Vanstar Mining Resources Inc.

December 12, 2011 16:51 ET

Vanstar Sells Its Destor Property

LA PRAIRIE, QUEBEC--(Marketwire - Dec. 12, 2011) - December 12, 2011. The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR)(«Vanstar») announces the sale of the 71 cells comprised in the Destor property located 30 km North of Rouyn-Noranda, to Affinor Resources inc. («Affinor»)

In return for the sale of its 100 % interest, Vanstar will receive a cash payment of $5,000 no later than December 30, 2011 as well as 750,000 common shares of Affinor, following the approval of regulatory authorities. Vanstar retains a 2 % NSR.

Affinor is in the process of relisting its shares on a Canadian stock exchange. The deadline to complete this process is May 31, 2012. If Affinor does not meet this deadline, Vanstar will be allowed to cancel this transaction.

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