Goldstake Explorations Inc. News Release 2008 - 5

Goldstake Updates

Diamond Drill Program on Clay Property

In Northern Ontario

Trading Symbol: GXP – The Toronto Stock Exchange

GOO – The Frankfurt Exchange

May 5, 2008

Virginiatown, Ontario Canada: Two drill rigs have been mobilized on Goldstake’s -Transpacific’s gold and diamond project situated 1 mile from the Kerr Addison Mine in the prolific Cadillac-Larder Break.

Six drill holes have now been completed on the Clay Property formerly known as the McGarry Property and visible native gold has been observed in two of the four holes logged to date.

One of the intervals of visible gold mineralization occurs in a 35 metre section of drill core containing disseminated to semi-massive pyrite and chalcopyrite.

The two drill holes containing visible gold targeted a 2005 drill hole intersection assaying 33 grams/tonne Au across 8.5 metres which included an interval assaying 1,078 grams/tonne Au across 0.2 metres.

The current 4,000 metre drill program is systematically testing the Instant Pond Au-Cu-Ag Zone at 50 metre intervals. The mineralization has been traced in multiple zones by previous drilling in an area measuring 450 metres in strike and 300 metres in width. The extent of the mineralization remains open in all dimensions.

One drill rig has now been temporarily moved to test several potential kimberlite-diamond targets on the property which have been identified by ground magnetometer surveys and extensive till sampling tracing the kimberlite/diamond indicator minerals to the potential source.

The current 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 changed the name of the project to the “Clay Property” in memory of the late Mr. Michael Clay, former president of Transpacific Resources Inc.

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.

Please see Goldstake’s website at www.Goldstake.com to view photos of visible gold in drill core and also in trenches. Please note that this project is being renamed as the “Clay Property”. The previous name was the McGarry property.

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.