Star Minerals Group Ltd. Announces Closing of Transaction With Shane Resources Ltd.
March 25, 2014 (Source: Marketwired) — Star Minerals Group Ltd. (“Star” or the “Company“) (CSE:SUV) is pleased to announce that it closed the transaction previously announced in the Company’s news release dated December 18, 2013 (the “Transaction“) with Shane Resources Ltd. (“Shane“), pursuant to which Star purchased the Don’s Lake, Munroe and Brownell claims held by Shane, as well as a 1% net smelter royalty granted by Golden Band Resources Inc. in respect of the Greywacke gold property in northern Saskatchewan. The aggregate consideration paid by Star in connection with the Transaction was $655,000, payable as to $55,000 in cash and 12,000,000 common shares of Star at a deemed price of $0.05 per share (the “Consideration Shares“). On December 27, 2014 Star consolidated its common shares on a 3:1 basis, and accordingly 4,000,000 Consideration Shares have been issued to Shane. The Consideration Shares are subject to a statutory hold period expiring four months after the date of their issuance.
The Company is planning a full data compilation and resource assessment of the historic drilling (and assay testing) conducted to date on the Don’s Lake claims for Q2 2014. After the data compilation and the assessment of the resource potential, the Company plans on conducting an aggressive exploration program, including ground geophysics and drilling.
Star President and CEO Jim Engdahl says, “The acquisition of Don’s Lake gives Star a significant gold asset strategically located in the centre of the Seabee gold camp. We look forward to the results of the upcoming resources assessment and the continued development of the Don’s Lake property.”
About Star Minerals Group Ltd.
Star is a Canadian-based junior exploration company focused on the acquisition and development of strategic resource properties on a worldwide basis.
Star trades on the CSE (formerly CNSX) under the symbol “SUV”.
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For more information, please visit our website at www.starminerals.ca.
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding project plans for 2014 and the continued development of Don’s Lake. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Star believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management’s discussion and analysis that is available on the Company’s profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Star does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.