Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

December 24, 2010 09:00 ET

Goldstone Announces Resignation

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2010) -

Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced that Michael Kilbourne, its Vice-President, Exploration, has tendered his resignation, effective January 23, 2011.

The Company has begun a search for a replacement.

As previously disclosed, Goldstone intends to use the proceeds of its recent private placement to conduct an aggressive exploration program on its Key Lake property near Geraldton, Ontario as well as on its Brookbank, Leitch-Sand River, and Northern Empire properties near Beardmore, Ontario.

"Mr. Kilbourne's departure is not expected to negatively impact our 2011 drilling program", stated Philip Cunningham, Chairman and Interim CEO of Goldstone. "We are moving quickly to hire a new senior exploration officer and support staff to ensure that we are in position to continue to actively pursue our goal of enhancing shareholder value."

About Goldstone

Formed by a late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a gold exploration and development company operating in the historically significant Geraldton-Beardmore of Northwestern Ontario and focused on gold exploration and deposit delineation at its Key Lake, Brookbank, Northern Empire and Leitch-Sand River gold properties, and as a partner in the Hardrock Project joint venture with Premier Gold Mines Limited. The camp is host to several past producers in a district that has historical production of more than 4.1 million ounces of gold from high grade ore before being shut down primarily as a result of a $35 gold price—and to Goldstone's fully permitted, expandable 200-TPD Northern Empire mill.

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 exploration and/or 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
    www.grcmines.com