Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

December 08, 2006 16:06 ET

Groundstar Resources Limited Announces Underwritten Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 8, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Kam Fard, President and Chief Executive Officer of Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar") is pleased to announce that, subject to TSX Venture Exchange approval, Groundstar has today granted 50,000 incentive stock options to a consultant of Groundstar pursuant to its Stock Option Plan. These options will be exercisable at a price of $0.93 per share and will expire on December 8, 2011.

Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Egypt, Libya, Guyana, the Middle East and Central Asia.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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