Monday, September 27, 2010

Gold in Canada: Goldstone Resources board gives president, CEO Sheridan the boot,, GG, ABX, TNR.v, BTT.v, GBN.v, ASM.v, SGC.v, NGQ.v, EPZ.v, CZX.v,, NEM, AUY, FCX


   "Fight for the Goldstone Resources was very fast and brutal - we like that Mr Cunningham has so low level of tolerance for sloppy performance of the management. After the merger stock just collapsed even below the value of Roxmark Mines main asset 30% in Hardrock. We have raised our concerns before and now we think that it is very positive development for the company, when majority shareholder will lead its management team. With gold at the level of 1250 and Premier Gold flying in the skyes value of the Goldstone Resources should be well north of 1.0CAD at least based on Roxmark Mines market cap before merger."

  CS. We have a final accord of Corporate Governance in action in Canada. So many managers forget that they are hired to run the company by its shareholders and company belongs to them. Management's main goal is to build value for shareholders, avoid unnecessary dilution and think about the business like its owners would think by themselves - it is a dream some would say and they will be right. So go where owners are in charge as well and management has significant stake in the business. You have already more than enough risk in junior mining in order to be engaged in games around dilution, options, salaries, offices and perks.

 Goldstone Resources has joined today the club with NGeX resources, where Lukas Lundin owns stake and is Chairman of the board, and both Minera Andes and TNR Gold have their own major shareholders holding large stake in the companies.

  With record gold prices Golstone now have a lot of room for upside just reflecting its Hardrock deposit growth with Premier Gold operating on the property.


2010-09-27 08:49 ET - News Release

Mr. Philip Cunningham reports


Goldstone Resources Inc.'s board of directors has terminated the employment of J. Patrick Sheridan, its president and chief executive officer. Philip Cunningham, the chairman of Goldstone, has agreed to assume the position of interim chief executive officer until a permanent replacement is named.

"The termination of Mr. Sheridan was necessary as he was simply not prepared to work with the board or fulfill his responsibilities," stated Mr. Cunningham. "Over the next few weeks, the board of directors of Goldstone will seek to secure a permanent president and chief executive officer, and will take other steps in order to put the company in a position to enhance shareholder value."

Toward this goal, Goldstone also appointed of Charles A. Harnick, QC, as a director of the company.

Mr. Harnick is a co-founder and principal of Counsel Public Affairs, which provides strategic counsel with respect to business, legal, public policy and political issues, and is a mediator with York Street Dispute Resolution Group, which provides mediation services to parties involved in civil litigation. Mr. Harnick was a director and/or president of Ontex Resources (which subsequently changed its name to Goldstone) from April, 2000, to June, 2006. He is a former board member and vice-chairman of St. John's Rehabilitation Hospital, and he is an ex-officio bencher of the Law Society of Upper Canada. He was an elected member of the Ontario Legislature from 1990 to 1999, and he served as Attorney General of Ontario and Minister Responsible for Native Affairs from 1995 to 1999. Mr. Harnick was responsible for the creation of the Ontario Mandatory Mediation Program and Legal Aid Ontario.

Further information is available on the company's website and on SEDAR, under the company's profile."

And now company is back to business:
Goldstone resumes Beardmore-Geraldton drilling

2010-09-24 19:33 ET - News Release

Mr. J. Patrick Sheridan reports


Goldstone Resources Inc. has resumed its diamond drilling program in the Beardmore-Geraldton gold camp. Drilling will concentrate at Key Lake and at various prospects in the Beardmore area.

Key Lake

A total of 29 holes have been completed to date, totalling 6,800 metres. An additional 17 holes have been planned so far for phase 2, totalling 3,300 metres. Recent modelling of the Key Lake drill results, which includes recent and historical data, has aided in strategically placed drill holes to test gold mineralizing trends. Complete results are still outstanding for phase 1.

Northern Empire mine

A recent review of regional data in the vicinity of the Northern Empire claim group in Beardmore has emphasized a series of closely spaced quartz veins which has seen limited drilling. A stratigraphic drill section is planned to ascertain if mineralization across the veins plus host rock will yield a bulk-minable scenario. Four holes are planned in this region for 600 metres.

Creek vein

Recent prospecting in the region of the Creek vein has yielded a new gold-bearing showing which warrants drilling. Recent trenching and grab samples have revealed anomalous gold values. Three holes are planned for this target for a total of 450 metres. A review of the historic drilling in the Creek vein area shows considerable gold mineralization over core widths in excess of 40 feet. Five diamond drill holes totalling 1,000 metres will test the plunge of the mineralized zone.


A preliminary economic assessment of the Brookbank deposit has been completed by Micon International. Goldstone is currently reviewing the results, which will be forthcoming in a following news release. Discovered in the early 1980s, the Brookbank deposit was a major asset of Ontex Resources. Following the merger with Roxmark Mines late in 2009, to form Goldstone Resources, the Northern Empire mill provided a synergy between the deposit and possible production. At a cut-off grade of 3.4 grams per tonne (g/t) gold, drilling has established 1.36 million tonnes grading 9.7 g/t gold containing 424,400 ounces of indicated resource and 1.09 million tonnes grading 7.9 g/t gold containing 276,600 ounces of inferred resource at Brookbank (see National Instrument 43-101 technical report, "Technical Report on the Brookbank Gold Deposit, Beardmore, GeraldtonRPA Inc. dated May 4, 2009, as filed on SEDAR).

The exploration program is managed by Goldstone Resources under the supervision of Mike Kilbourne, PGeo, vice-president of exploration and the qualified person for Goldstone Resources. Mr. Kilbourne has reviewed and approved the technical information in this news release.

Further information is available on the company's website and on SEDAR under the company's profile.

We seek Safe Harbor.

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