Redstar Gold Corp.

TSX VENTURE : RGC


Redstar Gold Corp.

October 11, 2012 08:00 ET

Drilling Program Begins at Redstar Gold's Baker Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2012) - Redstar Gold Corp (TSX VENTURE:RGC) ("Redstar") is pleased to announce the commencement of drilling on October 1, 2012, at its Baker Project in northeastern Nevada. The drilling program is being carried out by Newmont Mining Corporation ("Newmont"), who expects to complete five to six holes totaling approximately 1,000 m. Under the terms of the agreement announced previously, Newmont is leasing the Baker Property from Redstar and will pay Redstar Advance Royalty payments of US $72,500 over the first four years of the lease and is committed to spending US $225,000 on the Baker Property during the first two years. Redstar will retain a 2.5% Net Smelter Royalty. The Baker Property is located in the Pequop Mountains of northeastern Nevada, 19 km north of Newmont's recently acquired Long Canyon deposit which is currently in development.

The Baker Property is a Carlin-type sediment-hosted gold target containing multiple structurally-controlled zones of silicification (jasperoid) along north-northwest trending faults, an orientation similar to the control on many of the productive gold deposits of northern Nevada. Individual silicified fault zones are at least 1.2 km long and project into or are surrounded by valley-fill gravel (alluvium) along the northeast corner of the Pequop Range. Alluvial cover in the area appears to be thin, with jasperoids in some areas surrounded by more than 3,000 feet of cover between outcrops. There are no records of previous drilling.

Dr. Jacob Margolis, U.S. Exploration Manager for Redstar, is the qualified person as defined by National Instrument 43-101 and has reviewed the technical content of this news release.

About Redstar

Redstar has eleven gold projects in Nevada, the Unga project in Alaska and the Newman Todd project in the Red Lake District, Ontario. In Nevada, several projects are undergoing active exploration by partners including Newmont and others. The Unga project in Alaska includes the high-grade Shumagin gold deposit, the Centennial disseminated bulk-tonnage gold deposit and the Apollo-Sitka high-grade gold vein system, which produced approximately 150,000 oz. of gold in the early 20th century. The Newman Todd project contains a 2 km-long corridor of high-grade gold mineralization that is similar to that at the nearby world-class Red Lake Mine and has been the focus of an aggressive drilling campaign in 2012.

On Behalf of the Board,

Redstar Gold Corp

R. Bob Singh P.Geo, President & CEO

Forward-Looking Information This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither 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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