Gold Star Resources Corp. Highlighted in African Energy News Report

VANCOUVER, June 8  /PRNewswire-FirstCall/ -- African Energy reported in its Upstream Oil and Gas columns, June 5, 2009 issue (http://www.africa-energy.com/) that Canadian-based Gold Star Resources Corp. (TSX-V; GXX, OTC BB: GXXFF; http://www.goldstarresources.com/) has emerged onto the West Africa scene in the past few months seeking onshore acreage in Liberia, Cote d'Ivoire and Ghana. UK-based African Energy, published fortnightly, is a fixture on the African energy sector, providing incisive analysis on the continent's energy future.

With Ghana's Jubilee field success having been well documented, GXX is pursuing long neglected areas, hence its letter of intent (LoI) with a Ghanian company, Bengal Bight Ghana Ltd., in March to acquire 100% interest in the hydrocarbon rights of Bengal's 1,000 sq. km. Tiampoum mining concession in Cote d'Ivoire, near the border with Ghana.  Previously, GXX acquired 90% of Liberian company International Resource Strategies Liberia Energy Inc., whose sole asset is the onshore 1,366 sq. km. hydrocarbon reconnaissance license NR-001 within the Roberts and Bassa Basins of south coastal Liberia. Seepages in this area indicate a possible Palaeozoic system to be investigated.

"West Africa has shown increased promise to develop new hydrocarbon deposits in areas such as onshore Liberia, where previous exploration was never completed due to political concerns within the country," said Patrick Morris, President and CEO of GXX.  "Thankfully, the Liberian political situation has become stable in recent years, with the local government encouraging international investment to further exploration for natural resources.  Our strategy is to be entrepreneurs, to be explorers, and add value for our shareholders."

Under the Liberia agreement, GXX is required to spend a minimum of $1.75 million on reconnaissance work, and the contract can be renewed for an additional 12 months.  Upon successful reconnaissance work, GXX will have first right of refusal to apply for a production sharing contract over the target area.  African Energy reported the company is preparing to carry out an aeromag survey over the acreage, followed by seismic.

GXX's Cote d'Ivoire prospect is also moving forward with the company currently preparing a "definitive" agreement, according to Morris.  African Energy also reported the  company is busy raising the necessary funds for exploration and recently raised a first tranche of C$900,000 (USD $815,615).  The Cote d'Ivoire asset has the same exploration program - acromag and seismic.  The Ghanian Bengal Bight company holds the concession as part of an underlying option agreement from an Ivorian company, Enchi-Proci CI.

"Bengal Bight facilitated the block in Cote d'Ivoire," Morris told African Energy.  GXX agreed to pay $30,000 to Bengal upon the signing of the LoI; pay up to $150,000 to Enchi-Proci to acquire the license outright, and pay $70,000 upon the license buyout to Bengal and issue shares and warrants to Bengal.

About the oil seeps and tar mats that are visible in the license area, "it's amazing it hasn't been developed before,"  Morris said. 

DATASOURCE: Gold Star Resources Corp.



CONTACT:  Patrick Morris, [phone];  

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