Alberta Star Development Corp.
OTC Bulletin Board : ASXSF

Alberta Star Development Corp.

October 03, 2005 13:37 ET

Alberta Star Purchases the Port Radium Crossfault Lake Iron Oxide, Copper, Gold, Silver and Uranium Claims in the Port Radium Uranium Belt

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 3, 2005) - Tim Coupland, President and CEO of Alberta Star Development Corp., (TSX VENTURE:ASX)(OTCBB:ASXSF) listed on the TSX Venture Exchange (ASX) and on the OTCBB (ASXSF), is pleased to announce that the company has agreed to purchase a 100% interest in 1497.44 hectares (3700.24 acres) called the Port Radium- Crossfault Lake mineral properties located in the Northwest Territories, from three individuals.


Alberta Star has agreed to purchase a 100% interest in five mineral claims, subject to a 2% net smelter returns royalty ("NSR"), by paying $60,000 and issuing 450,000 shares, conditional on TSX Venture Exchange acceptance for filing. Alberta Star may purchase one-half of the NSR for a one time payment of 1 million dollars.


The Port Radium-Crossfault Lake claim block consists of five contiguous claims located at Port Radium on the east side of Great Bear Lake Northwest Territories and 423 miles north of the city of Yellowknife, and consists of 1497.44 hectares (3700.24 acres). The mineral tenure covers hundreds of known or recorded, copper, gold, silver cobalt, REE, and high grade uranium occurrences identified in Proterozoic rocks. Over 40 different metallic minerals have been positively identified by geologists in this localized area. The Port Radium - Crossfault Lake claims are located beside and within two past producing silver and uranium mines, the Echo Bay Mine (23,779,178 ounces of silver) and the Port Radium, Eldorado Mine (15 million pounds of uranium, 8 million ounces of silver). Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was formerly mined from the Eldorado Mine at Port Radium commencing in 1933. The Port Radium uranium belt was formally one of Canada's principal producers of pitchblende uranium concentrates during the 1930's and 1940's and has about 25 miles of existing underground workings developed on fourteen levels. This newest property acquisition includes the Crossfault Lake Uranium mine and Gossan Island situated in the entrance to Echo Bay. The Port Radium-Crossfault Lake claim block and surrounding area covers extensive alteration zones including large intensely altered gossans that can be traced for over 1 kilometer in length and over 200 meters in width.

Alberta Star's President and CEO, Tim Coupland commented that "Alberta Star is a mineral exploration company that is discovery driven. Our company and geological team of experts has worked exhaustively reviewing and understanding the historical datasets and mine production records that are available for this region. Alberta Star still remains the only mineral exploration company that is fully permitted for diamond drilling in this remote area. Alberta Star began its drill permitting while simultaneously acquiring a large strategic land package of advanced stage poly-metallic uranium projects in one of Canada's historically important iron oxide, copper, gold, silver cobalt and uranium mineral districts prior to the rapid rise of base and precious metals and more specifically uranium metal prices. The current spot price for uranium is now $31.25 US. This proved to be critical in providing Alberta Star with the competitive edge in acquiring its land package in this mineral rich region. Alberta Star is now, the first Canadian mineral exploration company in 73 years to successfully stake and control one entirely contiguous land package from Port Radium to Contact Lake for mineral exploration. Alberta Star's current property ownership now extends from north of Port Radium to the southern extension of Contact Lake. Alberta Star continues to aggressively identify and amass a significant inventory of large contiguous advanced stage previously explored and former past producing poly-metallic uranium properties with historical resources and uranium drill data and complete advanced stage datasets in Canada's Northwest Territories."


Alberta Star further announces that it has granted incentive stock options on 3,250,000 common shares in its capital stock, exercisable for up to three years at a price of $0.60 per share.


Alberta Star is a Canadian mineral exploration company that identifies, acquires, finances advanced stage exploration projects in Canada. Alberta Star is focused in the discovery of base and precious metals and uranium.


Investors are welcomed to contact Mr. Allan Feldman, Alberta Star's In-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.


Tim Coupland, President & CEO

Dr. Hamid Mumim Ph.D., P.Eng. is the qualified person for the Contact Lake project.

This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve that involve various degrees of risk. The following are important factors that could cause Alberta Star's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Alberta Star Development Corp.
    Tim Coupland
    President and CEO
    (604) 681-3131
    (604) 801-5499 (FAX)