Redstar Gold Corp.
TSX VENTURE : RGC

Redstar Gold Corp.

August 23, 2011 08:00 ET

Redstar Adds New Gold Project on Cortez Trend in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - Redstar Gold Corp (TSX VENTURE:RGC) is pleased to announce the acquisition of a new gold project along the Cortez gold belt in Nevada. The new Gold Cloud project consists of a group of mining claims 100% owned by Redstar, and is Redstar's third project along the Cortez trend. Gold Cloud contains sediment-hosted (Carlin-type) gold mineralization along a range-front fault and is approximately 17 miles south of Barrick's Ruby Hill gold mining operations in the Eureka Mining District.

Scott Weekes, President of Redstar states: "Gold Cloud is another exciting property to add to our portfolio of Nevada projects. Gold Cloud hosts an underexplored Carlin type gold system within the world class Cortez Trend. Sampling by Redstar has returned strong trace-element chemistry as well as gold values up to 2.8 ppm. Redstar now has 13 active projects, many acquired as a direct result of the acquisition of AngloGold Ashanti's geological database for Nevada."

Discussion of geology

Gold Cloud contains an extensive zone of carbonate veins and silicification (jasperoids) within Devonian limestone. The zone is exposed for a strike length of 6,800 feet (2km) following a northeast-trending range-front fault. Anomalous gold (>0.1 ppm) and favorable trace elements occur along at least 2,300 feet of this strike length within the carbonate veins and jasperoids, with values obtained by Redstar reaching 2.80 ppm gold (0.082 opt), 2.6 ppm Hg, 527 ppm Sb and 351 ppm As. The valley-fill sediments (pediment) beyond the range-front fault appear to be thin, based on relatively detailed gravity data as well as the occurrence of north-northwest-trending outcrops of limestone outboard of the range front.

The project is along the northeast side of a distinctive feature in the regional geophysical gravity data that coincides with the Cortez gold belt and extends north-northwest for at least 70 miles from the Gold Cloud area through the Gold Bar and Tonkin Springs gold districts and the world-class Pipeline-Cortez Hills gold district.

Dr. Jake Margolis, Redstar's U.S. Exploration Manager commented, "The exposed carbonate vein system, the silicification and favorable geochemistry could be the uppermost or distal portion of a large Carlin-type gold system. During gold mineralization in these types of deposits, the limestones are dissolved (decalcified), and the calcium carbonate is then remobilized to overlying and peripheral areas. Rare native sulfur also indicates a peripheral setting. The extensive development of the mineralized carbonate veins and jasperoids exposed at Gold Cloud is potentially the fingerprint of a large Carlin-type gold system that has yet to be identified, either beneath the exposed veins or outboard of the range front under pediment cover."

Redstar plans to continue surface geologic and sampling work at the Gold Cloud project and then seek a partner to advance this highly prospective gold project on the Cortez trend.

Dr. Jake Margolis a qualified person as defined by National Instrument 43-101and has reviewed this news release. Dr. Margolis is the US Exploration Manager for Redstar Gold Corp.

About Redstar Gold Corp.

Redstar has recently acquired a high-grade epithermal gold district in Alaska. The Shumagin project in Alaska includes a high-grade gold deposit with a non 43-101 compliant resource, a bulk tonnage non 43-101 compliant resource, a historic high-grade gold mine, and numerous high priority exploration targets. In addition to the Alaska project, Redstar currently has an aggressive drill program underway on a high-grade gold discovery in Red Lake, Ontario. Along with the high-grade gold projects in Alaska and Red Lake, the company also has a total of 13 gold-focused projects in Nevada. For more detailed information on Redstar's Nevada projects, as well as its gold projects in the Red Lake area, please visit the company's web site at www.redstargold.com.

On Behalf of the Board,

Redstar Gold Corp.

Scott Weekes, President

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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