SOURCE: Weststar Resources Corp.

Weststar Resources Corp.

August 11, 2009 03:01 ET

Weststar Announces Financing With MineralFields Group

VANCOUVER, BC--(Marketwire - August 11, 2009) - Weststar Resources Corp. (TSX-V: WER) (the "Company") is pleased to announce a non-brokered private placement of $500,000 through the sale of 5,000,000 flow-through units ("FT Units") at a price of $0.10 each to the MineralFields Group. Each FT Unit consists of one flow-through common share (each a "Share") and one non flow-through common share purchase warrant (each a "Warrant") at a price of $0.10 per Unit (the "Private Placement"). Each Warrant will entitle the holder to purchase one non-flow through common share of the Company, exercisable for a period of 24 months from the closing of the Private Placement at a price of $0.15 per common share.

The Company will pay a cash finder's fee to the Limited Market Dealers equal to 5% of the FT Units subscribed for as well as a finder's fee in the form of units equal to 10% of the number of FT Units subscribed for (each a "Finder's Unit"). Each Finder's Unit consists of one Share and one Warrant on the same terms and conditions noted above.

"We are very pleased to be entering into this relationship with MineralFields Group", said Mitchell Adam, President. "This is an important milestone in the growth of Weststar Resources Corp. and we look forward to working with MineralFields Group as we develop our mineral property interests in Canada."

The proceeds of this financing will be used toward further advancement of the Company's recently acquired Golden Fox and McKinnon properties in the Yukon and toward a fall drill program on the Axe copper gold property in Princeton, B.C.

The private placement is subject to regulatory approval and subject to TSX Venture Exchange acceptance for filing.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

About the Company: Weststar Resources Corp. (TSX-V: WER) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar offers the potential for rapid corporate growth and asset appreciation. Weststar's portfolio is currently focused in Canada. For further info on the Company please visit or email Telephone: 604-669-9330.

On Behalf of the Board

Mitchell Adam, President
Weststar Resources Corp.

Neither the 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. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

Contact Information