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Redstar Gold Corp Announces Confederation Minerals Exercises Final Option for 70% interest in the Newman-Todd Gold Project. Redstar retains a 30% interest
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Vancouver, BC, Canada -- (Business Wire) -- Redstar Gold Corporation ("Redstar or the Company") (RGC: TSX.V)
The Company announces that its direct interest in the Newman Todd gold project, Ontario, Canada ("Newman-Todd") is now 30%. Confederation Minerals (CFM) recently earned an additional 20% interest by completing a NI-43 101 compliant Preliminary Economic Assessment under the "Final Option" Agreement, signed on Nov 19th, 2010 with Redstar. Additionally, 500,000 shares in Confederation were issued to Redstar. The Option Agreement now calls for the formation of a 70/30 Joint Venture between Confederation and Redstar to carry out further exploration and development of the project.
The Newman-Todd gold project is located in the Red Lake Mining District of Northern Ontario. The Newman-Todd structure (NTS) is a NE-SW trending structure of approximately 2.2 km in length and to date 1.8km of the 2.2km strike has been tested with over 51,000 m of drilling undertaken in 138 holes from 2005 to 2013. Additional information on the project can be found at www.redstargold.com.
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 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 & Sitka were sites of historic high-grade gold production. At Unga, a comprehensive exploration program was completed in the summer of 2014 and results will be used to determine drill targets for a first phase diamond drill program planned for Q2 2015.
Redstar also owns 30% 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.
Additionally the Company has 10 properties in Nevada which have been optioned to True Grit Resources but over which Redstar has retained royalties and additional economic rights.
Redstar Gold Corporation (RGC: TSX.V)
Ken Booth
President and CEO
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.
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