Progress Report

12 Jul 2005 07:00

Goldstone Resources Ltd12 July 2005 GOLDSTONE RESOURCES LTDGOLD: ASSAY RESULTS AND PROGRESS REPORT The Directors of GoldStone Resources Ltd ("the Company" or "GoldStone") arepleased to report on the progress of the Company's gold programme. Since completion of the initial reconnaissance drilling programme, fivefollow-up drill holes have now been completed. A total of 12,285m at 56 drillhole sites has been drilled in the Company's two lease areas. The four drillrigs and the helicopter have been demobilised pending the end of the heavyrainfall season and completion of assays, following which future explorationwill be considered. From the initial programme, assay results from a further six drill holes havebeen received. These results included twelve additional anomalous gold valuesranging from 100 to 850 ppb Au (0.1 to 0.85 g/t), which are set out below. The follow-up holes have confirmed the lateral continuation of the previouslyreported two continuous palaeosurfaces intersected at shallow depths, each over100 square kilometres in extent, with associated anomalous gold mineralization. A downhole geophysical survey of 25 additional drill holes has been completedand the data are being integrated with sedimentological logs. All remainingdrill holes, including the five follow-up holes, have been sampled. It is stillanticipated that all the assay data and subsequent three dimensionalstratigraphic analysis will be available by the end of August. Assay results to date indicate: • Forty gold-bearing palaeoplacer tracers in twenty of the drill holes. • Twelve barren drill holes, • Eight igneous non-host rocks. • Samples from sixteen drill holes are being assayed or re-assayed. Dr Minter, GoldStone's Director of Exploration, reports that: "In addition toidentification of the two distal palaeoplacer surfaces previously reported,analysis of data becoming progressively available has revealed a robustproximal conglomerate in strata underlying Unit 4, which averages 281 ppb over1.07 metres. A similarly mineralised conglomerate was previously intersectedapproximately 25 km further south east. These tracers that occur lower in thesequence add to the prospectivity of the Roraima stratigraphy." SAMPLE THICKNESS ASSAY VALUE number m ppb Au 5827 0.32 100 5905 0.34 100 5914 0.32 120 6136 0.10 130 6264 0.18 250 6306 0.24 200 6329 0.23 850 6396 0.16 160 6402 0.13 310 6526 0.33 630 6529 0.37 150 6530 0.37 100 Contacts: GoldStone Resources Ltd 00 27 21 794 4004Nico van der Hoven (Chief Executive Officer) This information is provided by RNS The company news service from the London Stock Exchange