Archean Star Resources Inc.
TSX VENTURE : ASP

Archean Star Resources Inc.

November 17, 2011 18:08 ET

Archean Star Increases Previously Announced Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) - Archean Star Resources Inc (TSX VENTURE:ASP) ("Archean" or the "Company") announces that, due to a substantial oversubscription, and subject to acceptance for filing by the TSX Venture Exchange ("TSX-V"), it is increasing its previously announced non-brokered Private Placement consisting of up to 6,000,000 Units, at $0.08 cents per Unit, with each Unit consisting a one common share and one common share purchase warrant exercisable at $0.18 cents, to up to 13,000,000 Units at $0.08 cents per Unit for gross proceeds of up to $1,044,000. All other terms and conditions of the previously announced financing remain the same.

The proceeds from the financing are to be used for the Gnaweeda Gold Project and for general and corporate purposes.

The Company has granted 600,000 incentive stock options exercisable at $0.15 cents for five years to directors, officers and consultants of the Company.

Archean Star Resources Inc. is a junior exploration company that, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) with approximately 10,000,000 shares, or 35% of the outstanding common shares, is the controlling shareholder of Archean.

This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents.

ON BEHALF OF THE BOARD

Graeme O'Neill, President

Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.

Contact Information

  • Archean Star Resources Inc.
    Graeme O'Neill
    President
    (604) 684-3394
    (888) 282-7763 (FAX)
    www.archeanstar.com