Toronto, Canada – August 14, 2012 – Goldstar Minerals Inc. (“Goldstar” or the “Company”) (TSX-V: GDM) is pleased to announce that it has entered into a purchase and sale agreement with Ressources Maxima Inc. (“Maxima”) to acquire from Maxima its 100% interest in 64 claims covering approximately 3,500 hectares (35 km2), located in Mont-Laurier, Quebec (the “Brockaby Property”). In consideration for this interest, Goldstar has agreed to pay Maxima a cash payment in the amount of $6,784 and issue 100,000 common shares of Goldstar. In the event that the Property attains commercial production, the Company shall pay Maxima an additional cash fee of $500,000.
Closing of the acquisition remains subject to the completion of successful due diligence, to 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 139 claims covering approximately 7,650 hectares (77 km2). These claims are contiguous to the Brockaby Property, and upon completion of the acquisition, the Company will maintain a 100% interest in approximately 203 mineral claims comprising 11,150 hectares. 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 as reported in 2007 by Suzy Nantel who mapped the area for the Ministère des Ressources naturelles et de la Faune du Québec (“MRNF”). Stream sediment samples collected by the MRNF in the past also yielded many anomalous tungsten values, along the granite – marble contact, again very typical of skarn-type mineralizations. Goldstar Minerals plans a detailed geochemical soil survey and an airborne magnetic survey in the coming weeks 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.
In addition, Goldstar is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities. In consideration of the services to be provided, Goldstar Minerals Inc. has agreed to a monthly agreement with a monthly retainer of $3,000 to Renmark Financial Communications Inc., which may be terminated at any time by the Company upon thirty days notice in writing. Renmark Financial Communications Inc. does not have any interest, directly or indirectly, in Goldstar Minerals Inc. or its securities, or any right or intent to acquire such an interest.
Benoit Moreau, President and Chief Executive Officer, stated, “We are pleased to announce that we have selected Renmark to reinforce Goldstar’s profile in the financial community and enhance the visibility of our project portfolio.”
For more information, contact Benoit Moreau at: 514.591.8058; bmoreau@forbesmanhattan.com.
On behalf of the Board of Directors of
GOLDSTAR MINERALS INC.
Benoit Moreau, Chief Executive Officer
Renmark Financial Communications Inc.
Laurence A.Lachance: llachance@renmarkfinancial.com
Florence Liberski : fliberski@renmarkfinancial.com
Tel : (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
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.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the anticipated timing with respect to the finalization of the feasibility study; the potential of the Brockaby property; the potential results and timetable for further exploration with respect to the project and the anticipated closing of the acquisition of the property, the appointment of Renmark, the timetable with respect to future acquisitions and exploration developments at the property, the timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or
otherwise.