Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

September 30, 2010 16:30 ET

Goldstone Clarifies August 26, 2010 News Release

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2010) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) announced today that its Audit Committee has concluded an internal investigation into the content of the news release issued by Goldstone on August 26, 2010.

In this news release, the Company stated that it had "temporarily suspended the Key Lake exploration drilling program previously outlined in its press release dated June 22, 2010", and that "following the requisition of a shareholders' meeting by Phillip Cunningham on August 23, 2010, the Company's site geologists resigned their positions with the Company. As a result, the Company has postponed further drilling of the Key Lake property pending resolution of its corporate and staffing issues."

The Audit Committee in its report presented to the Board today concluded that the resignations of the two geologists were not caused by the requisition for a shareholders' meeting, but were motivated by the geologists' frustrations with management, namely a manager who subsequently resigned from Goldstone. Therefore, the August 26, 2010 news release should not have made reference to the requisition in the manner it did.

The Executive Committee of Goldstone believes that the recent adoption by the Company of a disclosure policy and other corporate governance rules, and the controls and procedures included therein, should assist the Company in ensuring that this incident is not repeated. The Company will continue to monitor and evaluate the effectiveness of its internal controls and procedures on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary.

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