o Additional claim staking for Lake George property in New Brunswick
o Sharpens Focus on Antimony as Critical Metal
o Results of the Annual General and Special Meeting
Montreal, Québec – July 7, 2014 – Goldstar Minerals Inc. (“Goldstar” or “the Company”) (TSX Venture Exchange: GDM) issues the following corporate update pertaining to the company.
Expanded Claim Staking on New Brunswick Property Targets Antimony
Following the mineral option and sale agreement with Charles Morrissy concluded last February, the Company has expanded the property size from 7.5 km2 to 52.8 km2 with the acquisition of an additional 195 claims for a total of 241 claims through the New Brunswick Department of Energy and Mines claim staking system. The property now completely surrounds the mining lease that comprises the former Lake George antimony mine.
Goldstar Sharpens Focus on Strategic Metals – Antimony and Tungsten
The Lake George property was initially acquired for its tungsten potential where limited historical drilling had uncovered a broad zone of mineralization. Following additional data compilation and integration, the Company has identified an intrusive body, approximately 2 km in diameter to the north, that may also be the source of the antimony mineralization system observed at the former mine. This extensive data interpretation led Goldstar to expand the Lake George property to fully encompass the intrusive body and its related structural features. Three (3) high-priority prospective sectors were delineated for antimony and will require detailed exploration, including diamond drilling.
Since September of 2012, the British Geological Survey (BGS) has included antimony and tungsten at the top of their Technology Metals Risk List which ranksthe threat to the global supply of metals and other elements that are vital to our modern economy:“high-technology, ‘critical’ metals such as rare earths, tungsten and antimony where production and resources are concentrated in a few countries… are at greater risk of supply disruption.” (BGS press release – 19th September 2012).
According to industry and government reports, China, which has been a leading producer and top reserve holder has started to restrict exports and become a net importer of antimony ore owing to industrial demand.
Antimony is used in numerous and various industrial applications such as in fire-retardants and plastics - antimony increases flame retardant effectiveness when it is used as a synergist with halogenated flame retardants in plastics, paints, adhesives, sealants, rubber and textile back coatings. Antimony is also used as a major catalyst in the manufacture of PET plastic (Polyethylene terephthalate) used as drinks' bottles and packaging. Finally, highly pure antimony (99.999%) is used in semi-conductors in the computer industry.
From 2002 to 2013, the price of antimony increased from US$2,000/t to US$11,000/t, peaking at US$18,000/t in 2011: its current price is approximately US$13,000 per metric ton and industry consensus expects it could reach US$25,000 by 2020.
Results of 2014 Annual General and Special Meeting
Finally, all the three Board directors, Stephen Butrenchuk, Benoit Moreau and François Perron, were elected for another term. Benoit Moreau, David Johnston and Ercan Ugur were reappointed as Chief Executive Officer, Corporate Secretary and Chief financial Officer, respectively, of the Company. KPMG were appointed as Company auditors. The Company’s stock option plan was also extended for the current fiscal year.
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.
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 New Brunswick and Quebec.
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