February 8th, 2013 – Arctic Star Exploration Corp. (TSXv:ADD) (the “Company” or “Arctic Star”) is pleased to announce that it has signed an agreement with GGL Resource Corp. (“GGL”) regarding four mining leases totalling 4200 hectares in area (approx.), south of Lac de Gras. ( the “Shoe” property)
Arctic Star has acquired a 100% interest in the Shoe property at the cost of $50,000. GGL retains a 1.5% Gross overriding Royalty on any diamond production from the property and a 1.5% NSR for any other commodity mined. Arctic Star may buy 0.5% of this Royalty for $2million.
The Shoe Property is contiguous with Arctic Star’s recently staked Redemption project. The company now holds approximately 11,500 hectares in the combined properties. Arctic’s consolidated ground lies in an area where at least three prominent diamond indicator mineral trains, containing excellent chemistry, terminate. Airborne geophysics shows several yet to be drill tested EM anomalies that if drilling intersects kimberlite, are perfectly positioned to explain these trains.
Arctic’s 11,500 100% owned contiguous hectares lie within the Lac de Gras area which hosts three producing diamond mines, the closest being Ekati, 27 km from Arctic’s Property. The Ekati mine began production in 1998 and is still in production today.
Arctic Star plans to conduct drill testing and is currently obtaining all the permits and permissions to do so.
The author of this news release is Buddy Doyle Member AUSIMM a geologist with 30 years experience and the qualified person is Kevin Kivi, PGeol as per the guidelines given in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
Forward Looking Statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events such as: (a) the closing of the option amendment; and (b) the likelihood that the property has gold or other commercial mineralization. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Arctic. Factors which can materially change the results of the forward looking statements include factors such as the approval of the transaction by the Exchange, our ability to raise financing to pay our obligations, our ability to contract equipment and labor, current economic conditions and the state of mineral exploration and mineral prices in general . These risks and uncertainties could cause actual results and Arctic’s plans and objectives to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, Arctic assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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.