Star Minerals Group Ltd. Announces Closing of Transaction With Shane Resources Ltd.
March 25 2014 - 11:25AM
Marketwired
Star Minerals Group Ltd. Announces Closing of Transaction With
Shane Resources Ltd.
SASKATOON, SASKATCHEWAN--(Marketwired - Mar 25, 2014) - 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".
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.
Star Minerals Group Ltd.Jim
Engdahl306-664-3828306-244-0042info@starminerals.cawww.starminerals.ca
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