Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

September 27, 2010 08:30 ET

Goldstone Announces Management Change and Appointment of Director

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) announced today that its Board of Directors has terminated the employment of J. Patrick Sheridan Jr., its President and Chief Executive Officer. Mr. Philip Cunningham, the Chairman of Goldstone, has agreed to assume the position of Interim Chief Executive Officer until a permanent replacement is named.

"The termination of Mr. Sheridan was necessary as he was simply not prepared to work with the board or fulfill his responsibilities", stated Mr. Cunningham. "Over the next few weeks the board of directors of Goldstone will seek to secure a permanent President and Chief Executive Officer and will take other steps in order to put the Company in a position to enhance shareholder value."

Towards this goal, Goldstone also announced the appointment of Charles A. Harnick Q.C. as a director of the Company.

Charles is a co-founder and principal of Counsel Public Affairs, which provides strategic counsel with respect to business, legal, public policy and political issues, and is a mediator with York Street Dispute Resolution Group, which provides mediation services to parties involved in civil litigation. Mr. Harnick was a director and/or President of Ontex Resources (which subsequently changed its name to Goldstone) from April 2000 to June 2006. He is a former board member and Vice Chairman of St. John's Rehabilitation Hospital and he is an Ex-Officio Bencher of the Law Society of Upper Canada. He was an elected member of the Ontario Legislature from 1990 to 1999 and he served as Attorney General of Ontario and Minister Responsible for Native Affairs from 1995 to 1999. Mr. Harnick was responsible for the creation of the Ontario Mandatory Mediation Program and Legal Aid Ontario.

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 includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Contact Information

  • Goldstone Resources Inc.
    Philip Cunningham
    Chairman and Interim CEO
    (647) 401-8965
    www.grcmines.com