Redstar Sells Nevada Database to Rennaisance Gold
February 24 2014 - 8:00AM
Access Wire
Redstar Gold Corp (TSX.V:RGC) ("Redstar" or the "Company") is
pleased to announce it has entered into a purchase agreement with
Renaissance Gold (TSX.V:REN) ("REN") to sell a digital copy of
Redstar's Nevada Database acquired from Anglogold-Ashanti in 2006
for a total cash consideration of $60,000.
R. Bob Singh, President of Redstar states "We are pleased to
surface additional value of our Nevada assets with this
transaction. This transaction combined with the True Grit - Nevada
deal announced on Jan 27, 2014 provides significant upside to
Redstar and allows us to focus our efforts on our flagship high
grade Unga gold project in Alaska".
About Redstar
The Unga Project in south-western Alaska consists of two
properties acquired by Redstar in 2011: the Unga-Popof and Shumagin
properties. Redstar recently entered into a Letter of Intent to
purchase 100% of the Unga-Popof property from Full Metals Minerals
(See news release dated Feb 19, 2014). The 100% owned Shumagin
property hosts a historic (non 43-101 compliant) resource estimate
of 254,000 tonnes (280,000 tons) grading 27.4 g/t (0.80 ounces per
ton) gold and 127 g/t (3.7 opt) silver (SRK Consulting, 2000). The
resource was based on shallow drilling in the late 1980's that was
within about 150m (500 feet) of surface. A qualified person has not
done sufficient work to classify the historical estimate as current
mineral resources, the Company is not treating the historical
estimate as current mineral resources and the historical estimate
should not be relied upon.
The property also hosts the three past producing mines from the
Apollo-Sitka high-grade gold vein system, which produced
approximately 150,000 oz of gold in the early 20th century. The
mines produced from 2km of a structure which extends for at least
7km and remains open at depth.
Redstar currently holds 50% of the Newman Todd Project in Red
Lake Ontario. Newman Todd, currently optioned to Confederation
Minerals (TSX.V:CFM), is a new high grade gold discovery in the
prolific Red Lake Gold Camp. Drilling to date has outlined numerous
zones of high grade gold mineralization along a 1.8Km corridor
within the Newman Todd Structure ("NTS"). The gold mineralization
in the NTS remains open along strike and at depth.
The gold mineralization in the NTS remains open along strike and
at depth. Additionally, the company has 10 properties in Nevada
which it has optioned out to a partner upon which it has retained
royalties and additional economic rights.
Andrea Diakow P.Geo is a qualified person as defined by National
Instrument 43-101 and has reviewed this news release.
On Behalf of the Board,
Redstar Gold Corp.
"R. Bob Singh"
R. Bob Singh
President and CEO
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|TSX.V:RGC |CORPORATE INQUIRIES |
|WWW.REDSTARGOLD.COM |Redstar Gold Corp. |
|SUITE 615 |Tel: 604.488.0051 |
|800 WEST PENDER STREET| |
|VANCOUVER, BC | info@redstargold.com|
|TEL: 604.488.0051 | |
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Forward-Looking Information This release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, that address events or developments that Redstar Gold
Corporation (the "Company") expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company 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 may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, and continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made. Except as required by applicable securities laws, the Company
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
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.
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