Arctic Star Enters Into Joint Venture With Equitorial, Commences Geologic Mapping And Geochemical Sampling Program At El Havila
Arctic Star Exploration Inc. (“Arctic Star“) (the “Company“), is pleased to announce that it has entered into a joint venture agreement (the “Agreement“) with Equitorial Exploration Corp. to further explore and evaluate the El Hávila copper-gold property (the “El Hávila Property“), located 30 kilometres east-northeast of Frontino in the state of Antioquia in Colombia. The Company and Equitorial will contribute to exploration and development costs in proportion to their interests. As announced in the news release of November 25, 2013, the Company holds an effective 34% interest in the El Hávila Property, Equitorial holds an effective 51% interest, and the remaining 15% interest is held by the vendor. The initial interests of the Company and Equitorial in the joint venture are 40% and 60%, respectively. Equitorial will be the operator of the El Hávila Property. If a participant elects not to contribute to a program approved by the Management Committee, or fails to contribute after having elected to do so, that participant’s interest in the El Hávila Property will be reduced in accordance with a dilution formula. If a participant’s interest is diluted to less than 10%, its interest will be relinquished and converted to a 2% net smelter returns royalty.
The Company is also pleased to announce that geologists have been mobilized to the El Hávila Property and geologic mapping, sampling, and soil geochemical surveys have commenced. The property lies within the prolific Choco gold belt, a highly prospective area with potential for porphyry-related gold and copper and epithermal precious metal deposits. The property is hosted within the Santa Cecillia-La Equis volcanic complex on the western slope of the Colombian Western Cordillera mountain range. The area is being explored by numerous companies, including AngloGold Ashanti (La Colosa), Gran Colombia (Marmato) and Continental Gold (Buritica).
For further information on this or other projects Arctic Star is developing please visit www.arcticstar.ca or call the company at 604-689-1799
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.”
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This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Unless otherwise required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.