Vanstar Mining Resources Inc.

August 03, 2011 09:15 ET

Vanstar Sells a 50 % Interest of Little Monster

LA PRAIRIE, QUEBEC--(Marketwire - Aug. 3, 2011) - Vanstar Mining Resources Inc. (« Vanstar ») (TSX VENTURE:VSR) announces that it sold a 50 % interest to Northcore Resources Inc. of its Little Monster property which comprises 20 cells covering an area of 1,100 hectares in the Monster Lake area in Abitibi. This acquisition is subject to the approval of regulatory authorities.

Northcore Resources will acquire its interest by paying $5,000 and issuing 400,000 common shares of its capital on reception of regulatory approvals. Afterwards, a joint-venture will be formed between Vanstar and Northcore where the two parties will commit to a minimum of $50,000 per year in works on the property. Vanstar will manage and supervise the works throughout this agreement. If one or the other partner cannot or doesn't want to participate to the works agreed on, his interest will be diluted until 0 % interest, meaninig a reduction of 10% per $100,000 tranche invested by the other partner. The defaulting partner will retain a 1% NSR if he invested a minimum of $100,000 in the project.

The Monster Lake area is actively explored by Stellar Pacific Ventures that recently discovered many gold showings. In showing 325, drill hole M-16-10 intersected 5.54 g/t Au over 4.6 metres and drill hole M-18-10 intersected 5 metres grading 5.38 g/t Au. (Press release, June 15, 2011). The Vanstar property is directly adjacent to the Stellar Pacific Ventures property.

This area also contains some important gold deposits such as the Joe Mann mine and the Chevrier and Philibert deposits.

Compilation and field reconnaissance works will take place in September.

This press release was read and approved by Mr. Gilles Laverdière, geologist and qualified person under NI 43-101.

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