SOURCE: Brownstone Resources Inc.

November 19, 2007 08:30 ET

Brownstone Announces Property Acquisition

TORONTO--(Marketwire - November 19, 2007) - Brownstone Resources Inc. (PINKSHEETS: BWNR), a junior mineral resource exploration and development company, announces that as part of the company's ongoing restructuring and building efforts, the company has entered into an LOI/option agreement to acquire a 50% interest in a group of prospective uranium mining claims. The 14 claims are located just outside of the town of Elliot Lake, in the Sault Ste Marie mining district of Northern Ontario, Canada.

The town of Elliot Lake and the surrounding areas are well known for hosting significant mineral deposits, and are home to several large scale mining operations for copper and uranium.

During the past few years the areas that surround Elliot Lake have been the focus of intense geophysical surveying programs conducted by the Canadian government's Ministry of Northern Development and Mines (report titled; "Recommendations for Mineral Exploration 2005-2006" MNDM) as well as countless independent follow up programs that have been conducted by several mid to large sized mining companies.

The purpose of the MNDM report was to provide a better understanding of the geological compositions of the area, to make recommendations, and to help "stimulate and facilitate mineral exploration and the sustainable development of Ontario's mineral resources" (MNDM 2005-2006 report).

The results and recommendations of the government survey has lead to increased prospecting and surveying, which has lead to an unprecedented amount of claims being staked in the area, in 2007.

"We are excited about the prospects of the Iron Bridge group of claims. The entire area, covering hundreds of square kilometers, has been teaming with mining activity; hopefully we can be part of the success stories still to be written. Our team is continuing to build a portfolio of promising exploration and development stage mineral resource properties, and the Iron Bridge claims fit right in with what we are doing. Ultimately we hope to provide our shareholders with the measured leverage and exposure that will enable them to benefit from the increases occurring in the price of gold and uranium. There's more to come from Brownstone...we are in negotiations with another great prospective gold mining property, here in Canada, so we hope to have something on that sooner rather than later," said company president Ken Lamb.

The company will make further announcements on acquisitions and developments of the properties, as the information becomes available.

Please visit the company website for more information:

Forward Looking Statement

This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.

Contact Information

  • Brownstone Resources Inc.
    (416) 214 7847