Nevada Star Resource Corp.
OTC Bulletin Board : NVSRF

Nevada Star Resource Corp.

March 15, 2007 22:16 ET

Nevada Star Accepts Commitments Under Brokered Private Placement for CDN $9 Million

SEATTLE, WASHINGTON--(CCNMatthews - March 15, 2007) - Nevada Star Resource Corp. (TSX VENTURE:NEV)(OTCBB:NVSRF) ("Nevada Star" or the "Company") is pleased to announce that it has accepted subscriptions for CDN $9 million of securities under a brokered private placement (the "Offering") with Patica Securities Limited (the "Agent") and has deposited the proceeds received into escrow. The Offering was first announced in the press release dated December 29, 2006 and later increased to CDN $9.0 million as announced March 8, 2007. The Company issued 8,750,000 subscription receipts (the "Subscription Receipts") at a price of CDN $0.90 per Subscription Receipt for gross proceeds of CDN $7,875,000 million and has accepted commitments for an additional CDN $1.25 million of units upon the completion (the "Completion") of the proposed amalgamation (the "Amalgamation") with Pure Nickel Inc. for an aggregate of CDN $9.0 million. The offering price assumes a 1 for 5 share consolidation as explained below. Upon Completion, the Subscription Receipts will be automatically converted into units comprised of one post-consolidation common share of the Company and one-half of one post-consolidation common share purchase warrant. Each whole Warrant will be exercisable into a common share at price of CDN$1.20 for a term of eighteen months. Closing of the Offering and release of funds from escrow is subject to shareholder and regulatory approval of the Amalgamation between Nevada Star and Pure Nickel Inc.

In consideration of the services provided, the Agent will receive upon Completion a cash commission of 7% of the gross proceeds from the Offering and agent's compensation and advisory warrants equal to 5% of the gross number of Securities sold in the Offering. Both the agent's warrants and the advisory warrants have been deposited into escrow pending release on Completion. Each agent's warrant and advisory warrant will be exercisable into a post-consolidation common share at a price of CDN $0.90 each for a period of 18 months following the Completion.

Upon Completion, the issuance of the units and the release of the net proceeds of the financing from escrow, the combined company will have approximately CDN $11.0 million in cash. These funds will be used to fund the planned 2007 CDN $8 million North American exploration program. All securities placed or sold in connection with the Offering will be subject to a regulatory hold period of four-months and one day from the date of issue.

A Special Meeting of shareholders is scheduled for March 27, 2007 at 10:00 a.m. (Seattle time) at the Sheraton Bellevue Seattle East Hotel, 100 112th Avenue NE, Bellevue, Washington. At this meeting, the shareholders will be asked to vote on: (i) an ordinary resolution approving the issuance of common shares of Nevada Star to the shareholders of Pure Nickel Inc. ("Pure Nickel") pursuant to the Amalgamation of Nevada Star and Pure Nickel; (ii) a special resolution approving a name change of the Company from "Nevada Star Resource Corp." to "Pure Nickel Inc."; and (iii) a special resolution approving the post-Amalgamation consolidation of the Company's common shares on the basis of one (1) new common share for every existing five (5) common shares of the Company. Shareholders of record as of the close of business on February 23, 2007 are entitled to vote at the Special Meeting.

Nevada Star Resource Corp. is a mineral exploration company that uses advanced technology to search for metals that are in high demand world-wide. For more information, including maps, photos and project descriptions, visit

Completion of the Proposed Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Proposed Transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the security of Nevada Star should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This release was prepared by management of Nevada Star Resource Corp. who take full responsibility for its contents.

Neither the TSX Venture Exchange nor the NASD OTC Bulletin Board have reviewed or accept responsibility for the adequacy of this news release.

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