Goldstar Resources NL (ASX: GDR)

NEW BOARD APPOINTMENT AND MARKET UPDATE

EXPERIENCED CORPORATE EXECUTIVE PETER HATFULL JOINS THE GOLDSTAR BOARD

Goldstar Resources NL (ASX: GDR ? ?Goldstar?) is pleased to announce the appointment of experienced Australian corporate executive, Mr Peter Hatfull, to its Board as a Non-Executive Director. The appointment adds further significant depth to the Goldstar Board in the key areas of corporate and financial management.

It also marks the first step in a restructure of the Goldstar Board, with the recruitment process for a new Managing Director nearing completion and an announcement on the successful candidate expected shortly.

Mr Hatfull is a Chartered Accountant with over 30 years experience in a range of senior executive positions with both listed and unlisted Australian and International companies. He has an extensive skill-set in the areas of corporate strategy, restructuring and business optimisation.

He was most recently Managing Director of the leading integrated metal recycling and contracting company, CMA Corporation, where he managed a period of dramatic growth and increase in profitability. Prior to that, he held the positions of Chairman and Corporate Consultant at the diversified, privately owned group, Moltoni Corporation, and Executive General Manager at tree plantation developer, ITC Corporation.

Between 2000 and 2002, Mr Hatfull was Chief Financial Officer of the financial services group, Sanford Limited, where he managed the Company?s successful ASX listing, and between 1997 and 2000 he held the position of Chief Financial Officer and Company Secretary at the Perth-based international technology group, Orbital Corporation Limited.

In the late 1980s and 1990s, he held a diverse range of high-profile positions including as Finance Director of diversified engineering contractor, Monadelphous Group Limited, Finance Director at the major Australian mining group, Civils Australia Pty Ltd, and Deputy Chief Executive at forestry group, Whittakers Limited.

In welcoming Mr Hatfull to the Board, Goldstar?s Chairman, Mr Gordon Hill, said: ?We are exceptionally pleased to have attracted someone of Peter?s obvious ability and corporate experience to the Goldstar Board.

Peter has been providing valuable assistance to Goldstar in recent months as a consultant, and we greatly look forward to his contribution as a Non-Executive Director in the important period ahead as the Company completes the Feasibility Study on the expanded Tubal Cain/Eureka Gold Projects and prepares to move into production.

Peter?s experience and ability in the key areas of corporate and financial management speaks for itself, and I look forward to his support and input in the important months ahead.?

Market Update

Goldstar is also pleased to advise that all aspects of the Feasibility Study on the Tubal Cain Project in Victoria are progressing well and a detailed update on the Feasibility Study and the development and funding strategy for the Walhalla Gold Project will be provided shortly, as part of the Company?s forthcoming June Quarterly Report.

In line with the announcement made to the market on 28 May regarding the corporate office relocation, negotiations on a lease for the Company?s new corporate head office in Melbourne are nearing completion and an announcement is expected shortly.

Further information regarding the appointment of a new Managing Director, as well as other Board changes and project updates will be provided to the market in the near future.

- ENDS -

Released by:                                                                                       For further information:

Nicholas Read                                                                                     Mr Gordon Hill

Read Corporate                                                                                  Chairman

Telephone: (+61-8) 9388 1474                                                       Goldstar Resources NL

www.readcorporate.com.au                                                              Telephone: (+61-8) 9321 1577                       

www.goldstarnl.com.au

READ CORPORATE
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T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

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