Redstar Gold Corp.

Redstar Gold Corp.

February 23, 2011 13:44 ET

Redstar Appoints New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Redstar Gold Corp. ("Redstar" or "the Company") (TSX VENTURE:RGC) is pleased to announce the appointment of Mr. Alec Peck as Chief Financial Officer effective February 1st, 2011.

Alec Peck brings more than 25 years experience in the financial markets. Mr. Peck completed his chartered accountant designation with Deloitte, Touche, chartered accountants - Vancouver. He then practiced in Alberta before moving to Toronto.

From 1986 until 1993, he was a partner in Toronto and then Vancouver with member offices of the international public accounting firm Horwath International. From 1993 until March, 2004, he was a vice-president in the corporate finance group of publicly listed full-service investment dealers, first with CM Oliver and then Canaccord Capital Corp., which acquired CM Oliver.

Mr. Peck takes over from Paddy Nicol, who has been with Redstar since 1995 serving as a director from 1999 and as its CFO since 2003. Paddy Nicol has resigned from the board of directors as well his position as chief financial officer to pursue other new ventures. The company would like to thank Mr. Nicol for all of his efforts over the past sixteen years.

Scott Weekes, president and chief executive officer of Redstar, recognizes the contribution that Paddy has brought: "Paddy has been a tremendous asset to the company. On behalf of the board of directors, I thank him for his outstanding service and contribution to Redstar over the years."

"At the same time I would like to welcome Alec to the Redstar team as we continue to build the company during these robust metal markets. Alec's experience in the mining industry will further enhance the company's management depth as we continue to build both the Nevada and Red Lake projects."

The Company also wishes to announce it has agreed to grant 250,000 employee incentive stock options at an exercise price of $0.30 for a period of five years.

The foregoing is subject to regulatory acceptance.

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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