SASKATOON, Sept. 23, 2015 /CNW/ - Star Minerals Group Ltd. ("Star" or the "Company") (CSE: SUV) announces that Kaz Machida has resigned, effective immediately, from the board of directors and will assume a role as special advisor to the board on strategic and critical metals. Kaz has been an excellent member of the board and will continue to hold close ties to the company. The board would like to thank Kaz for his valued service as a director and look forward to working with him in his advisory capacity.
Star would also like to announce the resignation of Jim Engdahl as the President and CEO effective October 1, 2015. Jim will remain on the board and assume the role as Chairman of the board. For personal reasons, Jim felt he couldn't commit to the time required to successfully run a public junior mineral exploration company, and decided to step aside for a younger, energetic executive that could make the time commitment. In his role as Chairman, Jim can continue to focus on the company's overall objective and support the new CEO. The board would like to thank Jim for his past two years of dedicated work to the company.
Star would also like to announce the appointment of Michael Burns as President, CEO and director effective October 1, 2015, subject to regulatory approval. Mike graduated with distinction from the University of Victoria, School of Earth and Ocean Sciences with Honors in Earth Sciences. Mike is presently one of the founders of Pioneer Exploration, a geological consulting company that provides the full spectrum of geosciences services. Mike, under Pioneer, was the first to develop and fly the multi-Copter-MUAV-MAG survey and continues to be innovative on the exploration side. Mike was also the cofounder of Mackevoy Geosciences Ltd. of Vancouver where he managed the group and did work on many projects throughout western Canada and the Yukon, including several Rare Earth projects.
As a corporate update, Star Minerals US Ltd. has shut down its placer gold operations in Montana. After a successful two month start to the 2015 season, production in the Bear Gulch region diminished to an uneconomical level and a decision was made to stop production at this site and look for other sites that offered better economic opportunity. On that front, Star continues to working towards the objective of producing cash flow to allow the company to move forward in developing its assets related to strategic minerals in the energy world including rare earths, graphite, lithium, cobalt, manganese and vanadium.
In the meantime Star continues to work towards completion of the PEA report on Hoidas Lake with Barr Engineering, where Star will earn a 25% interest upon delivery of this report and hold an option on a further 26% by completing a bankable feasibility study over the next 4 years.
The company continues to rationalize expenses and clean up the balance sheet in order to move forward with the next project that is being reviewed at present.
About Star Minerals Group Ltd.
Star is a Canadian-based junior exploration company focused on the acquisition and development of strategic resource properties on a worldwide basis.
Star trades on the CSE (formerly CNSX) under the symbol "SUV".
For more information, please visit our website at www.starminerals.ca.
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding project plans for 2014 and the continued development of Don's Lake. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Star believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Star does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
SOURCE Star Minerals Group Ltd.
For further information: Star Minerals Group Ltd.: Jim Engdahl, Phone: 306-664-3828, Facsimile: 306-244-0042, www.starminerals.ca, Email: [email protected]