28/05/2008 - 11:04

Goldstar to relocate, MD to step down

28/05/2008 - 11:04

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Goldstar Resources NL will 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.

Goldstar Resources NL will 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.

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