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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 23, 2012) – Bluestone Resources Inc. (TSX VENTURE:BSR) (the “Company” or “Bluestone”) today announced that it has acquired a 100% interest in two projects located in the state of Alaska, USA. The Shorty Creek and Richardson projects were acquired through a Bankruptcy Court approved sale of assets held by a US based oil, gas and mineral company.
“Bluestone is pleased to be able to establish a presence in the mining friendly, stable jurisdiction of Alaska with the acquisition of these two highly prospective projects,” commented Bruce Counts, President and CEO of Bluestone Resources Inc. “Shorty Creek and Richardson each have the potential to add significant value to the company. The presence of gold has been established on both projects by historical work; they are accessible by paved highway and are located near infrastructure.”
Shorty Creek
Shorty Creek has the potential to host a large intrusion related gold deposit. The project is composed of more than 15,500 hectares (38,400 acres) of mineral claims and is located approximately 125km (70 miles) northwest of Fairbanks, Alaska. Highlights of the project are as follows:
Richardson
The Richardson Project has been targeted for its potential to host a high-grade gold deposit. The property is composed of more than 13,690 hectares (33,800 acres) of mineral claims and is located approximately 70km (40miles) south of Fairbanks, Alaska. Project high-lights include the following:
Transaction Details
Bluestone successfully bid USD $200,000 collectively for the projects at the public auction in Delaware of certain assets of Tri-Valley Corporation and Select Resources Corporation Inc. The US Bankruptcy Court for the District of Delaware has approved the sale of the assets to Bluestone, and closing is scheduled for November 1st to complete the transfer.
About Bluestone Resources Inc.
Bluestone Resources Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled a team with the business acumen and technical expertise to identify and advance undervalued mineral exploration projects world-wide.
Bluestone Resources Inc. is a member of the Aurora Mineral Resource Group of companies. For more information please visitwww.auroraresource.com.
On behalf of the Board
Bluestone Resources Inc.
Bruce Counts, P. Geoph., President & CEO
Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to use of proceeds, future exploration programs and the completion of financings, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bluestone’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Bluestone expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
