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GDM Goldstar Minerals Inc

0.115
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Goldstar Minerals Inc TSXV:GDM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.115 0.11 0.115 0 01:00:00

Goldstar Enters Into Agreement to Expand Its Brockaby Tungsten Property in Mont-Laurier, Quebec and Enters Into Agreement to ...

03/12/2012 11:59pm

Marketwired Canada


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.


FOR FURTHER INFORMATION PLEASE 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

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