Category: Uncategorized

Desert Star Stock Option Grant

Desert Star Stock Option Grant
Vancouver, B.C. February 17, 2015: (TSXV: DSR) (“Desert Star” or the “Company”) announces the granting of 425,000 incentive stock options to purchase common shares of the Company to directors, officers and consultants of the Company. The newly granted stock options are exercisable at $0.20 per share and will expire on February 16, 2020. The stock option grants are subject to filing with the TSX Venture Exchange.

Desert Star Announces Agreement to Purchase Mining Claims in Arizona, Warrant Term Extension and Repricing of Options

Vancouver, B.C. April 22, 2015: (TSXV: DSR) (“Desert Star” or the “Company”) announces that it has entered into an option agreement (the “Option Agreement”) for the purchase of the Fortuna #1 and Fortuna #2 patented lode mining claims, situated in the Pioneer Mining District, Pinal County, Arizona (the “Property”). These patented lode claims reside within the Company’s Copper King project area (figure 1).

Terms of the Option Agreement include the payment of $10,000 USD and the issuance of 25,000 common shares of the Company within 10 business days of TSX Venture Exchange (“Exchange”) approval. The option will be for a period of 12 months, with the Company having the right to extend the option for a further 12 months by paying an additional $15,000 USD to the sellers. The Company may elect to purchase the Property in full within the option period by paying an additional $50,000, issuing an additional 25,000 shares and granting a 1% net smelter return royalty (“NSR”) to the sellers. The NSR can be bought by the company by paying $100,000 USD any time prior to construction of a production facility.

Desert Star Appoints Gord Neal as Vice President of Capital Markets and Business Development

Vancouver, B.C. May 6, 2015: (TSXV: DSR) (“Desert Star” or the “Company”) is pleased to announce the appointment of Gord Neal as Vice President of Capital Markets and Business Development.

Mr. Neal will assist the company in developing and executing on its capital markets strategy in preparation for the company’s upcoming drill program and long term planning. He will also assist the company in its marketing efforts, corporate communications, corporate finance and business development strategies.

Mr. Neal has more than 30 years experience in governance, corporate finance and investor relations. He founded Neal McInerney Investor Relations in 1991. Through marketing more than $4 billion in debt and equity financings, the company grew to be the second largest full service Investor Relations firm in Canada with offices in Vancouver, Toronto and Los Angeles. Clients included; BCE, Nortel, Bell Canada International, Bell Mobility, Intrawest, Canaccord Capital, BMO Nesbitt Burns, and TVX Gold. Mr. Neal was VP Corporate Development at MAG Silver Corp. and was an advisor on corporate finance and investor relations to West Timmins Mining. He has raised more than $400 million for resources companies since 2004. Mr. Neal graduated from Dalhousie University with a B.Sc. in Biochemistry. 1977. He has also served as a member of the Dalhousie University Senate and Board of Governors.

Desert Star Appoints R. Stuart (Tookie) Angus to Advisory Board and $115,000 Financing

Vancouver, B.C. May 20, 2015: (TSXV: DSR) (“Desert Star” or the “Company”) is pleased to announce the appointment of R. Stuart (Tookie) Angus to the Company’s advisory board. Mr. Angus is an independent business advisor to the mining industry and is presently a director of Wildcat Silver Corp. and Chairman of Nevsun Resources Ltd. He was formerly Head of the Global Mining Group for Fasken Martineau. For the past 30 years, Mr. Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was managing Director of Mergers & Acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Mr. Angus is the former Chairman of the Board of BC Sugar Refinery Limited, he was a Director of First Quantum Minerals until June 2005, a Director of Canico Resources Corporation until its takeover by Brazil’s CVRD in 2005, a Director of Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, a Director of Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and a Director of Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011.

The Company would also like to announce a private placement (the “Private Placement”) for gross proceeds of $115,000, through the issuance of units (each a “Unit”) of Desert Star, at a price of $0.15 per Unit. Each Unit is comprised of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional share of Desert Star for a period of two years from the date of issuance at a price of $0.25 per share. Mr. Tookie Angus will be subscribing for $100,000 of this financing.

Desert Star will pay finder’s fees in accordance with TSX Venture Exchange policies. Proceeds of the Private Placement will be used for the continued exploration of Desert Star’s properties and for general working capital purposes. All securities issued pursuant to the Private Placement will be subject to a four month and a day hold period.

Desert Star Closes Non-Brokered Private Placement for Gross Proceeds of $110,000

Jun 04, 2015
Desert Star Closes Non-Brokered Private Placement for Gross Proceeds of $110,000
View PDF
Vancouver, B.C.: June 4, 2015 (TSXV: DSR) (“Desert Star” or the “Company”) is pleased to announce that it has closed its non-brokered private placement financing, previously announced by news release dated May 20, 2015 (the “Private Placement”) for gross proceeds of $110,000 by the issuance of 733,333 units (each a “Unit”) of the Company at a price of $0.15 per Unit. Each Unit is comprised of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional share of the Company for a period of two years from the date of issuance at a price of $0.25 per common share.

In connection with the Private Placement the Company paid aggregate cash commission of $10,000. Proceeds of the Private Placement will be used for the continued exploration of the Company’s properties and for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a four month and a day hold period.

On behalf of the Board of
DESERT STAR RESOURCES LTD.

“Vince Sorace”
Vince Sorace
President and CEO, Desert Star Resources Ltd.

For further information regarding Desert Star, please email info@desertstar.ca or visit our website at www.desertstar.ca.

Neither the 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.

Agreement Extensions and Corporate Update

Vancouver, B.C., July 23, 2015. Desert Star Resources Ltd. (TSX-V: DSR) (“Desert Star” or the “Company”) is pleased to announce that the Company and Eurasian Minerals Inc. have signed amendment agreements for both the Red Top and Copper King projects (the “Projects”) by which the parties have agreed to extend the time by which Desert Star is required to incur exploration expenditures and make AMR payments under the September 13, 2013 option agreements, as amended (the “Option Agreements”). The exploration expenditure requirements and AMR payments that were required to be completed and paid by the second anniversary date of the Option Agreements are now due 6 months following the parties’ receipt of written approval from the US Forest Service regarding permitting for drilling of the Projects (the “New Expenditure Date”). Each of the third and subsequent anniversary expenditure requirements and AMR payments due under the Option Agreements (as disclosed in Desert Star’s September 4, 2013 news release) will now fall annually on the anniversary of the New Expenditure Date.

Desert Star and Eurasian Minerals continue to work diligently with the US Forest Service towards the issuance of the drill permits for the Red Top and Copper King projects. “We have been subject to lengthy procedural delays, but remain optimistic that we will receive our drill permits in the near future. We are fully prepared to quickly mobilize and commence drilling once permits are received, as our drill contractor has been selected and base of operations and drill core facilities have been secured” stated Vince Sorace, President & CEO of Desert Star.

In addition, Desert Star has recently completed a preliminary rock sample analytical program designed to determine the age of porphyry dikes associated with the Copper King hydrothermal system. Two strongly-altered quartz diorite porphyry dikes were analysed by uranium-lead (zircon) dating techniques at the University of British Columbia. The interpreted Late Cretaceous (Laramide) rock ages obtained at Copper King are similar (within analytical uncertainty) to published uranium-lead (zircon) ages for intrusions associated with the nearby Ray, Resolution and Magma copper systems.

The Company will also be extending the maturity date of $495,000 of convertible notes from September 9, 2015 for one year to September 9, 2016, as agreed between the Company and the holders of the notes. The conversion terms and interest rate will remain the same as disclosed in the Company’s September 9, 2014 news release. The extension of the maturity date and underlying convertible securities is subject to the approval of the TSX-V.

About the Red Top Project

The Red Top project consists of 192 unpatented federal lode mining claims covering 1,463 hectares, located 8.5 km from the town of Superior, Pinal County, Arizona, and is road-accessible year-round. The Red Top project is situated 8 km northwest of the Resolution Copper Project, a joint venture project owned by Rio Tinto and BHP Billiton, and one of the world’s largest undeveloped copper projects. The Red Top project is under option from Eurasian Minerals Inc. (TSX-V: EMX; NYSE MKT: EMXX). The Company cautions that it is not implying that it will obtain the same or similar results at its Red Top project as the Resolution Copper Project.

About the Copper King Project

The Copper King project covers 1,438 hectares and consists of 189 unpatented federal lode mining claims located approximately 5 kilometers from the world-class Resolution Copper Project and the town of Superior. The Copper King project is prospective for bulk tonnage copper and molybdenum mineralization. Alteration zonation and surface geology suggest that the Copper King target represents the side and/or top of a tilted, intact porphyry system. The Copper King project is under option from Eurasian Minerals Inc. (TSX-V: EMX; NYSE MKT: EMXX). The Company cautions that it is not implying that it will receive the same or similar results as the Resolution Copper Project.

Qualified Person

Daniel MacNeil, MSc PGeo, a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. MacNeil is the Company’s Vice President, Exploration.

About Desert Star

Desert Star is a Vancouver-based mineral exploration company focused on the identification, acquisition and development of copper and gold projects located in top-tier mineral belts in the southwestern United States that contain significant historical production, existing mining infrastructure and an established mining culture.

Vince Sorace
President and CEO, Desert Star Resources Ltd.

For further information regarding Desert Star, please email info@desertstar.ca or visit our website at www.desertstar.ca.

 

Cautionary Note Regarding Forward-Looking Statements
Neither the 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.


This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Desert Star believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, Desert Star’s ability to raise sufficient capital to fund its obligations under its property option agreements, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the ability of Desert Star to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to Desert Star’s plans and business objectives for the projects; the general ability of Desert Star to drill test its projects and find mineral resources; if any mineral resources are discovered or acquired, the Company’s ability to monetize any such mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of Desert Star’s management on the date the statements are made. Except as required by law, Desert Star undertakes no obligation to update these forw