CALGARY, April 16 /CNW/ - Goldstake Explorations Inc. Toronto Stock
Exchange (Symbol: GXP) is pleased to announce that, subject to shareholder
approval, it will spin-off its 50% owned, 400 sq km Prospect "D" and "DA"
nickel project in Australia's Northern Territory, into a new company to be
listed on the Australian Stock Exchange. This new company would then own 100%
of Prospect "D" and "DA".
Historic diamond drill results on Prospect "D" include 4.65% nickel (Ni.)
and 1.4% copper(Cu.) over 3 feet and 0.42% Ni. 1.3% Cu. 5.8 gt gold and 215 gt
silver over 16.9 feet, and 1.95% Ni. and 1.23% Cu. over 8 feet.
Historic vertical percussion drill holes from surface, on Prospect "DA",
include: 96 feet of 3.43% Cu. and 0.91% Ni, plus 96 feet of 3.32% Cu, 0.11%
Ni. (including 6 feet of 23% Cu and 0.21% Ni).
See NI 43-101 Report (D McBride, P. Eng.), filed on SEDAR, May 19, 2006,
(also accessible on the Company's website www.goldstake.com) for full details
on this project. The report includes a statement that "recent drilling and
geophysical exploration (2003-2005) has shown that this project has
significant copper-nickel resources, which remain open at depth and along
Historic (Pre NI 43-101) and previously announced estimated resources on
Prospect "D" include:
1.53 million tons at 0.25% Ni, 0.62% Cu over an average width of 28 feet
in sulphides plus,
1.63 million tons at 0.15% Ni, 0.51% Cu over an average width of 30 feet
Robert Cleaver, Goldstake Chairman, states that Goldstake will receive
cash and shares in the new company (numbers to be determined) for its 50% of
the project, and the new company will raise sufficient funds to progress this
property to produce a feasibility study and pay for environmental and mine
permitting costs if viable. There will be an entitlement to Goldstake
shareholders to purchase shares in the new company. The spin-off will enable
Goldstake to retain a major interest in the project, and will allow Goldstake
to concentrate more fully on developing its North American properties.
Goldstake Explorations Inc. is a Canadian-listed mining exploration and
development company with a diversified portfolio of precious and base metals,
uranium and diamond properties in Canada, The United States and Australia.
For further information:
For further information: Robert Cleaver, (416) 201-9223