Bluestone Resources Inc.
TSX VENTURE : BSR

Bluestone Resources Inc.

October 23, 2012 12:25 ET

Bluestone Resources Announces Acquisition of Alaskan Gold Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - Bluestone Resources Inc. (TSX VENTURE:BSR) (the "Company" or "Bluestone") today announced that it has acquired a 100% interest in two projects located in the state of Alaska, USA. The Shorty Creek and Richardson projects were acquired through a Bankruptcy Court approved sale of assets held by a US based oil, gas and mineral company.

"Bluestone is pleased to be able to establish a presence in the mining friendly, stable jurisdiction of Alaska with the acquisition of these two highly prospective projects," commented Bruce Counts, President and CEO of Bluestone Resources Inc. "Shorty Creek and Richardson each have the potential to add significant value to the company. The presence of gold has been established on both projects by historical work; they are accessible by paved highway and are located near infrastructure."

Shorty Creek

Shorty Creek has the potential to host a large intrusion related gold deposit. The project is composed of more than 15,500 hectares (38,400 acres) of mineral claims and is located approximately 125km (70 miles) northwest of Fairbanks, Alaska. Highlights of the project are as follows:

  • The property is located within a known gold district and is approximately 4km from International Tower Hill's 16 million ounce Livengood gold deposit
  • The property is adjacent to and accessible from the Elliott Highway
  • No substantive work has been carried out since 1989/1990 when a 20 hole RC drilling program was conducted.
  • Results from historic drilling include the following:
    • 70m (225ft) grading 1.2g/T Au including 7.6m (25ft) of 4.6 g/T Au in hole RH8909
    • 16.8m (55ft) grading 1.0 g/T Au in hole RH9019
    • 7.6m (25ft) grading 1.7g/T Au in hole RH9017
    • 18.3m (60ft) grading 0.8g/T Au in hole RH9016
  • The mineral claims that comprise the Shorty Creek Project are primarily located on state owned land.
  • Placer gold mining has been conducted in the district since 1914 and production is estimated to exceed 500,000 ounces in total

Richardson

The Richardson Project has been targeted for its potential to host a high-grade gold deposit. The property is composed of more than 13,690 hectares (33,800 acres) of mineral claims and is located approximately 70km (40miles) south of Fairbanks, Alaska. Project high-lights include the following:

  • The property is adjacent to and accessible from the Richardson Highway
  • The project is located within Alaska's Tintina gold belt and is proximal to the Pogo, Fort Knox and True North mines.
  • More than 120,000 ounces of gold were produced from placer mining in the project area during the early 1900's.
  • Several areas of the project have been targeted for drilling based on geological mapping, soil sampling and ground geophysical surveys conducted in 2011.

Transaction Details

Bluestone successfully bid USD $200,000 collectively for the projects at the public auction in Delaware of certain assets of Tri-Valley Corporation and Select Resources Corporation Inc. The US Bankruptcy Court for the District of Delaware has approved the sale of the assets to Bluestone, and closing is scheduled for November 1st to complete the transfer.

About Bluestone Resources Inc.

Bluestone Resources Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled a team with the business acumen and technical expertise to identify and advance undervalued mineral exploration projects world-wide.

Bluestone Resources Inc. is a member of the Aurora Mineral Resource Group of companies. For more information please visit www.auroraresource.com.

On behalf of the Board

Bluestone Resources Inc.

Bruce Counts, P. Geoph., President & CEO

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to use of proceeds, future exploration programs and the completion of financings, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bluestone's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Bluestone expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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