July 11, 2012 – VANCOUVER, Canada – Urastar Gold Corp. (“Urastar” or the “Company”) (TSX-V:URS) (FSE: 3U3) (OTCQX: URNRF) is pleased to announce that it has entered into a contract for 1500m of core drilling in three (3) 500m holes at its flagship El Antimonio Property. Urastar also plans to complete the previously announced 10,000m reverse circulation (RC) drilling program at El Antimonio. To date, over 6700m has been drilled in 31 RC holes at El Antimonio. Results have been announced up to hole 24 and have returned several wide gold bearing intercepts including those summarized in the table below.
Note: The above results are based on drill cutting samples that were submitted to ALS Minerals in Hermosillo for preparation. Sample analysis was done at ALS Minerals in North Vancouver, Canada for gold by the Fire Assay method on 30 gram subsamples with AAS finish. ALS is an independent ISO certified commercial laboratory. Quality control included monitoring results of certified reference standards, duplicates and blank samples submitted with the samples. Intervals are measured down the hole and may not represent true thickness.
Company President, Adrian Robertson, P.Eng., comments “We’re very happy with the progress we’ve been able to make at all of our Mexican properties this year. In particular, what we are looking for at El Antimonio is a large, oxidized, low grade gold deposit which would be amenable to open pit heap leach extraction. Although we won’t be in a position to announce a resource estimate at El Antimonio until we are able to complete another extensive round of drilling, the results of our program so far have identified several targets of wide low grade gold mineralization. The results we have generated at El Antimonio are very encouraging when viewed in the context of the reserves at several of the large scale, open pit gold mines located in the Mojave-Sonora region, such as New Gold’s Mesquite and Fresnillo’s La Herradura and Noche Buena mines,. The reason for initiating the 1500m core drilling program at this time is to delineate the mineralogy and structural controls of what appears to be repeatedly altered and mineralized gold bearing material at El Antimonio. The RC program is limited in terms of drilling depth and the amount of geological information it can provide. The core holes will give the information needed to plan a phase 2 drilling program which, ideally, we would like to start on in spring of 2013. Our current cash position of approximately $1.5m gives us enough to complete the RC and core programs we have scheduled for this year at El Antimonio, and possibly go back to the El Jabali and La Juliana properties to do a bit more drilling there”.
Dr. Matt Ball, P.Geo., is a Qualified Person pursuant to National Instrument 43-101 who has reviewed the technical information contained in this news release.
Adrian Robertson, President & CEO Tel: 604-682-2928
Launch IR Matthew Harrington, Investor Relations email@example.com Tel: 613-882-7467
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This news release includes certain statements that express management’s expectation or estimates of future performance and may be deemed “forward-looking statements”. These forward-looking statements include plans, estimates, forecasts and statements as to management’s expectations regarding exploration. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.