TORONTO, Aug. 27 /CNW/ - Mr. Philip Cunningham, a director and the largest shareholder of Goldstone Resources Inc. ("Goldstone" or the "Company"), today questioned information relayed by the news release issued yesterday by Goldstone which announced that the Company's geologists at its Key Lake property had resigned following Mr. Cunningham's delivery to Goldstone and its board of directors of a requisition for a special meeting of shareholders.
"At the outset, it is important to note that the news release was issued without being reviewed by, and without the approval of, the Board of Directors of Goldstone," Mr. Cunningham stated. "In addition, the decision to halt exploration drilling at the Key Lake property was not reviewed with the Board. Unfortunately, this is common practice."
Mr. Cunningham added, "The clear intent of the Goldstone news release is to infer that the resignations of the contract geologists were caused by, or are somehow related to, the delivery of my requisition. This disclosure is highly misleading. I have been informed that the simple truth is that the contract geologists had raised certain concerns with management over a period of months which culminated in a meeting on Friday, August 20, 2010 between management and the geologists. At this meeting, the geologists informed management that, if their concerns and frustrations were not resolved, they would resign. As a result, on Monday and Tuesday of this week, the geologists left the Company."
Mr. Cunningham concluded: "The lack of transparency and integrity, combined with the absence of any real management accountability to the Board, reflected in Goldstone's news release yesterday, are only two of the reasons why it was necessary for me to requisition a special meeting of shareholders. The issuance of yesterday's news release only heightens my sense of urgency regarding the need for change."
SOURCE PHILIP CUNNINGHAM
For further information: For further information: Philip Cunningham at (647) 401-8965