February 11, 2019 – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) is pleased to announce that it has sold all its interest in the Carbonatite-Syenite Complex CAP Property, located approximately 80 km northwest of Prince George, B.C. The total Property now exceeds 10,482 hectares and was last worked by the Company in 2017. See the Company’s news release dated August 8th, 2017.
The sale was made to a private British Columbia company, Eagle Bay Resources Corp., for a large equity position in that company of 17,000,000 common shares, which is a controlling stake. The sale allows Arctic Star to focus solely on diamond exploration, development and production at its various diamond exploration properties, which is the core of its business and assets. The sale gives Arctic Star the opportunity to retain an interest in a promising rare earth element property but none of the responsibilities of developing or financing it.
About Arctic Star
The Company owns 100% of the Timantti Diamond Project including a 243 Ha Exploration Permit and a 190,000 Ha Exploration Reservation near the township of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. Arctic has commenced its exploration in Finland on the Timantti Project, where four diamondiferous kimberlite bodies may represent the first discoveries in a large kimberlite field. The Company also controls diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption).
Arctic Star has a highly experienced diamond exploration team previously responsible for several world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President and CEO
+1 (604) 218-8772
Neither the 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.
