Goldstar Minerals Inc. Announces Important Corporate Developments
24.12.2013 | Marketwire
- Appoints new Chief Financial Officer and Secretary- Enters into Option Agreement for New Brunswick Tungsten Property
MONTREAL, Dec. 24, 2013 - Following its Board meeting of today, Goldstar Minerals Inc. ("Goldstar" or "the Company") (TSX VENTURE:GDM) announces the following corporate developments: the Company has appointed Ercan Ugur as Chief Financial Officer and David Johnston as Secretary of the Corporation. Also, the Company has entered into a Mineral Option and Sale Agreement with Charles Morrissy with respect to a 46 claim exploration property covering an area of 9.5 km2 in New Brunswick.
Appointment of a new CFO and Secretary
In an effort to consolidate its management expertise in Québec it has appointed Ercan Ugur as Chief Financial Officer and David Johnston as Secretary of the Corporation. The Company takes this opportunity to thank Greg Duras and Jennifer Wagner for their contributions and past services as Chief Financial Officer and Secretary, respectively.
Ercan Ugur is based in Montreal, Québec. He is Chief Financial Officer of Yorbeau Resources and Cancor Mines Inc. He is involved in the exploration and development of mining properties in Quebec and has been working in the mining industry since 1982. Mr. Ugur holds a Bachelor of Arts degree from the University of Bosphorus, Istanbul, Turkey. David Johnston is based in Montreal, Québec. He has over thirty years of experience in Mining and Securities Law and acts as legal counsel for a number of mining and mineral exploration clients in Canada and abroad.
Option Agreement for a New Brunswick Tungsten Property
Goldstar also announces that it has entered into a Mineral Option and Sale Agreement with Charles Morrissy with respect to a 46 claim exploration property covering an area of 9.5 km2, located within Prince William Parish of York County in New Brunswick at approximately 40 km west of Fredericton and adjacent to the north to the past producing Lake George antimony mine. Access to the property is excellent all year round and it is close to infrastructures.
The agreement provides for the payment of $25,000 at closing and the issue of 100,000 treasury shares. In addition, the Company shall pay Morrissy $100,000 on each anniversary date of the closing up to the fifth anniversary in order to acquire a 90% interest in the property. An interest of 95% can be achieved by a further payment of $1,000,000, and 100% by an additional payment of $2,000,000. The Company shall also pay $25,000 to Mr. Morrissy every year for a period of five years as an advance on the $1,000,000 payment referred to in the previous sentence. Closing is subject to the completion of the due diligence review which is already advanced, board approval and approval of the TSX Venture Exchange.
The property lies southeast of the Hackshaw Granite, a phase related to the Pokiok Batholith. A cupola of this granitic body has intruded into Silurian Age Kingslear Group metasedimentary rocks hosting the Lake George Antimony Deposit. Hydrothermal alteration has been observed from historical work and occurs along numerous northerly and easterly trending structures.
Exploration diamond drilling conducted during the late 1970's and early 1980's outlined a broad zone of tungsten bearing scheelite and molybdenite type mineralization located within an area located to the north of the Lake George mine site. The W-Mo mineralization is hosted within calc-silicate rocks and a network of cross cutting quartz veinlets which appear to be associated with the presence of a buried monzogranite intrusion located approximately 1.0 km north of the Lake George mine site.
Historical diamond drill holes returned the following tungsten (WO3) assay values:
Hole # Depth (m) Width (m) WO3
DDH#78-7 71.63-76.66 5.03 0.36 %
DDH#78-7 78.33-82.60 4.27 0.29 %
DDH#81-26 109.73-248.41 138.68 0.13 %
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Benoit Moreau, Goldstar Minerals President and CEO, a professional engineer and a qualified person as defined by National Instrument 43-101.
Safe Harbour
Readers are cautioned that historical statements contained within the news release are not 43-101 compliant and are provided on a best effort basis by the Company based on a review of publically available documents relative to the property.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Goldstar Minerals Inc.
Goldstar Minerals Inc. is a mineral exploration and development stage company listed on the TSX Venture Exchange under the symbol GDM. Currently, its exploration and development projects are located in Quebec.
On behalf of the Board of Directors of GOLDSTAR MINERALS INC.
Benoit Moreau
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.
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.
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Contact
Goldstar Minerals Inc.
Benoit Moreau, President and Chief Executive Officer
514.591.8058
bmoreau@goldstarminerals.com