TORONTO, Dec. 3, 2012 -
Goldstar Minerals Inc. ("Goldstar" or the "Company ") (TSX VENTURE:GDM) is pleased to announce that it has entered into a purchase and sale agreement with Sylvie Charbonneau ("Charbonneau") to acquire from Charbonneau a 100% interest in 80 claims covering approximately 4,400 hectares (44 km2), located in Mont-Laurier, Quebec. In consideration for this interest, Goldstar has agreed to pay Charbonneau a cash payment of $8,480 and issue 100,000 common shares of Goldstar. In the event that the property attains commercial production, the Company shall pay Charbonneau an additional cash fee of $500,000.
Closing of this acquisition remains subject to the completion of successful due diligence, at the sole discretion of the Company, and upon receipt of all necessary Board and regulatory approvals, including the approval of the TSX Venture Exchange.
The claims are contiguous to the Brockaby Property and upon closing the Brockaby Property will consist of 288 claims covering approximately 15,550 hectares (156 km2). The Brockaby Tungsten Property is located roughly 75 km northeast of the town of Mont-Laurier, Quebec and access is excellent through a network of logging roads. The property is underlain by marble and paragneiss sequences in contact with late stage and small size granite intrusions, favourable for skarn-type mineralizations.
Benoit Moreau, President and Chief Executive Officer, stated: "We are pleased to announce that Goldstar intends to extend the Brockaby Property to the desired size by encompassing and surrounding the most important concentration of tungsten anomalies. Upon closing of this transaction, Goldstar will control 156 km2 of land favourable for tungsten mineralization."
Goldstar is also pleased to announce that it has entered into a purchase and sale agreement with Sylvie Charbonneau to acquire from Charbonneau a 100% interest in 114 claims covering approximately 6,300 hectares (63 km2), located 75 km East of Mattagami, Quebec. In consideration for this interest, Goldstar has agreed to pay Charbonneau a cash payment of $12,084 and issue 250,000 common shares of Goldstar. In the event that the property attains commercial production, the Company shall pay Charbonneau an additional cash fee of $500,000.
Closing of this acquisition remains subject to the completion of successful due diligence, at the sole discretion of the Company, and upon receipt of all necessary Board and regulatory approvals, including the approval of the TSX Venture Exchange.
In addition, the Company is pleased to announce that it has acquired, through staking, a 100% interest in 101 claims, of which 8 claims are pending registration, covering approximately 5,600 hectares (56 km2). These claims are contiguous to the Julien Property, and upon completion of the acquisition, the Company will maintain a 100% interest in 215 mineral claims comprising approximately 11,900 hectares. The Julien Property is located roughly 75 km east of the town of Mattagami, Quebec and access is good through a network of logging roads. The property lies within the south flank of the Opatica volcanic belt and immediately north of the Abitibi-Opatica suture zone, a major structural feature favourable for polymetallic mineralizations. Goldstar Minerals plans a magnetic airborne survey over the entire property and detailed ground geophysics in order to define diamond drill targets.
Benoit Moreau, P.Eng. and the President and CEO of the Company, is a Qualified Person as such term is defined for the purposes of National Instrument 43-101 and has read and approved the scientific and technical content of this press release.
On behalf of the Board of Directors of
Goldstar Minerals Inc.
Benoit Moreau
Chief Executive Officer
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Benoit Moreau
514.281.9434 #3006
bmoreau@forbesmanhattan.com
Renmark Financial Communications Inc.
Laurence A. Lachance
(514) 939-3989 or (416) 644-2020
llachance@renmarkfinancial.com
Renmark Financial Communications Inc.
Florence Liberski
(514) 939-3989 or (416) 644-2020
fliberski@renmarkfinancial.com
www.renmarkfinancial.com
