VANCOUVER, Nov. 27 /CNW/ - Gold Star Resources Corp. (the "Company")
(NEX: GXX.H) announces it has entered into a Letter of Intent to acquire a
100% interest in mineral claim FRE 54088, located near Reed Lake, Manitoba.
The 144 hecatre property is situated within the overall boundary and
completely surrounded by VMS Ventures, where recent, impressive, drilling
results include 43 meters grading 4.38% Cu, 1.56% Zn, 0.85 g/t Au and
13.08 g/t Ag having been reported (see VMS NR, October 4, 2007).
The property is the subject of an historic, non N-I 43101 compliant,
report which had outlined a spectrum geophysical target generated by Hud Bay
Minerals during a 1997 airborne spectrum geophysical survey. To assist in
confirmation and interpretation of this data and its incorporation into a
commissioned current N-I 43101 compliant report, the Company has contracted
Minconsult of Vernon, B.C to commence a work program to include line cutting
and ground geophysics. Results of this initial work program will form the
basis for target selection and subsequent work programs.
Consideration for the agreement entails the Company paying to the vendors
a total of $300,000 and by issuing the vendors a total of 300,000 common
shares in staged payments over the next 18 months.
The Reed Lake volcanogenic massive sulphide (VMS) mineralized zone is
overlain by distinctive layers of magnetite and chert. The rocks that underlie
and contain the sulphide are moderately to intensely altered felsic volcanic
rocks. The Reed Lake mineralization is typical of other VMS deposits including
those in the prolific Snow Lake camp and the nearby Spruce Point mine,
formerly operated by Hudson Bay Minerals.
Gold Star is a mineral exploration company based in Vancouver, British
On behalf of the board,
Patrick Morris, President and C.E.O.
THE BOARD OF THE TSX VENTURE EXCHANGE (ALSO KNOWN AS THE NEX) HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.
For further information:
For further information: contact Patrick Morris, President and Chief
Executive Officer of the Company, at: Telephone: (604) 641-4450, Facsimile: