Vancouver, Canada - Redstar Gold Corp. (TSX.V: RGC) ("Redstar" or the "Company") announces that True Grit Resources Ltd. has agreed to the termination of the option on ten of Redstar's Nevada properties. With the termination of the option Redstar will retain a 100% economic interest in a total of eleven Nevada properties that were formerly actively explored by AngloGold Ashanti ("AngloGold").
The Nevada portfolio of properties was assembled by AngloGold and companies it acquired following intense geological review and exploration over 40 years. Redstar acquired the portfolio, including AngloGold's full exploration database for the western US, in 2008 after AngloGold redirected its exploration focus from North America to South America.
Redstar will be seeking suitable partners to advance its Nevada properties.
About Redstar Gold Corporation
Redstar is a junior exploration company focused on high-grade gold exploration in North America. In Alaska, the Company is exploring the 100% owned high-grade Unga Gold Project which was initially acquired in 2011. The Unga Gold Project contains several high grade gold/silver vein systems, two of which, Apollo & Sitka were sites of historic high-grade gold production. The Company completed an eight hole, 1,500 metre diamond drill programme in May 2015 on the Shumagin Gold Zone which yielded several very high gold grade intersections, such as 202g/t Au and 82g/t Ag over 1.9 m and 35.3g/t Au and 209g/t Ag over 2m. This drill program demonstrated continuity of the Shumagin Gold Zone at depth and along strike
Redstar also owns 30% of the Newman Todd Gold project, in Red Lake, Ontario, Canada and 100% of 11 properties in Nevada. 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.
Redstar Gold Corporation (RGC: TSX.V)
Ken Booth, President and CEO
800 WEST PENDER STREET
Redstar Gold Corp.
Paul Durham, Investor Relations
Toll Free: 1.877.310.3330
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.