Sep 10 2013
Weststar Resources Corp. (the "Company" or "Weststar") announced today that APEX Geoscience Ltd. ("APEX") has been engaged by Weststar to assist in the exploration and development of the Company's "Albany South East" Hydrothermal Graphite Property, Ontario ("the Property"). APEX, based in Vancouver, BC, is a leading mineral geological consulting services firm focused on the mineral and energy sectors.
APEX has initiated compiling regional airborne geophysical data, historic assessment data covering the Property and is working with the Company to finalize its 2013 exploration plans. This data includes recently released public assessment data for Zenyatta Ventures Ltd. (TSX-V: ZEN, "Zenyatta"), 2010 Geotech Ltd. VTEM helicopter-borne magnetic and electromagnetic (EM) survey over Zenyatta's Albany Graphite Deposit; in addition to numerous regional airborne geophysical datasets released under the auspices of the Ontario Ministry of Northern Development and Mines, Operation Treasure Hunt (OTH) initiative.
Recently, Weststar received TSX Venture Exchange (the "Exchange") approval for acquisition of the Property, which allows the Company to initiate a work program to identify the highest priority drill targets. The Property borders Zenyatta's ground where they have recently made a significant graphite discovery.
"We are pleased to have engaged APEX to assist us in the work program at Albany South East," said William Rascan, President of Weststar. "We feel fortunate to have one of the only parcels of land with a significant magnetic low in addition to being proximate to roads, thus eliminating the need for costly helicopter support."
Financing
Weststar also announces that it is seeking to raise, through a Non-Brokered Private Placement, up to $210,000 through the issuance of flow-through units (the "FT Units") at a price of $0.07 per FT Unit and $300,000 through the issuance of non flow-through units (the "NFT Units") at a price of $0.05 per NFT Unit.
Each NFT Unit is comprised of one common share and one share purchase warrant and each FT Unit is comprised of one common share and one-half of one share purchase warrant. Each whole share purchase warrant (the "Warrant") entitles the holder to purchase an additional non flow-through common share at a price of $0.10 for a period of 2 years from the closing date.
The proceeds from the flow-through portion will be used to conduct the exploration program on the Company's properties located in Quebec and Ontario and the proceeds from the non flow-through portion will be used to seek out potential property ventures and for general working capital purposes. Finders' fees may be payable subject to Exchange guidelines.
The Private Placement is subject to Exchange acceptance. All securities issued under the Private Placement will be subject to a four-month statutory hold period.
About Weststar Resources
Weststar Resources is committed to evaluating, securing and advancing Canadian mineral properties. Weststar's current stable of properties include its "Albany South East" Property, contiguous to the southeast side of Zenyatta Ventures' Albany Graphite Deposit Discovery, its advanced "Axe" Porphyry Copper-Gold Project, 20 kilometers north of Princeton, BC, a Letter of Intent with Cartier Resources to acquire up to 80% interest in the "Diego" Quebec Property, approximately 20 kilometres west of TomaGold's Monster Lake Project and its "Tahts Reach" Property, adjacent to Gold Reach's Ootsa Property.
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument 43-101. Mr. Raffle has reviewed the portion of the technical content of this news release as it relates to the Albany South East Project.
For further info on the Company please visit www.weststarresources.com or email [email protected]. Telephone: 604-945-6749.
On Behalf of the Board
Will Rascan, President
Weststar Resources Corp.
Source: http://www.weststarresources.com/