Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

October 18, 2010 16:43 ET

Goldstone Appoints Whitton as Director

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2010) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced the appointment of John F. Whitton, B.Sc., PGeo,. as a director of the Company.

Mr. Whitton holds an Honours Bachelor of Science degree in Geology from Trinity College in Dublin, Ireland and has been extensively involved in mineral exploration projects in Canada, U.S. and the British Isles, focusing primarily on gold and other precious metals for the past thirty years. He is experienced in all levels of exploration and development, including mine and mill design, mine construction and operations.

Mr. Whitton has been a director of Sabina Gold & Silver Corp.(TSX:SBB) since 1987 and is a registered Professional Geoscientist in the Province of Ontario. From 2007 until 2008, when the company was sold to Goldcorp Inc., he was Project Manager/Chief Geologist for Gold Eagle Mines Limited. A longtime resident of Red Lake, Ontario, he is currently under contract to Goldcorp (Red Lake Gold Mines) there as Manager of Community Relations.

"We are pleased to have John join the board and Executive Committee of Goldstone and look forward to his assistance as we endeavour to enhance shareholder value", stated Mr. Philip Cunningham, Chairman and Interim CEO of Goldstone. "His deep mining experience and knowledge of the Geraldton-Beardmore camp, will be of particular benefit to our Company as we move forward."

About Goldstone

Formed by a late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a well funded gold exploration and development company operating in the historically significant Geraldton-Beardmore camp of Northwestern Ontario and focused on gold exploration and deposit delineation at its 100%-owned Key Lake, Brookbank, Northern Empire and Leitch-Sand River gold properties—in addition to its 30% carried interest in the Hardrock Project joint venture with Premier Gold Mines Limited. A preliminary economic assessment of the Brookbank deposit is being finalized by Micon International. 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. Goldstone's fully permitted, expandable 200-TPD mill is located next to the Northern Empire Mine.

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 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.
    Phil Cunningham
    Chairman and Interim Chief Executive Officer
    (416) 860-1636
    (416) 360-7355 (FAX)
    www.grcmines.com