Bluestone Resources Increases Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 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 its intention to increase the non-brokered private placement (previously announced on January 11, 2012) by 200,000 units to a total of 5,200,000 units at a price of $0.15 per unit for gross proceeds to the Company of up to $780,000.

As previously announced, each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will be 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 will be subject to a four-month hold period from the closing of the private placement. The Company intends to use the proceeds of the private placement to advance Bluestone's exploration properties and for general working capital purposes. The private placement has been conditionally approved by the TSX Venture Exchange.

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