Goldstone Resources Ltd
16 December 2005
GOLDSTONE RESOURCES LIMITED
COMPLETION OF SOIL SAMPLING PROGRAMME AND APPLICATION FOR PROSPECTING LICENCES
The Directors of GoldStone Resources Limited ('GoldStone' or the 'Company') are
pleased to provide the following update on the gold programme in Guyana.
The Company has completed the geochemistry and mapping programme which commenced
in October 2005. The analytical results of the programme, which are expected to
be received during January 2006, will assist the Company to identify the most
prospective area for infill drilling.
GoldStone has applied to the Guyana Geology and Mines Commission ('GGMC') for
the granting of 26 Prospecting Licences. The combined size of the Prospecting
Licences is approximately 478 square miles.
Under the terms of the Company's Geological Survey and Reconnaissance
Permission, which expired on 14 December 2005, the Company is entitled to apply
for and be granted 20 Prospecting Licences. 25 of the applications for
Prospecting Licences relate to areas that are within the Company's former
Permission Area and one borders on that area.
Once the applications have been processed by the GGMC, the Directors anticipate
that Licences with a term of three years with two additional rights of renewal
of one year each will be granted. The Licences would become available upon the
payment of the first year's rental and submission of an acceptable performance
bond equal to 10 per cent. of the approved budget of the first year's
exploration expenditure. The Prospecting Licence areas applied for were chosen
on the basis of extrapolated extensions to outcrop of horizontally bedded
gold-bearing layers intersected during the diamond drilling programme. These
areas comprehensively encompass all the ground the Company considers to be
prospective.
Contact:
GoldStone Resources Ltd 00 27 21 794 4004
Nico van der Hoven (Chief Executive Officer)
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