October 23, 2008
Gold Star Receives Coal Permits
Gold Star Resources Corp. (the "Company") (TSX-V: GXX) is pleased to announce the granting of Coal Prospecting Permit "CPP 649" by the Saskatchewan Ministry of Energy and Resources. The permit has been issued to Shaun Spelliscy, the vendor of the property to Gold Star (see NR May 6, 2008). The permit covers 768 hectares or 1,899 acres located on the east side of the Pasquia Hills of East-Central Saskatchewan.
The East-Central area of Saskatchewan has received extensive news coverage after the discovery by Goldsource Mines Inc. of substantial intercepts of coal in numerous drill holes. Initial results reported by Goldsource include two core holes representing 26 and 32.5 meter intercepts of coal, including 22.6 meters of continuous coal in each hole.
The Company also announces that the TSX Venture Exchange (the "Exchange") has accepted for filing an extension to the expiry date of warrants issued on November 10, 2007. There are currently 1,550,000 warrants outstanding, each warrant exercisable into one common share of the Company at a price of $0.15 per share until November 10, 2008. The warrants were issued pursuant to a private placement of 3.07 million shares with 3.07 million warrants attached, which was accepted for filing by the Exchange November 16, 2007. The expiry date of the warrants has now been extended to November 10, 2009. The price of the warrants will remain at $0.15 per share.
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
ON BEHALF OF THE BOARD OF DIRECTORS
GOLD STAR RESOURCES CORP.
Patrick Morris, President
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
For further information, contact: Patrick Morris President and Chief Executive Officer of the Company Telephone: (604) 641-4450 Facsimile: (604) 669-9335 Email: [email protected]
SOURCE: Gold Star Resources Corp.