DSR - TSX.V
VANCOUVER, June 15 /CNW/ - Doublestar Resources Ltd. (TSX-V: DSR)
("Doublestar") is pleased to announce that the Management Information Circular
and Proxy relating to the annual general meeting of Doublestar and the
proposed business combination between Doublestar and Selkirk Metals Corp.
(TSX-V: SLK) ("Selkirk") has been mailed to the Doublestar shareholders.
All shareholders are invited to attend an annual general and special
meeting of the shareholders of Doublestar to be held at the Westin Grand
Hotel, 433 Robson Street, Vancouver, British Columbia on Thursday, July 12,
2007 at 11:00 a.m. (Vancouver time).
The purpose of the meeting will be to ask shareholders to approve the
proposed acquisition of Doublestar by Selkirk (the "Transaction"). If
approved, the Transaction will be completed by way of a Plan of Arrangement
under which each Doublestar Class "A" share will be exchanged for one-half of
one common share of Selkirk (the "Selkirk Shares"). Further details concerning
the Transaction can be found in the Management Information Circular which is
being filed on SEDAR today and will be available at www.sedar.com.
The Board of Directors of Doublestar believes that the Transaction is in
the best interests of the shareholders and Doublestar, and recommends that
shareholders vote to approve the Transaction.
In furtherance of the Transaction, Doublestar and Selkirk have entered
into an Amended and Restated Arrangement Agreement dated June 7, 2007 that
supersedes the original Arrangement Agreement signed with Selkirk on April 5,
2007. The Amended and Restated Arrangement Agreement sets out the formal terms
and conditions for the Transaction.
The principal changes effected by the Amended and Restated Arrangement
Agreement are: (i) to amend the date by which certain events are to occur with
respect to the Transaction; and (ii) to provide that Selkirk may elect to make
cash payments to Doublestar shareholders otherwise entitled to receive fewer
than 10 Selkirk Shares in lieu of Selkirk issuing Selkirk Shares to such
In connection with the Transaction, Doublestar and Selkirk commissioned
the preparation of a technical report dated effective June 12, 2007 and titled
"National Instrument 43-101 Technical Report on the Ruddock Creek Property"
(the "Ruddock Creek Technical Report"). The Ruddock Creek Technical Report was
prepared by James (Jim) Chapman, P. Geo., a "qualified person" for the
purposes of National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. Doublestar and Selkirk currently hold jointly the Ruddock Creek
Project in southeast British Columbia (Doublestar 30%; Selkirk 70%).
The Ruddock Creek Technical Report describes the results of the 2006
exploration program at Ruddock Creek as well as results from previous years.
The objectives of the 2006 exploration program have been met, which has
justified the plan to accelerate development of the Ruddock Creek property
through an extensive 2007 program of underground development, surface
exploration and engineering. Doublestar and Selkirk have completed the
planning process for this program and operations commenced in early May.
The 2007 program is expected to commence with a 10,000 metre surface
drilling program. This work will start with expanding the known mineralized
occurrences at the Q, R and U showings in Oliver Creek. As conditions permit
the drills will move up to the Creek Zone to expand the mineralized horizon
defined by the 2006 drilling. Definition drilling of the near surface portion
of the E Zone will likely commence in July. The underground program will
entail the collaring of an exploration decline this summer followed by
A full text version of the Ruddock Creek Technical report is being filed
on SEDAR today and will be available at www.sedar.com.
For further information on Doublestar Resources Ltd., please visit its
website at www.doublestar.net.
On Behalf of the Board of Directors of Doublestar Resources Ltd.
(signed) "Alan Savage"
About Doublestar Resources
Doublestar Resources Ltd. is a Canadian mineral resource company and
leading owner and developer of advanced and grass roots precious and base
metal and industrial mineral properties. The Company seeks to create solid
shareholder returns in an environmentally responsible fashion to benefit
future generations. For more details, call Doublestar Investor Relations at
604 688-7377, or visit Doublestar Resources on the web at www.doublestar.net.
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities laws. All statements in
this release, other than statements of historical facts, that address future
production, reserve potential, exploration and development activities and
events or developments that management of Selkirk and Doublestar expects, are
forward-looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include, but are not
limited to, market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market or
business conditions. Please see the public filings of both Selkirk and
Doublestar at www.sedar.com for further information.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THE CONTENTS OF THIS
For further information:
For further information: Alan Savage, Chief Executive Officer, Phone:
(604) 688-7377, www.doublestar.net