Tuesday, May 03, 2011
Confederation Minerals Ltd. and Redstar Gold Corp. Announce Acquisition of Additional Lands Adjacent to the Newman Todd Gold Project, Red Lake, Ontario
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Redstar Gold Corp. (TSX:V RGC) and Confederation Minerals Ltd (TSX.V:CFM) (www.confederationmineralsltd.com) are pleased to announce the purchase of a fifty percent (50%) interest in 18 mineral claims (the "Todd Property") immediately adjacent to their Newman Todd gold exploration project near Red Lake, Ontario. High-grade gold has been intersected over a broad area in recent drilling on the Newman Todd project. Confederation holds an option granted by Redstar to acquire up to a 70% interest in the Newman Todd project (see previous news releases). The new property acquisition is seen as strategic for future exploration.
Of the 50% interest acquired by the parties from the vendor, Mr. Ronald Gangloff, Confederation acquired an undivided 35% interest in the Todd Property (being 70% of the vendor's interest) for the sum of $50,000 and 125,000 shares and Redstar acquired an undivided 15% interest in the Todd Property (being 30% of the vendor's interest) for the sum of $70,000.
A complete list of claims to which the 50% interest applies is as follows:
| Township Area |
Record No. |
Units |
Mining Expiry Division |
Date |
| TODD (G-1789) |
1239855 |
1 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239854 |
10 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239853 |
3 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239852 |
6 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239851 |
5 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239850 |
10 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239849 |
10 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1239848 |
1 |
Red Lake |
November 12, 2011 |
| TODD (G-1789) |
1234525 |
12 |
Red Lake |
August 1, 2011 |
| TODD (G-1789) |
1234517 |
1 |
Red Lake |
August 1, 2011 |
| TODD (G-1789) |
1234227 |
3 |
Red Lake |
June 15, 2012 |
| TODD (G-1789) |
1234226 |
8 |
Red Lake |
June 15, 2012 |
| TODD (G-1789) |
1234225 |
2 |
Red Lake |
June 15, 2012 |
| TODD (G-1789) |
1234224 |
4 |
Red Lake |
June 15, 2012 |
| TODD (G-1789) |
1185128 |
8 |
Red Lake |
June 26, 2012 |
| TODD (G-1789) |
1185127 |
2 |
Red Lake |
June 26, 2012 |
| HAMMELL LAKE (G-1789) |
1107691 |
13 |
Red Lake |
March 12, 2011 |
| HAMMELL LAKE (G-1789) |
1107689 |
4 |
Red Lake |
March 12, 2011 |
The remaining fifty percent (50%) interest in the claims is held by Rubicon Minerals Corporation. The Gangloff acquisition is subject to regulatory approval.
Confederation and Redstar recently completed their first phase of drilling on the Newman Todd project, bringing the total historical and recent drilling to a total of 33 holes (refer to recent Confederation and Redstar press releases for all results of historic and recent drilling). All holes have intersected gold mineralization and very high grade results along a sheared and heavily altered trend (the Newman Todd Zone) have been intersected over approximately 2 kilometers of strike length. Based on these results, a very aggressive drill program is being implemented for the balance of 2011. Confederation and Redstar hope to have two drills operating on the property within two weeks.
On behalf of the Board of Directors of Redstar Gold Corp.
Scott Weekes
President, CEO, and Director
On behalf of the Board of Directors of Confederation Minerals
Lawrence A. Dick, Ph.D., P.Geo
President, CEO, and Director
Contacts
Redstar Gold Corp.
Tim Mikula, Investor Relations
Tel: 604.488.0051
tmikula@redstargold.com
redstargold.com
Lawrence A. Dick, Ph.D., P.Geo
Confederation Minerals Ltd.
President and CEO
604 580 9402
604 588 2211 (FAX)
www.confederationmineralsltd.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.
- View News Release in PDF Format:
http://www.redstargold.com/i/pdf/2011-05-03_NR.pdf
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