Vanstar Mining Resources Inc.

October 15, 2010 09:00 ET

Vanstar Sells the Patica Property

LA PRAIRIE, QUEBEC--(Marketwire - Oct. 15, 2010) - Vanstar Mining Resources Inc. (« Vanstar ») (TSX VENTURE:VSR) announces the sale of its Patica property located in Quebec, to Amseco Exploration Ltd (« Amseco »). The property comprises 64 cells covering an area of 4,672 hectares on two blocks in the James Bay area.

The terms of the agreement stipulate that Amseco will issue to Vanstar 750,000 common shares. These shares will be delivered to Vanstar upon reception of regulatory approvals. 375,000 of these shares will be under escrow for a period of 4 months following regulatory approvals and 375,000 of these shares will be free trading after 8 months of regulatory approvals. Amseco will also pay $20,000 in cash, from which $10,000 upon reception of regulatory approvals and $10,000 6 months following regulatory approvals.

Vanstar will keep a 1% NSR, half of which (0.5%) can be purchased by Amseco for $250,000.

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.

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