Goldstake-Clay Property Drill Results

TORONTO, ONTARIO, Aug 05 (MARKET WIRE) --
Goldstake Explorations Inc. (TSX: GXP)(FRANKFURT: GOO) announces that a
10 hole diamond drill program totaling 2,200 metres has been completed on
gold-copper-silver mineralization in the Instant Pond Zone on its Clay
Property in northeastern Ontario. Visible gold was intersected by 3 of
the first 4 holes drilled during program. The holes tested the central
and southwest sections of the Instant Pond Zone. Visible gold was also
observed in two intervals in a fourth hole drilled in the northeast
section of the zone.

The Instant Pond Zone was tested for a length of 350 metres and to a
vertical depth of 180 metres by parallel holes drilled up to 320 metres
in length at dip-angles of 45 degrees on sites spaced 50 and 100 metres
apart. 97 different gold-bearing intervals of core measuring up to 2
metres long assayed between +0.2 to 157.0 g/t or 4.58 ounces gold per
ton, up to 1% copper and up to 15.3 g/t silver. All 10 drill holes
intersected multiple gold-bearing intervals containing variable amounts
of pyrite and chalcopyrite mineralization and stringers rich in epidote,
chlorite and quartz-calcite.

The first two holes of the program were drilled consecutively across the
central section of the Instant Pond Zone in the vicinity of a trench
containing visible gold. Together the holes intersected 29 intervals of
gold mineralization over an area measuring 155 metres wide. Hole IP-08-01
encountered visible gold and chalcopyrite mineralization assaying 7.2 g/t
gold, 0.25% copper and 2.4 g/t silver across 0.26 metres at a vertical
depth of 59 metres directly under the trench with native gold. The
mineralization was part of a broader section averaging 1.0 g/t gold
across 4.5 metres. Hole IP-08-11, drilled at a site 100 metres northeast
from the trench intersected 13 intervals of gold mineralization including
2 sections with visible gold assaying 17.0 g/t gold across 1.95 metres
and 8.81 g/t gold across 0.25 metres. A third interval in the hole
averaged 0.56 g/t gold over 15.4 metres. Two of 4 holes drilled in the
southwest section of the Instant Pond Zone intersected visible gold in
the vicinity to high-grade gold mineralization discovered by drilling in
2005. Visible gold mineralization observed in hole IP-08-03 assayed 81.0
g/t or 2.37 ounces gold per ton across 0.65 metres and is part of a wider
interval averaging 8.9 g/t gold across 10.5 metres. Visible gold
mineralization assaying 66.64 g/t or 1.95 ounces gold per ton across 0.16
metres occurred in a 7.5 metre wide interval averaging 0.56 g/t in hole
IP-08-04.

The visible gold intersections are part of a corridor of high-grade gold
mineralization extending through the central part of the Instant Pond
Zone. The extent of the gold mineralization has yet to be determined and
results of the drill program open the potential to extend the
mineralization in all directions.

The recent drill program is part of a $2.5 million exploration project on
the Clay Property allowing Goldstake to earn a 75% interest in the Clay
Property from Transpacific Resources Inc. before December 31, 2009.
Goldstake has recently changed the name of the project to the "Clay
Property" in memory of the late Mr. Michael Clay, former president of
Transpacific Resources Inc.

Assays quoted have been preformed by SGS Lakefield Research Limited and
Swastika Laboratories Ltd.

Goldstake Explorations Inc. is a Canadian exploration and development
company with gold, base metal, uranium and diamond projects in Canada,
The USA and Australia. The Clay Property is one of two properties
Goldstake has in the Kirkland Lake-Larder Lake section of the Abitibi
greenstone belt.

This press release was prepared by geologist Mr. Robert J. Dillman, P.
Geo, acting qualified person for Goldstake as defined by National
Instrument 43-101.

For further information on any of Goldstake's mineral properties,
corporate structure and corporate vision please contact:

Robert Cleaver 416-201-9223
Goldstake Office 905-829-3393
Robert Dillman 519-264-9278

Email: rcleaver@goldstake.com

The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks. Actual events or results
could differ materially from the Company's expectations and projections.

Contacts:
Goldstake Explorations Inc.
Robert Cleaver
(416) 201-9223
Email: rcleaver@goldstake.com

Goldstake Explorations Inc.
Goldstake Office
(905) 829-3393

Goldstake Explorations Inc.
Robert Dillman
(519) 264-9278

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