Vanstar Mining Resources Inc.

Vanstar Mining Resources Inc.

December 03, 2014 13:03 ET

Vanstar Mining Resources Inc.: Drilling Starts on the Nelligan Project

LA PRAIRIE, QUÉBEC--(Marketwired - Dec. 3, 2014) - The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR ) wishes to announce that its partner IAMGOLD Corporation ( IAMGOLD ) will initiate in the coming days a 1,700 diamond drill hole program on the Nelligan project. This program is intended primarily to verify the lateral and depth extensions of Liam gold zone, discovered in 2013 by the company.

IAMGOLD initiated the current exploration program pursuant to the Earn-In Agreement with Vanstar. IAMGOLD may earn a 50% undivided interest in the Nelligan Project ( see press release November 17, 2014 ) by completing scheduled cash payments and exploration expenditures totaling CDN$ 4.55 million over four and a half years ending on May 12, 2019. This program will cover a portion of the first commitment to spend $400,000 before November 12, 2015.

The results of the first phase should be available in the first quarter of 2015.

About Nelligan

The Nelligan property consists of 92 claims with an area of approximately 4,800 hectares and is located about 450 km north of Montreal, in northern Quebec. This property contains several interesting gold showings including Liam, Dan and Lake Eu.

Liam and Dan showings were discovered by drilling in 2013 and 2014. These new gold structures were intersected to date over a length of 400 meters at a depth of over 200 vertical meters. The presence of gold is constant throughout the drilling. These zones remain open along strike and at depth.

The area of Lake Eu was discovered in the 1990s It is located about 500 meters east of the Liam-Dan area. This gold occurrence was intersected by drilling over 700 meters and remains open both at depth and laterally.

Liam, Dan and Lake Eu showings appear to fall within a corridor highlighted in the regional magnetic data identified over a potential strike length of several kilometres.

About Vanstar

Vanstar is an exploration company focused on the acquisition, exploration, and development of mineral exploration projects in Quebec.

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

This press release may contain forward-looking statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from targeted results. These risks and uncertainties include those described in the periodic reports of Vanstar, including the annual report or document file Vanstar occasionally with securities regulatory authorities

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