TORONTO, ONTARIO--(Marketwire - Aug. 4, 2010) - Goldstone Resources Inc. ("Goldstone" or "the Company") (TSX:GRC)(PINK SHEETS:GRSZF) is pleased to announce the initial results from its 100% owned Key Lake drilling program located just west of Geraldton, Ontario. The Key Lake Property is contiguous to the Premier Gold/Goldstone Resources Hard Rock Project in Geraldton, Ontario where diamond drilling by the Company's partner, Premier Gold (TSX:PG), has established a significant gold resource at surface as well as high grade intersections at depth. The Company's current Key Lake drill program, estimated to total 15,000 metres, will focus on finding near surface gold mineralization amenable to open pit mining.

The first phase of drilling, totaling 26 holes is complete with the results of the first 12 holes received.

A summary of the results received to date are presented in the table below:

Complete results for the remainder of the holes are still outstanding. Holes drilled were not in numeric order due to logistics and planning. True width of the zone is approximately 70% of drilled interval.

ABOUT KEY LAKE

The Key Lake horizon has an approximate strike length of 2.5km. The initial Phase 1 of drilling was concentrated on about a 1km strike length which hosted the former Magnet Mine. Historic drilling by Cyprus Canada Inc. in the mid-90's outlined a 40-50m wide zone of disseminated gold with a higher grade core comprised of a quartz-feldspar porphyry. The initial drilling of Goldstone's program was aimed at twinning historical holes and filling in gaps along the corridor at 100m intervals.

The exploration program is managed by Goldstone Resources under supervision of Mike Kilbourne, P.Geo, Vice President of Exploration and the qualified person for Goldstone Resources. Mr. Kilbourne prepared this release and states, "Key Lake has been a primary drill target since the amalgamation of Ontex Resources and Roxmark Mines. We are encouraged by the initial results and look forward to receiving additional promising values and continuing the drill program". Thus far the initial 15,000m of drilling is 40% complete.

On-site Quality Assurance/Quality Control Measures

All samples have been shipped to ACTLABS preparation laboratory in Geraldton Ontario, with analyses performed in the ACTLABS laboratory in Thunder Bay, Ontario. All core samples were selected by Goldstone site geologists, and were cut in half by diamond core saw. Individual samples were labeled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags that were labeled and secured by tape for shipping. The remaining coarse reject portions of the samples remain in storage at the ACTLABS preparation laboratory storage facility in Geraldton as required in the event that further work is needed.

Independent Quality Assurance and Quality Control Protocol

A QA/QC program has been implemented to monitor all assays from the current drilling program. Samples are assembled in numbered batches of 38 samples. Included in each batch of 38 samples are two certified reference standards, two laboratory duplicates, one blank sample comprised of silica sand and one core duplicate sample. This QC program was set up for Goldstone Resources by Tracy Armstrong, P. Geo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is a qualified geologist in the Provinces of Ontario, Quebec and British Columbia.

About Goldstone:

Formed by a late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a well funded gold exploration and development company operating in the historically significant Geraldton-Beardmore area of Northwestern Ontario and focused on gold exploration and deposit delineation at its Brookbank, Northern Empire, Leitch-Sand River and Key Lake gold properties in the Beardmore Camp. At a 3.4 g/t gold cut-off grade, 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 –Geraldton Area, Northern Ontario, Canada" by Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR)

In addition, Goldstone has a 30% carried interest in the Hardrock Project in the Geraldton Camp, a joint venture with Premier Gold Limited, with Premier as operator.