Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

February 08, 2011 16:09 ET

Goldstone Announces Extension of Term of 4,133,334 Warrants

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2011) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) announced today the extension of the term of 4,133,334 outstanding common share purchase warrants (the "Warrants") which are due to expire on February 24, 2011, all of which were issued in connection with a private placement on August 24, 2009.

Each Warrant currently entitles the holder thereof to purchase one common share of the Company at a price of $1.05 until 5:00 p.m. (Toronto time) on February 24, 2011. No public market exists for such warrants.

The Warrants will be amended, effective immediately prior to 5:00 p.m. on February 24, 2011, to extend the expiry time until 5:00 p.m. (Toronto time) on December 31, 2011. All other provisions of the Warrants remain unamended. Insiders of the Company currently hold 33,334 warrants with identical terms to these Warrants, and the expiry time of the warrants held by insiders will not be extended. The Toronto Stock Exchange (TSX) has approved the amendments subject to receipt by the TSX of standard documentation.

About Goldstone

Goldstone Resources Inc. is a gold exploration and development company operating in the Geraldton-Beardmore camp of Northwestern Ontario, host to mines with historical production of more than 4.1 million ounces of gold from high grade ore—and to Goldstone's fully permitted Northern Empire mill. Goldstone is focused on exploration and deposit delineation at its 100%-owned Key Lake, Brookbank, Northern Empire, and Leitch-Sand River gold properties, and as a partner with a 30 percent carried interest in the Hardrock Project joint venture with operator Premier Gold Mines Limited.

NI 43-101-compliant resource estimates for the Company's Brookbank deposit (dated May 2009) and Northern Empire Mine properties (dated November 2008) contain combined indicated and inferred resources in excess of 800,000 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 may contain forward-looking information under applicable securities laws concerning Goldstone's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward looking information is frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, delay or inability to retain a senior operating officer, delay or inability to raise additional financing on satisfactory terms, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions and changes in conditions in the financial markets. Readers are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the forward looking information. Goldstone does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Contact Information

  • Goldstone Resources Inc.
    Philip Cunningham
    Chairman and Interim CEO
    (416) 860-1636