Bluestone Resources Closes CDN$780,000 Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.

Bluestone Resources Inc. (TSX VENTURE:BSR) (the "Company" or "Bluestone") today announced the closing of the non-brokered private placement financing previously announced on January 11 and February 16, 2012. The Company sold an aggregate of 5.2 million units at a price of $0.15 per unit for gross proceeds of CDN $780,000.

As previously disclosed, each unit consisted of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share for a period of five years from closing at a price of $0.20 per share, subject to the Company's right to accelerate the exercise of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.50 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.

All securities issued in the private placement are subject to a four-month hold period from the closing of the private placement expiring on June 22, 2012. The subscribers have also agreed to not trade any of the securities issued pursuant to the offering prior to the first anniversary of the closing of the private placement without the Company's consent. The Company intends to use the proceeds of the private placement to advance Bluestone's exploration properties and for general working capital purposes.

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 one of the most qualified technical teams in worldwide exploration. Bluestone Resources Inc. is a member of the Aurora Resource Group of companies, for more information on the group visit www.auroraresource.com.

On behalf of the Board

Bluestone Resources Inc.

Bruce Counts, P. Geoph., President & CEO

This press release includes "forward-looking information" including statements regarding the private placement that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.