SASKATOON, SASKATCHEWAN--(Marketwired - Jan. 28, 2014) - Star Minerals Group Ltd. ("Star" or the "Company") (CNSX:SUV) is pleased to announce that all conditions precedent in the Option and Joint Venture Agreement with Great Western Minerals Group Ltd. ("GWMG") have now been satisfied or waived and that the Agreement is now in full force and effect.
Star has the right to acquire a 25% participating interest in the Hoidas Lake Project by funding and completing a preliminary economic assessment in respect of the Hoidas Lake Project within two years. Upon successfully exercising the first tranche and acquiring a 25% participating interest, Star will have the right to acquire an additional 26% participating interest in the Hoidas Lake Project by funding and completing a "bankable" feasibility study in respect of the Hoidas Lake Project within four years of the acquisition by Star of the initial 25% participating interest in the Hoidas Lake Project, thereby giving Star a 51% ownership interest in the property.
Star is moving forward with this advanced rare earth exploration project located in Northern Saskatchewan. The Company is in the final stages of the selection process for firms to do the Preliminary Economic Assessment on the property.
About Star Minerals Group Ltd.
Star is a Canadian based junior exploration company focused on the acquisition and development of strategic resource properties on a worldwide basis.
Star trades on the CSE (formerly CNSX) under the symbol "SUV".
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"). Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Star believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Star does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.