Abbastar Resources Corp.

Abbastar Resources Corp.

December 02, 2009 11:00 ET

Abbastar Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2009) - Abbastar Resources Corp. (the "Company") (TSX VENTURE:ABA) is pleased to announce that the non-brokered private placement announced on November 4, 2009 was closed today.

The Company has issued 1,000,332 common shares at a price of $0.30 per share for gross proceeds of $300,100. The proceeds from the financing will be used for exploration expenditures. The Company will pay a $9,975 referral fee to Research Capital Corporation.

The shares are subject to a four-month hold period pursuant to applicable securities laws and regulations. The hold period will expire on April 4, 2010.

Insider / Pro Group Participation:

NameInsider = I# of Shares
 Pro Group = P 
Barry AllanP166,667
Scott CathcartP83,333
Aubrey EveleighI83,333
John EymannP85,000
Matthew SkippP166,666

On behalf of the Board,

John B. Good, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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