Vanstar Mining Resources Inc.

December 01, 2011 16:45 ET

Vanstar Cancels the Option Signed With Vantex on Galloway East

LA PRAIRIE, QUEBEC--(Marketwire - Dec. 1, 2011) - The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR) is pulling out of the option agreement previously signed with Vantex Resources Ltd. (TSX VENTURE:VAX). This transaction concerning mining claims on the East part of the Galloway property was announced in a press release dated October 12, 2011.

Since Vantex holds 16.6 % of the shares of Vanstar, many conditions must be fulfilled in order to comply with TSX Rules and Regulations in the case of a transaction that is not at arm's length. Management believes that these additional requirements bring delays and outweigh the potential benefits of such a transaction.

The management of Vanstar will focus short term on its Joutel project, located on the West bound of the previous Telbel and Joutel mines, owned by Agnico-Eagle.

The Company will start a drilling program on this project in the coming days.

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.

Contact Information

  • Martin Tremblay