Progress Report

Goldstone Resources Ltd
11 May 2006



                          GOLDSTONE RESOURCES LIMITED

                                PROGRESS REPORT


The Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') wish to
provide the following update on the Company's activities.


GOLD PROGRAMME IN GUYANA

The present drilling programme of shallow holes in Lease Area A has been
terminated and, from the drill cores recovered, Dr Lawrie Minter, the Company's
Director of Exploration, has established that mineralised conglomerate fans have
not developed above the angular unconformity previously identified.  As a
result, the Directors have decided not to further pursue two of the three
identified potential prospecting licence areas in Lease Area A.

A drilling programme in Lease Area B, which was designed to confirm the
existence and extent of the mineralised layer previously identified, has
commenced.  Five holes have been completed and further drilling currently in
progress is expected to be completed in two weeks' time.  Dr Minter reports that
the drill hole locations have been sited so as to define the areal limits of
gold mineralization, which is associated with an extensive palaeosurface.  Assay
results, which are expected by the end of July 2006, may enable the Company to
estimate the grade and tonnage of this prospective resource.

Dr Lawrie Minter, who holds a PhD in Palaeoplacer Sedimentology and who is
GoldStone's Director of Exploration, has reviewed and approved the content of
the above.


POTENTIAL ADDITIONAL PROJECT

With the assistance of an independent minerals consultancy, the Directors are
currently evaluating a prospective transaction which, if concluded, would result
in the Company acquiring an additional minerals project.

GoldStone currently has cash resources of approximately US$3 million.


Contact:

GoldStone Resources Ltd                                        00 27 21 794 4004
Nico van der Hoven (Chief Executive Officer)




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