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| | January 19, 2010
Weststar Acquires More Claims in Red Chris Area
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| | Vancouver, BC - January 19, 2010: Weststar Resources Corp. (TSX-V: WER Frankfurt: HN3) (the "Company") is pleased announce it has purchased a 100% interest in 10 strategic mineral claims which are immediately adjacent and contiguous to the Red Chris copper-gold property owned by Imperial Metals Corp. (TSX -III), in northwestern British Columbia.
The 10 claims acquired by the Company cover an area of approximately 2,175.7 acres. In a recent announcement (see NR Dec 20, 2009 for Imperial Metals Corp.) results of drilling assays from Imperial metals Deep East zone at Red Chris included the following:
"Drill hole RC09-350 previously reported the highest grade intercepted at Red Chris to date (Stockwatch news, Nov. 9, 2009: RC09-350 returned 152.5 metres grading 4.12 per cent copper and 8.83 grams per tonne gold starting at a depth of 540 metres). The higher-grade material extends to 962.5 metres and averages 2 per cent copper and 3.8 grams per tonne gold over 432.5 metres. With all intervals assayed, drill hole RC09-349 intercepted 625.3 metres of 0.82 per cent copper and 0.93 gram per tonne gold starting at a depth of 390 metres." Terms of the agreement include cash payments totaling of $40,000 and the issuance of 2,000,000 common shares of the Company upon TSX Venture Exchange approval. A finder's fee is payable on this transaction. The acquisition is subject to the acceptance of the TSX Venture Exchange.
The Company is planning an exploration program to follow up on numerous historic copper showings located on the northwest portion of the newly acquired claims.
The Company also announces that it has arrange, subject to the approval of the TSX Venture Exchange, a private placement of a private placement of up to 666,667 units at $0.06 per unit for total gross proceeds of $400,000. Each unit will consist of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share at a price of $0.10 per share for a period of two years from the date of closing.
A portion of the proceeds will be used for acquisition of the property described above. The remaining proceeds of the placement will be used for general working capital.
Finders' fees may be payable in whole or in part on the units issued under the financing, in accordance with TSX Venture Exchange policy.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"Neither 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."
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. |
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