Goldstone Resources Regulatory News (GRL)

16 Apr 2008 12:47

Goldstone Resources Ltd16 April 2008 GOLDSTONE RESOURCES LTD PROGRESS REPORT The Directors of GoldStone Resources Ltd ("GoldStone" or the "Company") wish toprovide the following update on the Company's activities. BAUXITE In September 2005, GoldStone entered into an option agreement with BHP Billitonover the Company's bauxite interests in Guyana. An initial programme waslaunched to explore the bauxite potential in the leased areas. The programmeconfirmed the deposits previously identified by GoldStone. Further more detailed sampling was undertaken during the first quarter of 2007and the Company has since received all the results from this completedprogramme. BHP Billiton elected during July 2007 not to exercise its option andsubsequently made available to GoldStone all information in its possessionrelating to the exploration programme, as well as a summarising geologicalreport. During the latter half of 2007 GoldStone secured an extension to the expiry dateof the bauxite Reconnaissance Permission to 4 April 2008. The ReconnaissancePermission gave the Company the exclusive rights to apply for up to a maximum of20 prospecting licences for Bauxite within the area of the ReconnaissancePermission. GoldStone has, after a thorough review of all the BHP Billitoninformation and summarising geological report, now exercised its rights byapplying for eleven prospecting licences. GoldStone is in continuing discussions with various players in the bauxiteindustry with the intention of commercialising these interests. APPROVAL Dr. Lawrie Minter, who holds a PhD in palaeoplacer sedimentology has reviewedand approved the content of this announcement. Enquiries: GoldStone Resources Ltd 00 27 21 794 4004Nico van der Hoven (Chief Executive Officer) Hanson Westhouse Limited 0113 246 2610Tim Feather / Matthew Johnson This information is provided by RNS The company news service from the London Stock Exchange