Urastar Acquires Former Producing Gold Mine in Sonora Mexico Near Mulatos Mine
22 Novembro 2010 - 12:29PM
Marketwired
Urastar Energy Inc. ("Urastar") (TSX VENTURE: URS) announces the
option to acquire the Jabali Gold Mine Project in Mexico. Jabali is
a major gold exploration property, consisting of 70 hectares
located in east Sonora in the Sierra Madre Gold Belt.
The property is located only 6 km from the Mulatos Gold and
Silver producing heap leach mines (see location map at
www.Urastarenergy.com) currently owned and operated by Alamos Gold
(TSX: AGI). Jabali has produced gold from small scale operation
since first being discovered by Jesuit priests in 1635. Recent
surface chip sampling in the area of the old workings by geologist
Dr Matt Ball are currently being analyzed. An exploratory work
program is currently being prepared.
In a signed Letter of Intent, Urastar can earn a 100% interest
in the Jabali Gold Project by making the following option payments
over a 5 year period:
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TIME CASH PAYMENT
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On signing US$10,000.00
On approval of TSX-Venture Exchange US$40,000.00
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Twelve month anniversary US$75,000.00
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Twenty-four month anniversary US$75,000.00
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Thirty-Six month anniversary US$150,000.00
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Forty-Eight month anniversary US$200,000.00
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Sixty month anniversary US$1,450,000.00
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TOTAL US$2,000,000.00
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In addition, underlying owners will retain a 3% NSR royalty on
the Property subject to the right of Urastar to purchase each 1% of
the NSR (namely a 1% NSR) for $1,000,000.00 for five (5) years
after signing. The Letter of Intent is subject to TSX Venture
Exchange approval.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., is a designated
Qualified Person pursuant to National Instrument 43-101 and
prepared the technical information contained in this news
release.
About Urastar Energy Inc.
Urastar Energy Inc. is a mining exploration and development
company focusing on gold exploration in Mexico's Sierra Madre gold
belt targeting areas containing former producing properties. The
Sierra Madre Gold Belt is one of the richest gold belts in the
world hosting several world class mines and many major recent
discoveries. For more information, please visit
www.Urastarenergy.com
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
This news release includes certain statements that express
management's expectation or estimates of future performance and may
be deemed "forward-looking statements". These forward-looking
statements include plans, estimates, forecasts and statements as to
management's expectations regarding exploration. These
forward-looking statements involve assumptions, risks and
uncertainties and actual results may vary materially. For these
reasons shareholders should not place undue reliance on such
forward-looking information.
United States residents are cautioned that some of the
information that may be published by Urastar may not be consistent
with United States Securities and Exchange Commission disclosure
rules and may be materially different from what the Company is
permitted to disclose in the United States and therefore United
States residents should not rely on such information.
Contacts: Urastar Energy Inc. Elston Johnston, President
604-682-2928 Urastar Energy Inc. Matt Harrington, Investor
Relations 613-882-7467 ir@urastarenergy.com
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