Redstar Gold Corp. (TSX.V:RGC) is pleased to announce the closing of the purchase and sale agreement with International Tower Hill Mines Ltd. (ITH). Redstar received $250,000 and 200,000 shares of ITH for the sale of the Bullfrog project and at current market prices the total value of the transaction is approximately $1,440,000.
Scott Weekes, President Redstar stated "The closing of this transaction puts Redstar on sound financial footing without the need to do a traditional equity financing in the near term. We currently have partners planning drill programs on two of our projects - one in Red Lake, Ontario and one on the Carlin Trend in Nevada - and are continuing to add to our portfolio of projects in Nevada. Redstar is giving shareholders exposure to numerous gold projects in Nevada and Red Lake, Ontario (two very prolific gold producing regions in the world with little political risk. By bringing in partners to fund moving the projects forward Redstar reduces risks and costs while still maintaining a substantial interest in our projects. We should have drilling underway before the end of this year on a couple of our projects and 2010 is shaping up to be a very active year for Redstar's gold exploration efforts."
Redstar is a junior exploration company focused on gold and silver exploration in Nevada and Red Lake. Redstar currently has ten projects in Nevada and one in Red Lake, Ontario. For more information on these projects please visit the company's web site at www.redstargold.com.
On Behalf of the Board,
Redstar Gold Corp
"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."