Star Minerals Group Announces Option Agreement with Lakeland Resources Inc.
27.11.2013 | Marketwire
SASKATOON, Nov 27, 2013 - Star Minerals Group Ltd. (TSX VENTURE:SUV) ("Star") is pleased to announce that it has signed a Joint Venture Agreement (the "JV Agreement") with Lakeland Resources Inc. ("Lakeland") (TSX VENTURE:LK) (FSE:6LL) granting Lakeland an option to acquire a 100% interest in two claims totaling 1,092 hectares located near the settlement of Stony Rapids in the Athabasca Basin, Saskatchewan. Under the terms of the joint venture agreement, Lakeland has the right to earn a 100% interest in the two claims by making cash payments totaling $60,000 and issuing 600,000 common shares over a 12 month period. The Vendor will retain the option of a 25% buyback for 4 times the exploration monies spent by the Purchaser to the date that the buyback option is exercised. The buyback option will be exercisable at any time up to a 90 day period following the completion and publication of a 43-101 compliant resource estimate. The completion of the transactions contemplated by the Agreement is subject to the acceptance of the TSX Venture Exchange and all other required approvals and consents.About Star Minerals Group Ltd.
Star is a Canadian based entity focused on the strategic acquisition and development of resource properties on a worldwide basis.
For more information, please visit our website at www.staruranium.com.
ON BEHALF OF THE BOARD
Jim Engdahl
President and Chief Executive Officer
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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "forward-looking statements" within the meaning of applicable securities legislation. Words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology are used to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Corporation of suitable financing alternatives; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at http://www.sedar.com/. While the Corporation believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.
Contact
Star Minerals Group Ltd.
306-664-3828
306-244-0042
www.staruranium.com