REDSTONE RESOURCES LIMITED — Capital/Financing Update 2008

Jul 13, 2008

• • • ABN 42090169154

ASX RELEASE

14 July 2008

For further information On this release please contact:

Anthony Ailakis Executive Director Ph +61 8 9328 2552

Email: anthonya@redstone.com.au

Web Site: www.redstone.com.au

ASX Code RDS

NEW HALLEYS DRILL RESULTS EXTEND CU-NI-PGE MINERALISED ZONE IN THE SATURN COMPLEX, WEST MUSGRAVES

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Head and exploration office:

Redstone Resources Ltd, level 3, 110-116 East Parade, East Perth WA 6004 , PO Box 8646, Perth Business Centre WA 6849 Telephone +61 8 9328 2552 Facsimile +61 8 9328 2660 Website www.redstone.com.au

• • • ABN 42090169154

ASX	) ? + ?500 :/00 ?? 3!* ? !(
RELEASE	)+ -#! ? -(
14 July 2008	)+-(
For further informationOn this release pleasecontact:	; :!? ?? ? !*? ??.#! (
Anthony AilakisExecutive DirectorPh + 61 8 9328 2552
Email:anthonya@redstone.com.au	Investor Enquiries:Telephone:+ 61 8 9328 2552Facsimile:+ 61 8 9328 2660
Web Site:www.redstone.com.au	Email:contact@redstone.com.auWebsite:www.redstone.com.auAddress:PO Box 8646, Perth Business Centre WA 6849
ASX Code RDS
	ATTRIBUTIONThe information in this report that relates to exploration results is based on information compiled byProfessor David Groves, a member of the Australian Institute of Geoscientists. Professor Groveshas sufficient experience relevant to the style of mineralisation under consideration and to theactivity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition ofthe 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'.Professor Groves consents to the inclusion in the report of the matters based on his information inthe form and context in which it appears.

Head and exploration office:

Redstone Resources Ltd, level 3, 110-116 East Parade, East Perth WA 6004 , PO Box 8646, Perth Business Centre WA 6849 Telephone +61 8 9328 2552 Facsimile +61 8 9328 2660 Website www.redstone.com.au

- - -

ABN 42090169154

Table 1 Halleys Cu-Ni-PGE Prospect peak RAB drill intercepts May 2008 programme. PGE results fromlaboratory assays, Ni and Cu results calculated from XRF sampling of pulps.

			From	To	Inttercep	Cu	Ni	PGE+Au
HOLEID_	East	North	(m)	(m)	(m)	(%)	(%)	(pb)p	Inttercep
BSB0507	404311	7105630	8	28	20	0.27	0.06	172	@CuNi,b PGE+A200.27%0.06%172mppu,
BSB0508	404363	7105683	67	70	3	0.14	0.07	53	3m@0.14%Cu0.07%Ni,53b PGE+Appu,
BSB0511	404434	7105820	4	72	68	0.15	0.05	95	@CuNi,b PGE+A680.15%0.05%95mppu,
BSB0512	404401	7105786	0	50	50	0.32	0.11	257	50@0.32%Cu0.11%Ni,257 pbPGE+Aump,
		including	20	30	10	0.77	0.19	613	@CuPG10m0.77%0.19%Ni,613 pbE+Aup,
BSB0513	404366	7105750.6	0	10	10	0.26	0.15	111	10@0.26%Cu0.15%Ni,111 pb PGE+Ampu,
BSB0515	404295	7105679.8	2	47	45	0.16	0.08	116	@CuGE450.16%0.08%Ni,116b P+Amppu,
BSB0521	404167	7105628.1	0	40	40	0.19	0.05	171	@CuPG400.19%0.05%Ni,171 pbE+Aump,
		including	30	35	5	0.40	0.11	495	@CuPG5m0.4%0.11%Ni,495 pbE+Aup,
BSB0523	404241	7105698.9	2	12	10	0.27	0.13	236	@CuNi,b PGE+A100.27%0.13%236 pmpu,
BSB0524	404255	7105787.5	2	44	42	0.28	0.10	303	42@0.28%Cu0.1%Ni,303 pbPGE+Au(op)mpen,
		including	2	17	15	0.56	0.16	425	@CuNi,bPGE+Au15m0.56%0.16%425 pp,
BSB0525	404295	7105824.3	2	56	54	0.19	0.07	319	54@0.19%Cu0.07%Ni,319 pb PGE+Ampu,
		including	37	56	19	0.20	0.08	418	@CuGE190.2%0.08%Ni,418 pb P+Ampu,
BSB0526	404326	7105858.3	0	49	49	0.16	0.09	46	49@0.16%Cu0.09%Ni,46b PGE+Au ()mppopen,
BSB0527	404363	7105892.3	15	45	30	0.10	0.05	168	30@0.1%Cu0.05%Ni,168b PGE+Amppu,
BSB0529	404272	7105879.6	20	63	43	0.20	0.06	156	@CuNi,b PGE+Au ()430.2%0.06%156 pmpopen,
BSB0530	404239	7105842	0	62	62	0.21	0.10	240	62@0.21%Cu0.1%Ni,240 pbPGE+Au(op)mpen,
		including	35	40	5	0.43	0.10	467	@CuNi,bPGE+Au5m0.43%0.1%467 pp,
BSB0531	404204	7105806.6	4	39	35	0.16	0.07	225	35@0.16%Cu0.07%Ni,225 pb PGE+Ampu,
BSB0532	404115	7105788.2	15	25	10	0.13	0.07	97	@CuGE100.13%0.07%Ni,97b P+Amppu,
BSB0535	404220	7105893.7	0	55	55	0.07	0.13	58	@CuNi,b PGE+A550.07%0.13%58mppu,
BSB0536	404255	7105929.2	10	45	35	0.42	0.17	160	35@0.42%Cu0.17%Ni,160bPGE+Aumpp,
		including	30	40	10	0.75	0.32	199	@CuPG10m0.75%0.32%Ni,199bE+Aupp,

Headand exploration office:

Redstone Resources Ltd, level 3, 110-116 East Parade, East Perth WA 6004 , PO Box 8646, Perth Business Centre WA 6849 Telephone +61 8 9328 2552 Facsimile +61 8 9328 2660 Website www.redstone.com.au

Figure 1 – Location of Significant RAB Drill Intercepts at Halleys Cu-Ni-PGE Project