Archean Star Resources Inc.

Archean Star Resources Inc.

March 24, 2011 19:15 ET

Archean Star Resources Inc. to Commence Trading on the TSX-Venture Exchange Under the Symbol ASP

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Archean Star Resources Inc. ("Archean" or the "Company"), which was recently spun off from Kent Exploration Inc. (TSX VENTURE:KEX), through a Plan of Arrangement that took effect January 28, 2011, has reported that it has received listing approval from the TSX Venture Exchange (TSX-V) for listing as a Tier 2 Mining Issuer. Trading is to commence at the open on the TSX Venture Exchange March 25 under the symbol ASP.

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 ("Teck") interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia.

On December 3, 2010, the Company conducted an additional 7 hole diamond drill program at the Bunarra prospect, completed on February 11, 2011, to follow up the March 2010 diamond drill program where diamond drill hole BN003 intersected 18 meters that graded an average 11.71 grams/tonne Au. Diamond drill hole DDH BN004, completed December 20, 2010, intersected 1.3 meters grading 14.6 g/t Au between 143.9 m to 145.2 m down hole. Assays are pending for holes DDH BN005 through BN010. At Bunarra, gold mineralization associated with arseno-pyrite and pyrite has been identified along an approximately 200 meter strike with widths of up to 50 meters. The zone is open along strike and to depth. A NI 43-101 compliant technical report on the Gnaweeda property is posted on the Company website at http://www.archeanstar.com/reports/Gnaweeda43-101.pdf and on SEDAR at www.sedar.com.

To date, Archean advises that, on completion of the upcoming Phase IIC work program it will have spent approximately AUD$1,490,000 in property expenditures on the Gnaweeda Gold Project. The Phase IIC exploration program consisting of diamond drilling at both Bunarra and St. Anne's prospects and an IP Survey over the Bunarra prospect is to commence immediately. The IP survey is to determine whether a geophysical signature can be identified for the gold bearing arseno-pyrite/pyrite mineralization that can be applied to the other known gold prospects on the 170 sq/km property.

The Company also announces that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed a 1st tranche of its previously announced, up to 1,000,000 Unit non-brokered Private Placement, of 572,608 Units for gross proceeds of $143,152.

Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant is exercisable for a period of one (1) year from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.35 per common share. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period. 

Finder Fees consisting of 46,000 compensation warrants and $8,050 in cash was paid pursuant to the policies of the TSX-V. Each compensation warrant will entitle the holder to purchase one common share of the Company for a period of 12 months from the date of issuance at a price of $0.35.

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 Reosurces Inc.
    Graeme O'Neill
    President
    604-684-3394 or Toll Free: 1-866-399-6539
    1-888-282-7763 (FAX)
    www.archeanstar.com