02:30:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Desert Star Resources Ltd
Symbol DSR
Shares Issued 51,633,317
Close 2015-04-20 C$ 0.165
Market Cap C$ 8,519,497
Recent Sedar Documents

ORIGINAL: Desert Star to acquire Fortuna 1 and 2 mining claims

2015-04-21 19:11 ET - News Release

Received by email:

File: DSR News Release - Fortuna deal;Amended PV options; Warrant extension -....docx

/

Desert Star Resources |717- 1030 West Georgia Street |Vancouver, British Columbia |Canada| V6E 2Y3|Telephone:  (604) 6
--->28-5623| Facsimile:  (604) 647-6613 |www.desertstar.ca

TSX-V: DSR                April 22, 2015
   
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 opt
--->ion 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 wi
--->thin 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 Compa
--->ny 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 t
--->o 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.  Th
--->e NSR can be bought by the company by paying $100,000 USD any time prior to construction of a production facility.  
The Option Agreement and all securities to be issued under the Option Agreement are subject to the approval of the Exc
--->hange and, assuming approval, will be legended with a four month and a day hold period and such other restrictions as 
--->may be applicable to the sellers resident in the U.S.
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Figure 1. 

The Company also announces, subject to Exchange approval, the proposed extension of previously granted share purchase 
--->warrants, from two separate private placements.  Warrants entitling the purchase of 5,843,888 common shares of the Com
--->pany at a price of $0.25, will have their exercise term extended by one year from July 28, 2015 to July 28, 2016.  War
--->rants entitling the purchase of 833,333 common shares of the Company at a price of $0.40, will have their exercise ter
--->m extended by one year from August 24, 2015 to August 24, 2016.
The Company also announces the repricing of certain stock options that were formerly options of Providence Resources C
--->orp. ("Providence"), before the amalgamation of Providence and Desert Star to form the Company. The proposed repricing
---> was disclosed in the joint information circular for Providence and Desert Star dated March 5, 2015 and received disin
--->terested shareholder approval at the annual general and special meeting of Providence held on April 8, 2015.  Please r
--->efer to the joint information circular available on www.sedar.com under the profiles of Providence and Desert Star for
---> more information.  A total of 960,000 stock options will be repriced, of which 530,000 options are held by insiders o
--->f the Company. The stock options will be repriced at prices ranging from $0.20 to $0.30.  

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. 


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 stateme
--->nts 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 f
--->rom those in the forward-looking statements. Such 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 and for general wo
--->rking capital purposes; changes in economic conditions or financial markets; the ability of Desert Star to obtain the 
--->necessary permits and consents required to explore and develop the projects; the ability of Desert Star to drill for a
--->nd find mineral resources, and monetize any mineral resources discovered or acquired; and changes in environmental and
---> other laws or regulations that could have an impact on the Company's operations.  Forward-looking statements are base
--->d on the beliefs, estimates and opinions of Desert Star's management on the date the statements are made. Except as re
--->quired by law, Desert Star undertakes no obligation to update these forward-looking statements in the event that manag
--->ement's beliefs, estimates or opinions, or other factors, should change




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