April 4, 2024 – Vancouver, British Columbia – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) announces an update to the joint venture with respect to the Diagras property (the “Diagras Joint Venture”) in which Arctic Star holds a 81.5% interest and Margaret Lake Diamonds Inc. (“Margaret Lake”) held an 18.5% interest, pursuant to an Option and Joint Venture Agreement dated November 7, 2016 between Arctic Star and Margaret Lake (the “OJVA”).
Arctic Star has provided its consent to an arm’s length transaction whereby Margaret Lake sold its 18.5% interest in the Diagras Joint Venture to a new joint venture party (the “Acquiror”). The Acquiror is an arm’s length party to Arctic Star and is a privately held company. Arctic Star has entered into an assignment, consent and acknowledgement agreement (the “Assignment Agreement”) with the Acquiror and Margaret Lake, whereby Arctic Star has consented to the assignment Margaret Lake’s 18.5% interest in the Diagras Joint Venture to the Acquiror. Pursuant to the Assignment Agreement, Arctic Star will continue to be operator and will hold 81.5% interest in the Diagras Joint Venture. The Diagras Joint Venture remains subject to the terms and conditions of the OJVA. If a party to the OJVA dilutes to below a 10% interest in the Diagras Joint Venture then such party’s interest will convert to a 1.5% gross overriding royalty.
Arctic Star has been advised by the Acquiror that the Assignment Agreement closed on March 25, 2024.
About Arctic Star
Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The Company also has a 958 Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. The Company continues to look for appropriate diamond opportunities elsewhere.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
This news release contains “forward-looking statements” including but not limited to statements with respect to the Diagras Joint Venture. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such 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. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
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.
