The TSX Venture Exchange has accepted for filing an assignment agreement dated March 29, 2016, between Arrowstar Resources Ltd. and Performance Acquisitions LLC, under which Performance has assigned its interest in an option agreement with NJB Mining Inc., under which Performance has the option to acquire up to a 100-per-cent interest in the Tin Cup and FM (Secret Pass) concessions from NJB.

As consideration for the assignment of the option, the company will issue an aggregate of five million common shares of the company to Performance as follows:

• A total of 1.5 million common shares upon receipt by the company of exchange approval of the transaction;
• A total of one million common shares upon completion of phase 1 exploration requirements;
• A total of one million common shares upon completion of phase 2 exploration requirements;
• A total of 1.5 million common shares within 14 days of the earlier of the 18-month anniversary of the date of the agreement, being March 29, 2016, or the approval from the Arizona Bureau of Land Management of the production plan to commence mining and production.

Insider/pro group participation:  nil

For further information, please refer to the company's news release dated April 19, 2016, which is available under the company's profile on SEDAR.