Goldstar Resources NL (ASX: GDR)
ASX/MEDIA
RELEASE
28 MAY
2008
CORPORATE OFFICE RELOCATION AND RETIREMENT
OF MANAGING DIRECTOR
The Board of Goldstar Resources NL
(ASX: GDR ? ?Goldstar?) today announced its intention to relocate the Company?s
corporate office from Perth to Melbourne
as part of its development preparations for the Tubal Cain and Eureka Gold
Projects in Victoria.
The decision is consistent with
Goldstar?s long-term strategy and planning process for development of the
Walhalla Gold Project.
The recent positive exploration and
feasibility results from the Tubal Cain and Eureka Projects have reinforced the
Company?s excellent progress towards developing a new gold business. This
has also emphasised the importance of establishing a corporate head office in
closer proximity to the Walhalla Project in the near future.
In light of this decision, the
Company also advises today with great regret that its founding Managing
Director, Mr Andrew King, has announced his decision to step down from the
Board, effective from 31 August 2008.
Mr King has agreed to provide
ongoing consulting services to the Company following the office relocation, but
will remain in Perth
where his family and corporate network is based. He will also work closely with
the Board and senior management team over the next three months to ensure a
smooth management and corporate transition during the office relocation and
recruitment process.
Goldstar has commenced a high-level
executive search process to identify and recruit a suitable Managing Director,
to be based in Melbourne.
The Company also expects to appoint a Melbourne-based Chief Financial Officer
in the near future.
Commenting on behalf of the Goldstar
Board, the Company?s Chairman, Mr Gordon Hill, said: ?The decision to relocate
our corporate office to Melbourne
has always been part of our long-term strategy and reflects the excellent
progress we have made recently towards commencing development of the Walhalla
Gold Project.
?It is however with great regret
that, as a consequence of this decision, we also today advise that Andrew King
will step down from his position at the end of August,? Mr Hill said.
?Andrew co-founded Goldstar in 2001
and has been a strong and inspiring leader of the Company through its IPO and
listing, the early revival of the Walhalla Gold Project, the discovery and
evaluation of the high-grade Eureka and Tubal Cain deposits and, more recently,
the completion of the Eureka Feasibility Study and announcement of the first
JORC compliant resources for both Eureka and Tubal Cain,? Mr Hill commented.
?I would like to take this
opportunity on behalf of the Board to thank Andrew for his dedication and
enormous effort over the past seven years,? he continued. ?We are delighted
that he has agreed to continue to be involved as a consultant to the Company
and he will of course remain a supportive shareholder. We wish Andrew and his
family all of the very best for the future.?
?The Board will continue to monitor
its composition and structure and make changes to meet the evolving needs of
the company?.
Goldstar is well advanced in its
planning to production at the Walhalla Gold Project, as detailed in recent
announcements to the Australian Securities Exchange.
For further
information:
Gordon Hill
Chairman
Goldstar Resources
NL
Telephone: (+61-8)
9321 1577
www.goldstarnl.com.au
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