrument 43-101 technical report –"Technical Report on the Brookbank Gold Deposit, Beardmore – Geraldton Area, Northern Ontario, Canada" by Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR). The Brookbank deposit is one of five advanced stage and/or past producing gold Properties owned by the Company in the Beardmore Geraldton gold district.

KEY LAKE DRILLING

The Company also announces that currently there are two drills conducting exploration drilling on the Company's 100% owned Key Lake property. The Key Lake Property is contiguous to the Premier Gold/Goldstone Resources Hard Rock Project in Geraldton, Ontario where diamond drilling by the Company's partner, Premier Gold (TSX:PG), has established a significant gold resource at surface as well as high grade intersections at depth. The Company's current Key Lake drill program, estimated to total 15,000 metres, will focus on finding near surface gold mineralization amenable to open pit mining.

LEITCH MINE/ SAND RIVER EXPLORATION

The Company currently has field crews mobilized to this historical past producer in order to identify areas for exploration drilling. Several areas of the Property have been identified for ground follow up work including trenching and diamond drilling.

Mike Kilbourne (P.Geo) is the Qualified Person for the information contained in this press release, and is a Qualified Person within the meaning of NI 43-101.

ABOUT GOLDSTONE RESOURCES

Goldstone Resources is a well financed junior exploration Company which holds advanced stage and past producing gold assets in the Geraldton Beardmore area of Northwestern Ontario.

The Company currently has active exploration programs on three of its properties. The Geraldton/Beardmore gold district has historical production of approximately 4.2 million ounces of gold.

Further information is available on the Company's website at www.grcmines.com and on SEDAR under the Company's profile at www.sedar.com.

Forward-Looking Statements

This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Contact Information

  • Goldstone Resources Inc.
    J. Patrick Sheridan
    President & Chief Executive Officer
    (416) 628-5930
    (416) 628-5935 (FAX)
    www.grcmines.com