Vanstar Mining Resources Inc.

Vanstar Mining Resources Inc.

June 04, 2012 09:00 ET

Vanstar: Works on Progress and New CEO

LA PRAIRIE, QUEBEC--(Marketwire - June 4, 2012) - The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR) (the « Company ») announces that its first drilling program on the Nelligan project, located in the area of Chapais-Chibougamau, is advancing very well.

Although the preparation was longer than expected, due to limited access and an earlier thaw, the Company completed a 1,000-meter drilling phase in order to verify the lateral and in-depth extensions of drill holes 95-16, 95-18 and 95-19 ( historical drilling done by Oasis Consolidated Resources and Soquem ).

These holes had previously intersected an IP conductor associated with a magnetic axe that can be followed on many hundreds of meters where it joins with another kilometric IP conductor.

Drill hole NE12-01 intersected the same geological units as the historical 95-18 drill hole. Mineralization is present in many areas associated with zones that are strongly sheared and carbonitized. Drill hole NE12-02 also intersected the same geological units as of drill hole 95-16 but with more important mineralization and silicification. Drill hole NE912-03 located between drill holes 95-16 and 95-18 will verify the lateral extension. Finally, drill hole NE12-04 was located in order to test the lateral extension to the east of drill hole 95-18 as well as the junction of the 2 IP anomalies.

This gold sector was discovered in 1994 and is located within an important distorted and recrystalized amphibolitic corridor associated with mineralization containing pyrite and tourmaline. This area is also strongly sheared and intersected by many faults.

The Company expects to receive assays from this drilling in the coming weeks. These works are under the supervision of Mr. Daniel Kelly, engineer and Qualified Person under NI 43-101. Mr. Kelly read and approved this press release.


The board of directors appointed Mr. Nil Leblanc as new CEO of the Company. Mr. Leblanc will replace the current interim CEO, Mr. Guy Morissette. Mr. Morissette will remain as a director of Vanstar.

Mr. Leblanc had a successful career as a stock advisor for Scotia McLeod and Desjardins Securities for nearly 25 years. Following his appointment, Mr. Leblanc will receive 350,000 stock options at a price of $0.18, valid for a period of 5 years.

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