Northern Abitibi Mining Corp

Published : January 21st, 2009

Gold Star Acquires West African Oil and Gas Consessions

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Algeria | Canada | Egypt | Gold | Liberia | London | Oil |
Having trouble viewing this e-mail? please use this link.

GOLD STAR ACQUIRES WEST AFRICAN OIL AND GAS CONSESSIONS

January 21, 2009 - Vancouver, B.C.: Gold Star Resources Corp. (the "Company") (GXX � tsx.v) is pleased to announce the signing of an Agreement (the "Agreement") to acquire 90% of the issued and outstanding share capital of International Resource Strategies Liberia Energy, Inc. ("IRSLE"), a private company based in Monrovia, Liberia.

IRSLE is the holder of Hydrocarbon Reconnaissance License No. NR-001 issued by the National Oil Company of Liberia ("NOCAL"). The License grants exclusive rights to conduct exploration for oil, gas and any other hydrocarbon in an area of 1,366.37 square kilometers within the Roberts and Bassa Basins of south coastal Liberia.

The License is for an initial period of 12 months, and requires IRSLE to spend a minimum of (US) $1,750,000 on reconnaissance work on the property within the next 12 months, and may be renewed for an additional 12 month period. Upon successful reconnaissance work which identifies a hydrocarbon prospect, IRSLE shall have the first right of refusal to apply for a Petroleum Production Sharing Contract over the target area.

Prior to the signing of this agreement, the Company retained Dr. Martin Keeley, PhD, to accompany a representative from IRSLE to the project area. Dr. Keeley is an oil exploration professional with 28 years of international operational experience including work with Shell Oil, and is credited with commercial hydrocarbon finds in Egypt, Algeria and Columbia. He has also served as Visiting Professor in Petroleum Geology at University College of London, and was an editor of the Journal of Petroleum Geology.

While conducting due diligence on behalf of the Company, Dr. Keeley visited the License area and noted seepages indicative of potential hydrocarbon deposits.

Cost of the acquisition to the Company is as follows:

On signing of the Agreement, pay to IRSLE a total of (US) $125,000. On approval by the TSX Venture Exchange, issue to IRSLE 1,500,000 shares of the Company, and 1,500,000 non-transferable share purchase warrants, with each warrant entitling IRSLE to purchase one additional common share of the Company at a price of $0.20 per share for a two year period from the date of issuance.

Upon formalization of a subsequent joint venture or earn in agreement, on terms satisfactory to the Purchaser, issue to IRSLE an additional 1,500,000 common shares of the Company and an additional 1,500,000 non-transferable share purchase warrants, with each warrant entitling IRSLE to purchase one additional common share of the Company at a price of $0.20 per share for a two year period from the date of issuance.

As consideration for certain funds advanced towards the permitting process by third party investors (the "Guarantors"), and in conjunction with the Agreement, the Company will issue a total of 1,000,000 shares of the Company, and 1,000,000 non-transferable share purchase warrants, with each warrant entitling the guarantors the right to purchase one additional common share of the Company at a price of $0.20 per share for a two year period from the date of issuance. In addition, the Guarantors will be paid a total of (US) $50,000 as partial re-imbursement for funds advanced to IRSLE necessary for the permitting process.

A finders fee will be payable on this transaction as per TSX Venture Exchange policy.

The Agreement, and all share and warrant issuances are subject to the approval of the TSX Venture Exchange, and will be subject to hold periods as per TSX Venture Exchange policies.

Pat Morris, President of Gold Star commented, "We are pleased to put this transaction together, and look forward to commencing exploratory operations in Liberia. West Africa has shown increased promise to develop new hydrocarbon deposits in areas such as onshore Liberia, where previous exploration was never completed due to political concerns within the country. Thankfully, the Liberian political situation has become stable in recent years, with the local government encouraging international investment to further exploration for natural resources."

On Behalf of the Board,

"Patrick Morris"
Patrick Morris, President and CEO

For further information, contact Patrick Morris, President and CEO of the Company at:
pm@goldstarresources.com Telephone: (604) 641-4450 Facsimile: (604) 669-9335

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Click Here for a Free Real-time Stock Quote on TSX-V:GXX



VantageWire.com
is able to offer free real time stock data to you the subscriber because of advertisers such as the company listed in this email. Please take some time to review the information above as it is a supporter of VantageWire and one of the primary enablers of your free real time access.  We thank you for your attention and welcome you to our community.

Disclaimer: Vantage Communications Ltd. was paid to distribute this bulletin.
Vantage Communications may or may not own securities in this particular company.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
Youare on this mailing list because you registered for VantageWire News.
Past performance of Companies mentioned does not guarantee future performance.

You may opt out at any time by replying to this email with the word "remove".

For more information about this service, please contact
Vantage Communications Ltd. at 1.800.574.0901
Suite 510 - 1199 W. Pender St., Vancouver, BC Canada V6E 2R1

This email complies with the US Federal CAN-SPAM Act of 2003


 



This email was sent to .com, by news@vantagewire.com.
You may from this list. If this message was received in error, please report it.


  Toll-free 1.800.853.3259 | 1199 W. Pender St. | Vancouver | BC | V6E 2R1 | CA

Powered by Mailworkz
<
Data and Statistics for these countries : Algeria | Canada | Egypt | Liberia | All
Gold and Silver Prices for these countries : Algeria | Canada | Egypt | Liberia | All

Northern Abitibi Mining Corp

EXPLORATION STAGE
CODE : NAI.V
ISIN : CA6647241018
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Northern Abitibi Mining is a gold and cobalt exploration company based in Canada.

Its main exploration properties are SOUTH VOISEY BAY, TAYLOR BROOK, DOUAY NORTHWEST and VIKING in Canada.

Northern Abitibi Mining is listed in Canada. Its market capitalisation is CA$ 1.1 millions as of today (US$ 806 842, € 756 657).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.44, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Northern Abitibi Mining has 107 310 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Northern Abitibi Mining Corp
3/28/2011Announces Non-Brokered Financing
Nominations of Northern Abitibi Mining Corp
6/19/2012Appoints Interim Chief Financial Officer
Project news of Northern Abitibi Mining Corp
10/17/2012(Viking)Shareholders Approve the Sale of the Viking Property to Spru...
12/7/2011(Viking)Announces New Resource Estimate for Viking With 55% Increase...
9/19/2011=2E: New Zones of Gold Mineralization Discovered at Surface
8/18/2011(Viking)Announces Additional Drill Results From Viking and the Disco...
7/27/2011(Viking)Announces Additional Drill Results from Viking Including 1=2...
6/28/2011(Viking)Announces Drill Results from Viking Including 1=2E3 Metres G...
5/17/2011(Viking)Drilling Commences at Northern Abitibi's Viking Project
4/21/2011(Viking)Receives 2011 Exploration Permits and Signs Drill Contract
3/30/2011(Viking)Announces 2011 Exploration Plans for Viking
3/2/2011(Viking)Announces Initial Independent Gold Resource Estimate for Vik...
8/19/2010(Viking)Provides Summary of Additional Gold Targets at Its Viking Pr...
8/12/2010(Viking)Intersects More Gold at Viking
7/13/2010(Viking)Announces Additional Drill Results From Viking Including 8=2...
6/22/2010(Viking)Announces Widest MineralizedDrill Intersections at Viking to...
5/27/2010(Viking)Continues to Intersect High Grade Gold at Viking
5/3/2010(Viking)Commences Drilling at Viking
4/7/2010(Viking)Receives Exploration Permits for Viking Drill Program
11/18/2008(Viking) Drills High Grade Gold Including 218.79 g/t Over 0.5m & 50....
Corporate news of Northern Abitibi Mining Corp
3/9/2015Acquires Cariboo Gold Property in British Columbia
3/9/2015Northern Abitibi Acquires Cariboo Gold Property in British C...
12/17/2014Northern Abitibi Annouces Trenching Results for Ches Includi...
10/30/2014The 2014 Exploration Program Has Been Completed at Northern ...
10/2/2014Exploration to Commence at Northern Abitibi's Ches Property,...
8/21/2014Fire Delays Exploration at Northern Abitibi's Ches Property,...
6/2/2014Northern Abitibi Announces Results of Annual & Special Meeti...
5/13/2014Northern Abitibi Receives Approval for the Ches Property Opt...
4/28/2014Northern Abitibi Approves Exploration Budget for Ches Proper...
4/23/2014Northern Abitibi Options Ches Property in British Columbia
7/9/2013Enters Into an Agreement to Sell Its Interest in the Sarah L...
10/29/2012(Viking)Completes Viking Property Sale to Spruce Ridge Resources and...
8/14/2012(Viking)Consolidates the Viking District Through a Sale of Viking to...
5/8/2012Receives $100,000 Grant
1/9/2012Files Technical Report
1/28/2009Romarco Encounters 60.6 meters of 6.9 g/t Au at Haile
1/21/2009Gold Star Acquires West African Oil and Gas Consessions
1/22/2009Gold Company Assays 2.45 Metres Averaging 38.17 g/t Au From ...
1/21/2009Romarco Encounters a 57.4 Meter Aggregate Zone of 2.8 G/T Au...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (NAI.V)
0.010+0.00%
TSX-V
CA$ 0.010
03/31 15:42 -
0%
Prev close Open
0.010 0.010
Low High
0.010 0.010
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.010 -%
Volume 1 month var.
178,000 -%
24hGold TrendPower© : -31
Produces
Develops
Explores for Cobalt - Copper - Gold - Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/12/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.88-7.28%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 2.91-2.35%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+2.09%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+8.99%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.55+4.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24+2.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.29-9.38%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.97+1.55%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 55.73+1.00%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :