09:01:40 EST Sun 29 Nov 2020
Enter Symbol
or Name

Desert Star Resources Ltd
Symbol DSR
Shares Issued 52,391,649
Close 2015-07-21 C$ 0.13
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ORIGINAL: Desert Star extends Red Top, Copper King options

2015-07-23 10:40 ET - News Release

Also News Release (C-EMX) Eurasian Minerals Inc

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File: DSR News Release - Agrmt Extensions & Corporate Updates - July 23.15.docx

Desert Star Resources |717 - 1030 West Georgia Street |Vancouver, British Columbia |Canada| V6E 2Y3|Telephone:  (604) 62
--->8-5623| Facsimile:  (604) 647-6613 |www.desertstar.ca
TSX-V: DSR         July 23, 2015
For Immediate 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 a
--->nnounce that the Company and Eurasian Minerals Inc. have signed amendment agreements for both the Red Top and Copper Kin
--->g projects (the "Projects") by which the parties have agreed to extend the time by which Desert Star is required to incu
--->r 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 app
--->roval from the US Forest Service regarding permitting for drilling of the Projects (the "New Expenditure Date").  Each o
--->f the third and subsequent anniversary expenditure requirements and AMR payments due under the Option Agreements (as dis
--->closed 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 dri
--->ll permits for the Red Top and Copper King projects. "We have been subject to lengthy procedural delays, but remain opti
--->mistic 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 fac
--->ilities 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 a
--->ge 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 L
--->ate Cretaceous (Laramide) rock ages obtained at Copper King are similar (within analytical uncertainty) to published ura
--->nium-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 yea
--->r to September 9, 2016, as agreed between the Company and the holders of the notes.  The conversion terms and interest r
--->ate will remain the same as disclosed in the Company's September 9, 2014 news release. The extension of the maturity dat
--->e 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 t
--->he town of Superior, Pinal County, Arizona, and is road-accessible year-round.  The Red Top project is situated 8 km nor
--->thwest of the Resolution Copper Project, a joint venture project owned by Rio Tinto and BHP Billiton, and one of the wor
--->ld'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 Re
--->d 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 approxim
--->ately 5 kilometers from the world-class Resolution Copper Project and the town of Superior. The Copper King project is p
--->rospective for bulk tonnage copper and molybdenum mineralization. Alteration zonation and surface geology suggest that t
--->he Copper King target represents the side and/or top of a tilted, intact porphyry system. The Copper King project is und
--->er option from Eurasian Minerals Inc. (TSX-V: EMX; NYSE MKT: EMXX).  The Company cautions that it is not implying that i
--->t 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 technic
--->al 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 TS
--->X 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 statement
--->s are statements that are not historical facts and are generally, but not always, identified by the words "expects", "pl
--->ans", "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 express
--->ed 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 ab
--->ility 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 necessa
--->ry 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 abili
--->ty of Desert Star to drill test its projects and find mineral resources; if any mineral resources are discovered or acqu
--->ired, the Company's ability to monetize any such mineral resources; and changes in environmental and other laws or regul
--->ations that could have an impact on the Company's operations.  Forward-looking statements are based on the reasonable be
--->liefs, 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 forward-looking statements in the event that management's beliefs
--->, estimates or opinions, or other factors, should change.

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