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Redstar Gold Corp. (TSX-V:RGC) is pleased to announce that it has acquired nearly five square miles of claims in the northern portion of the Bullfrog district in southwestern Nevada. The 100%-owned project, termed North Bullfrog, covers extensively altered volcanic rocks with widespread low-grade gold mineralization and high-grade veins. The area shares similarities to the productive gold mineralization at the Bullfrog mine six miles to the south, where Barrick Gold Corporation recovered approximately 2.3 million ounces of gold from several open pits between 1989 and 1999. This is the third 100%-owned project acquired by Redstar's Nevada program since the Company announced its strategic alliance with AngloGold Ashanti last year.

The acquisition of North Bullfrog was prompted by data contained in the Nevada databases obtained from AngloGold Ashanti. Follow-up sampling and field work by Redstar has confirmed the presence of widespread low-grade gold mineralization (0.01 - 0.03 ounces per ton [opt] gold) in pervasively-altered volcanic rocks as well as high-grade veins reaching 0.85 opt gold. Silicified wallrocks along veins also contain significant gold, with one such sample returning 0.27 opt gold. Further, the area contains gold mineralization within basement Paleozoic sedimentary rocks. Rock-chip assays of up to 0.033 opt gold have been obtained from fractured and altered shale, limestone and quartzite.

The project represents a large low-sulfidation, volcanic-hosted epithermal gold system. Gold mineralization at the Bullfrog mine was associated with a fault system that occurs in a valley bottom and did not out crop. Wide spread low grade gold mineralization above the valley floors is a strong indicator of the potential for the under explored recessive valley corridors within the project area to host high grade vein systems. There has apparently been no exploration since 1996, and previous drilling programs encountered significant low-grade mineralization in the project (Table 1).

Table 1
Examples of historic drillholes with low-grade gold mineralization(i)
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From - To (ft)     Down-hole Length (ft)       Au (opt)
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0-115                               115          0.014
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0-130                               130          0.015
And 185-200                          15          0.022
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50-95                                45          0.064
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175-260                              85          0.014
And 270-325                          55          0.009
And 340-390                          50          0.012
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285-410                             125          0.010
And 540-575                          35          0.011
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130-225                              95          0.020
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80-245                              165          0.012
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(i) Each gridline row represents one drill hole

Preliminary analysis indicates that there is opportunity to both expand the low-grade mineralization and identify and expand high-grade veins through additional exploration. Redstar is compiling previous exploration data and expecting to undertake surface evaluations and a drilling program during the coming year. Additional data regarding the project is expected to be released in the near future.

Jacob Margolis, Redstar's U.S. Exploration Manager, notes: "North Bullfrog is an exciting acquisition for us in terms of known areas of widespread gold mineralization and its proximity to a recently productive plus-2-million ounce gold deposit. In fact, a major district-scale normal fault zone appears to link our project with the Bullfrog mine area to the south, and veins in both areas share important characteristics, such as the presence of manganese-rich calcite. The area seems to have received little attention since the mid 1990's, when the gold price was declining rapidly. The quality of the project is apparent in the simple fact that of the 90 rock-chip samples we've collected across the area so far, only thirteen contain gold below detection, and most of those thirteen still contain strongly-elevated, gold associated, favorable trace elements."

Redstar Gold Corp., based in Vancouver, British Columbia, is a gold exploration company with projects in Canada and Nevada. Further details of the Company can be found at www.redstargold.com.

On Behalf of the Board,
Redstar Gold Corp

"Doug Fulcher"

Doug Fulcher
Director

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

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