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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vanstar Mining Resources Inc | TSXV:VSR | 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% | 0.67 | 0.40 | 0.69 | 0 | 01:00:00 |
The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR) (the "Company") announces the completion of a second drilling campaign on the Nelligan project, located in the Chapais-Chibougamau area. This 700-meter drilling program tested the lateral and in-depth extensions of historical drill holes 94-13 and 95-01 located in zone B, 200 metres east of zone A of the Nelligan showing. Despite a constant occurence of gold in most drill holes, this drilling program did not outline a sector with economical gold grades. The Nelligan showing, comprised of zone A and B, is now known on more than 600 metres and remains open in-depth and in its lateral extensions. The management of the Company remains confident with this project. Depending on available working capital, management plans to resume works on this project in the course of the year. The best results from this drilling campaign follow : Drill holes Depth Width(i) Grades (metres) (metres) g/t Au NE12-05 40.50-42.00 1.50 1.28 64.50-66.00 1.50 1.34 75.00-78.00 3.00 1.05 91.50-93.00 1.50 1.69 NE12-06 48.00-51.00 3.00 0.72 NE12-07 85.50-88.50 3.00 1.62 NE12-08 28.50-36.00 7.50 1.08 Including 30.00-32.10 2.10 2.27 NE12-09 61.50-63.00 1.50 1.48 75.00-76.50 1.50 1.43 90.00-91.50 1.50 1.57 NE12-10 Non significant (i)Length on the core In addition, the Company sold its 100 % stake in the Joutel project to Affinor Resources Inc. ("Affinor") in exchange for a cash payment of $10,000 and the issuance of 1 million common shares. Vanstar retains a 2% NSR royalty. This transaction is subject to the approval of the regulatory authorities and to the listing of the Affinor shares on a Canadian stock exchange prior to December 31, 2012. Finallly, due to a lack of availability, Mr. Nil Leblanc submitted his resignation as director and CEO of Vanstar. He will be replaced by Mr. Guy Morissette, director of the Company. Mr. Morissette will act on an interim basis, while a new CEO is found. We thank Mr. Leblanc for his presence and wish him the best in his new endeavours. The works took place under the supervision of Mr. Hakim Tazerout, independent geologist and Qualified Person under NI 43-101. He has read and approved this press release.
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