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Redstar Completes Purchase Of Nevada Database From Anglogold
Ashanti
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Redstar Gold Corp (TSX-V: RGC) is pleased to announce the completion of
a purchase agreement with AngloGold Ashanti announced January, 2005.
Under the terms of the agreement Redstar acquired an extensive
geological database compiled by AngloGold Ashanti on the Great Basin
including Nevada as well as parts of Arizona, California, Idaho and
Utah. Until the completion of the purchase agreement AngloGold Ashanti
held a one-time back-in right on any project acquired by Redstar in the
Great Basin. With the completion of the agreement Redstar has acquired
a comprehensive database that includes geological, geochemical and
geophysical data that covers an area that produces almost 10% of the
world's gold.
The geological database has proven to be effective in developing
projects in a variety of known gold producing regions of Nevada. This
includes the Carlin Trend where the Richmond Summit and Dry Gulch
properties are currently optioned to Gold Fields; the Bullfrog district
where the North Bullfrog project is optioned to International Tower
Hill Mines; and the Cortez Trend where Redstar still holds a 100%
interest in the Cooks Creek project.
Scott Weekes, President of Redstar stated: "We are very pleased to
have completed the database purchase agreement with AngloGold Ashanti,
removing back-in rights on any projects Redstar now acquires within the
Great Basin. Over the past two years the value of the Great Basin
database has been made clear by the quality of projects Redstar
acquired in the highly competitive Nevada exploration scene. We have
staked ground in the major gold trends including Carlin and Cortez as
well as other proven gold producing regions of Nevada and attracted
high quality partners to help explore these properties. At present
Redstar has two projects optioned to Gold Fields and two projects
optioned to International Tower Hill Mines and we are actively seeking
partners on three other projects. Our goal in 2008 is to have between
$3.0 and $5.0 million spent by our partners on Redstar's Nevada
properties. This will give share holders exposure to numerous Nevada
exploration opportunities at minimal cost and allow Redstar to continue
to advance its 100% owned Newman Todd project in Red Lake, Ontario. "
Since acquiring exclusive rights to the Great Basin database in 2005,
and under the direction of its U.S. Exploration Manager, Dr. Jacob
Margolis, Redstar has become a significant explorer in Nevada with over
$3.5 million spent in exploration to date. Of this money, over 80% has
been spent by Redstar's partners, giving Redstar shareholders exposure
to numerous exploration projects at minimal expense. The acquisition
of the database provides a competitive advantage to Redstar providing
the ability to continuously develop a pipeline of Nevada projects.
To date Redstar has focused on projects it could acquire 100% interest
in through staking or deals with private land owners. By removing the
back-in held by AngloGold Ashanti, Redstar has even more flexibility in
the types of properties it might acquire and in potential agreements
with partners.
About Redstar Gold Corp.
Redstar Gold Corp. is a Vancouver-based company focused on gold
exploration in Nevada and Red Lake, Ontario.
For more detailed information on Redstar's Nevada projects, as well as
its gold projects in the Red Lake area, please visit the company's web
site at www.redstargold.com.
On Behalf of the Board,
Redstar Gold Corp
"Doug Fulcher"
Doug Fulcher
Director
Corporate Inquiries
Redstar Gold Corp..
Tel: 604-488-0051
Website: www.redstargold.com
Tim Mikula,
Investor Relations
E-mail: tmikula@amemining.com
B&D Capital Partners
Investor Relations
Tel: 604-685-6465
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the Company's
expectations and projections. The TSX Venture Exchange has not
reviewed this press release and neither approved nor disapproved the
information contained in this press release
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Copyright (c) 2008 REDSTAR GOLD CORP. (RGC) All rights reserved. For
more information visit our website at http://www.redstargold.com/ or
send mailto:info@redstargold.com
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