(OTCBB: FSRFF) (Frankfurt: FU2)
VANCOUVER, Oct. 1 /PRNewswire-FirstCall/ - First Star Resources Inc. (TSX-V: FS) ("First Star") is pleased to provide a overall corporate update, as well as the progress being made, on its current drilling program targeting the high grade gold zones, within the LMS property, recently joint ventured from International Tower Hill Mines, (ITH-TSX).
The company's diamond core drilling program that commenced early September on the LMS claim block located in the Goodpaster Mining district, has successfully completed two of the holes planed in the program. The first hole was successfully drilled to a depth of approximately 1,160 feet. The second hole was recently completed and was drilled to its target depth of 1500 feet. The core from both hole 1 and 2 is currently being processed by ALS Chemex Labs in Fairbanks for assaying. The third hole has been drilled to a depth of approximately 670 feet to date and is expected to be completed in early October. The objectives of the program was to use oriented diamond core drilling to assess the existing Camp Zone on LMS in an effort to 1) expand the existing NI 43-101 inferred resource of 167,000 oz Au, calculated for the gold-bearing graphitic quartzite breccia, and 2) to complete additional definition drilling on the known high grade gold vein zones in the lower gneiss unit. Along with the high-grade veins, this area is known as the Camp Zone which is situated at the southeast end of a 6 km long, northwest-trending zone of aligned surface geochemical samples containing anomalous gold and lesser silver and copper.
The LMS claim block currently being drilled is located in the Goodpaster Mining District of Alaska and consists of 92 State of Alaska mining claims covering 61 square kilometres. Gold mineralization is believed to be intrusive related, similar to the Pogo Gold Mine (+ 5 million ounces) operated by Sumitomo Metal Mining Pogo LLC, located 40 kilometres to the northeast.
The technical information in this news release was reviewed by Dr. Karsten Eden, Vice President Exploration First Star Resources, who is a Qualified Person as defined in NI 43-101.
First Star Resources has assembled a board of directors with many years of success in mining and finance, as well expanded the management team to include a VP of exploration and in house Investor Relations person. In addition First Star has completed the definitive agreement regarding the joint venture with International Tower Hill, on two known gold bearing properties located in the Tintina Gold belt of Alaska.
The two properties, the WP and LMS, joint ventured from International Tower Hill Mines have had several millions of dollars spent on them to date successfully defining a NI 43-101 resource and a very promising high grade Gold bear zone, which is the focus of the current drilling program. Assays are expected later in the 4th quarter of 2010.
The Tintina Gold belt hosts major gold deposits and several mines, such as; Fort Knox Mine-3.7 million oz gold, the Donlin Creek deposit 33.5 million oz. gold , the Livengood deposit, 8.1 million oz gold, White Gold deposit 1.4 million oz gold (Recently taken over by Kinross Gold Corp), and the Pogo Mine 5.6 million oz gold deposit, which is adjacent to First Stars West Pogo property, The LMS hosts this year's main drilling targets expected to be completed by October of this year.
NEW DIRECTORS-AS OF AUGUST 2010
Robert Gardner, Secretary, Director-Robert Gardner, received his masters of Arts and Law degrees from the University of Cambridge. He is of Queens counsel and was called to the bars of BC and England & Wales. He is a partner and principal of the law firm, Gardner & Associates with over 30 years of experience with public companies, having served on the board of more than ten publicly traded companies. Mr. Gardner brings to First Star his extensive knowledge and experience in financing, structuring and acquisitions. John Campbell, Director -John Campbell is the CEO and president of Stealth Energy Inc. (CNSX: SLH) and he also sits on the board of Viridis Energy Inc, a "green energy" company, listed on the TSX:V. For the last ten years he has primarily focused on his oil and gas activities in the US. Mr. Campbell brings his extensive resource and mining experience to the Board of Directors.
Brian R.D. Smith QC, Director -Brian Smith is a public policy adviser in Gowlings' Toronto office, working in the area of energy and regulatory affairs. His combination of business and legal experience is virtually unmatched.Brian has served as a federal chief treaty negotiator in British Columbia since 2001.
From 1996 to 2001, Brian served as executive chair of BC Hydro where he helped guide the organization towards a strong customer focus in readiness for market competition. Brian secured U.S. FERC regulatory approval in Washington, D.C. in 1997 to permit direct power sales within the U.S.
In late 1994, Brian completed a five-year term as chairman of Canadian National Railways. While with CN, Brian helped prepare the railway for privatization, which occurred in 1995. He supported the construction of a new rail tunnel linking Ontario and Michigan and helped secure the necessary U.S. regulatory and presidential approvals in Washington. Brian also established a rail executive office in Vancouver to promote growing Asian container freight traffic through the Port of Vancouver.
As of March 2010 - VP EXPLORATION, CPG, EURGEOL
Dr. Karsten Eden-Certified Professional Geologist with 15 years experience in the exploration and mining industries. Proven track record of success in the supervision and management of mineral exploration projects in Alaska, West Africa, Western Australia and Europe. Instrumental in gold discoveries in Alaska and West Africa.
As of September 2010 - Investor Relations
Joey Sherren-Ms Sherren has spent 15 years honing her skills in brand development, and being a liaison officer between marketing and sales addressing senior accounts in the North American Manufacturing sectors. One of her primary strengths comes from her experience working as an independent consultant in relationship building through effective communication.
Other Recent Developments
The company has recently announced an additional financing of $900,000.00 (see news release dated September 20, 2010) and has embarked on an comprehensive Investor Relations program building its presence through print, TV and On Line both here in North America and Europe.
ON BEHALF OF THE BOARD
Bill Wishart, President & CEO
NEITHER 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."
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Forward-looking statements relating to future events or future performance and reflecting First Star Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of First Star Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in First Star Resources's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although First Star Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
SOURCE First Star Resources Inc.