Vancouver BC. Redstar Gold Corp. (TSX.V: RGC) ("Redstar" or the "Company") announces several new appointments to the management team as the Company continues to restructure and focus its efforts on the high grade Unga Gold Project in southwestern Alaska.
Mr. Toby Mayo is joining the Company as President & CEO with immediate effect. He will also join the Redstar Gold board. Mr. Mayo holds a B.Sc. degree in Geology from the University of Edinburgh, UK; and an Honours degree in Law from the University of London, UK. Mr. Mayo was most recently President of Kaizen Discovery Inc., formerly Concordia Resource Corp., a TSX Venture Exchange listed mineral exploration company. He began his career as an exploration geologist for Rio Tinto Plc. Subsequently Mr. Mayo worked in a number of senior consulting roles including within the Investment and Business Planning group at Hatch in London, UK; and as Senior Technical Advisor for Ivanhoe Mines. Mr. Mayo possesses financial, commercial, technical, project management and legal skills, with experience completing techno-economic and transaction-related studies of international mining and metals projects and thus brings almost 20 years of comprehensive, varied and global experience to Redstar from his previous positions.
Mr. Jesse Grady is joining the Company as Vice President of Exploration. Mr. Grady has previously held positions as an exploration geologist, project manager, and geological consultant for various exploration companies through feasibility stage projects within Alaska and Nevada. Mr. Grady has extensive experience in Alaskan Exploration where he managed exploration and delineation of gold-copper deposits within Interior Alaska. He is a co-founder and President of Intercept Minerals Corp, and was a partner in YKPS Professional Services LLC which provides exploration services to companies working in Alaska. Mr Grady holds a BSc and an MSc in Geology from the University of Nevada, Las Vegas and is a member of the American Institute of Professional Geologists.
Mr. Paul Durham is joining the Company as Manager, Investor Relations. Mr. Durham holds a BSc (Hons) in Mineral Exploitation from University College, Cardiff, UK and an MSc in Management Studies from Durham University Business School, UK. Mr. Durham was most recently VP, Corporate Relations, with International Minerals Corp, a TSX listed precious metals producer until its take-over by Hochschild in 2013. Mr. Durham's prior work experience was in the Financial Services industry, latterly as Specialist Equity sales focusing on Natural Resources for HSBC USA Ltd and ScotiaBank in New York.
Mr. Mayo will replace Ken Booth who has been Interim President and CEO since late March 2014. Mr. Booth will remain a director of the Company.
Jacques Vaillancourt, Executive Chairman of Redstar "We are delighted with the addition of these new cornerstones to Redstar's management team. This new, and talented, team will be taking the Company and its lead Unga project forward. We believe that Unga, with its dual trends of epithermal low to medium sulphidation formation with gold showings over 19 km (2 x 9.5 km) is currently amongst the most prospective projects going. The Unga property upon which is located Alaska's first gold mine, which produced from oxide ore for 36 years (from 1886 to 1922). Additionally, I would like to personally, and on behalf of the board, thank Ken Booth for stepping in as our interim President and CEO, his contribution was very valuable at a critical time. We are delighted that we will benefit from his counsel in the future as a member of our board."
The Company also wishes to announce that it has granted incentive stock options to purchase up to 1,750,000 shares to directors, officers and consultants of the Company. The options are exercisable at a price of $0.06 for a period of five years.
About Redstar Gold Corp.
Redstar is a junior exploration company focused on high-grade gold exploration in North America. In Alaska, the Company is exploring the high-grade Unga Project which was initially acquired in 2011. The Unga Project contains several high-grade gold/silver vein systems, two of which, Apollo and Sitka, were sites of historic high-grade gold production. At Unga, a comprehensive exploration program commenced in late July and results will be used to determine drill targets for a first phase diamond drill program.
Redstar also owns 50% of the Newman Todd Gold project, in Red Lake, Ontario, Canada. Newman Todd is a high-grade gold discovery along a 1.8 km corridor within the Newman Todd Structure (NTS). The gold mineralization in the NTS remains open along strike and at depth. Confederation Minerals, which owns the remaining 50%, can increase its interest to 70% by completing a Preliminary Economic Assessment (PEA) and by issuing to Redstar an additional 500,000 Confederation shares.
Additionally the Company has 10 properties in Nevada which have been optioned to True Grit Resources Ltd. but over which Redstar has retained royalties and additional economic rights.
Jesse C. Grady, MSc, CPG-11592 is a qualified person as defined by National Instrument 43-101 and has reviewed this news release.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves that is compliant with NI 43-101. The Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
On Behalf of the Board,
Redstar Gold Corp
800 WEST PENDER STREET
Redstar Gold Corp.
Paul Durham, Investor Relations
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.