Redstar Gold Corp.

Redstar Gold Corp.
Rubicon Minerals Corporation

Rubicon Minerals Corporation

February 09, 2005 14:30 ET

Redstar/Rubicon Renegotiate West Red Lake Agreement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: REDSTAR GOLD CORP.

TSX VENTURE SYMBOL: RGC

AND RUBICON MINERALS CORPORATION

TSX SYMBOL: RMX
AMEX SYMBOL: RBY

FEBRUARY 9, 2005 - 14:30 ET

Redstar/Rubicon Renegotiate West Red Lake Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 9, 2005) - Redstar Gold
Corp. (Redstar) (TSX VENTURE:RGC) is pleased to announce that they have
renegotiated their option agreement (the "Agreement") on the West Red
Lake property in northern Ontario with Rubicon Minerals Corporation
(Rubicon) (TSX:RMX)(AMEX:RBY). The West Red Lake property is a large
under explored land package in the highly prospective Red Lake camp.

Under the terms of the new agreement, Redstar is required to make a
$25,000 cash payment and issue 250,000 shares by Feb. 28, 2005. Over the
four-year term of the new Agreement, Redstar must make additional cash
payments of $175,000, and issue an additional $75,000 worth of Redstar
shares and complete an additional $1,100,000 in work expenditures for a
51% interest in the property. Redstar can elect to earn an additional 9%
(for a total of 60%) by spending an additional $3,000,000.

Rubicon currently holds 875,000 shares of Redstar.

Trenching, stripping and prospecting by Redstar in 2003 outlined two
zones of gold mineralization that had never been drill tested. A drill
program early in 2004 tested these two zones. The Ledge zone was traced
along strike for over 300 metres and drilled to a depth of 50 metres
with values up to 7.66 g/t gold over 0.91 metres including 30.9 g/t gold
over 0.14 m. The 991 showing is a strongly altered zone with numerous
gold bearing quartz veins near a folded ultramafic horizon. A single
hole in 2004 intersected over 200 metres of strong alteration and
anomalous copper mineralization indicating the presence of a large
mineralizing system. Both zones remain high priority exploration targets.

Mr. Scott Weekes, President of the company states, "Under the terms of
the new agreement Redstar has the flexibility it needs to continue to
advance this high potential exploration area in Red Lake."

The foregoing is subject to regulatory acceptance.

On Behalf of the Board,

REDSTAR GOLD CORP.

Doug Fulcher, Director


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Redstar Gold Corp.
    Scott Weekes
    (604) 488-0051
    or
    Redstar Gold Corp.
    Paddy Nicol
    (604) 488-0051
    (604) 488-0053 (FAX)
    info@redstargold.com
    www.redstargold.com
    The TSX Venture Exchange has not reviewed and does not accept the
    responsibility for the adequacy or the accuracy of this news release.