Apr 17 2015
Vanstar Mining Resources Inc. (« Vanstar ») is pleased to announce that it has expanded the Nelligan Project located near Chapais, Northern Quebec, under option (the "Option") by IAMGOLD Corporation ("IAMGOLD"), through the staking of 6 additional claim units (approximately 336 hectares) . The newly-staked ground is contiguous to the existing property but is not included within and under the terms of the Option.
Guy Morissette, President & CEO of Vanstar stated: "The Nelligan Project holds great promise for a new discovery and the addition of the new ground protects our current land holdings within the camp."
In addition, Vanstar announces that it has granted 500,000 incentive stock options to certain directors and officers, subject to TSX Venture Exchange approval. The stock options have an exercise price of $0.10 per share and will be valid until April 14, 2020.
Vanstar also announces the termination of the option agreement between the company and Golden Shares Mining Corporation ("Golden Share"), dated April 8, 2014 (the "Option Agreement"), pursuant to which Vanstar granted Golden Share an option to acquire up to an 100% interest in the Monster Island Gold Property ("Monster Island"). As a result, Vanstar will retain its 100% interest in the Monster Island Property located located about 40 km southeast of Chibougamau in Northwestern Quebec. With the termination of the Option Agreement, Vanstar will now evaluate its strategic options with respect to the Monster Island Property.
Lastly, Vanstar announces that Director John Harvey has resigned from the Board of Directors of the Corporation effective April 13, 2015. The Board of Directors would like to thank Mr. Harvey for his service to the company and wishes him success in his future endeavors.
Gilles Laverdière, P. Geo and Vice President of Vanstar, is the Qualified Person, as that term defined in National Instrument 43-101, who has reviewed and approved the technical information in this press release.
Source: http://www.vanstarmining.com/