Goldstone Resources Ltd
13 June 2007
GOLDSTONE RESOURCES LTD
BAUXITE PROGRESS REPORT
The Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') wish to
provide the following update on the Company's bauxite interests.
In September 2005, GoldStone entered into an option agreement with BHP Billiton
over the bauxite interests in Guyana. An initial programme was launched to
explore the bauxite potential in the lease areas. This programme confirmed the
deposits previously identified by GoldStone. BHP Billiton accordingly made
payment during September 2006 of the option fee of US$100,000 required to
maintain the option until 7 June 2007.
Further, more detailed sampling was undertaken during the first quarter of 2007
and this programme has been completed. The Company is awaiting the results of
the programme. Under the agreement, BHP Billiton was required to elect by not
later than 7 June 2007 whether to exercise its option to require GoldStone to
apply for such prospecting licences as may be permissible under the Bauxite
Reconnaissance Permission.
By 7 June 2007 BHP Billiton had not elected to exercise this option, but has
subsequently reached an agreement with the Company pursuant to which the
election date of 7 June 2007 has been extended to 7 July 2007. Goldstone will
receive a payment of US$25 000 from BHP Billiton as consideration for the one
month extension.
A further announcement will be made in due course.
Enquiries:
GoldStone Resources Ltd 00 27 21 794 4004
Nico van der Hoven
Hanson Westhouse Limited 0113 246 2610
Tim Feather tim.feather@hansonwesthouse.com
Matthew Johnson matthew.johnson@hansonwesthouse.com
This information is provided by RNS
The company news service from the London Stock Exchange