Redstar Gold Corp (TSX.V:RGC) ("Redstar" or the "Company") reports today that it is intending to proceed with a non-brokered private placement of up to 38,500,000 units at a price of $0.055 per unit to raise gross proceeds of $2,117,500. Each unit in the placement will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to acquire one additional common share at a price of $0.07 per share for a period of one year from the closing and at a price of $0.10 per share for a subsequent 14 month period from closing.

The Company has agreed to pay finders' fees equal to 6%, payable in cash or shares, to finders who have introduced subscribers to the placement.

Proceeds from the placement will be applied to a required property payment on the Company's Alaska gold project and for general working capital.

Closing of the placement is subject to the approval of the TSX Venture Exchange.


On Behalf of the Board,
Redstar Gold Corp.

"R. Bob Singh"

R. Bob Singh
President and CEO

TSX.V:RGC
WWW.REDSTARGOLD.COM
SUITE 615
800 WEST PENDER STREET
VANCOUVER, BC
TEL: 604.488.0051

CORPORATE INQUIRIES
Redstar Gold Corp.
Tim Mikula, Business Development
Tel: 604.488.0051
tmikula@redstargold.com

Forward-Looking Information This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.