SASKATOON, SASKATCHEWAN--(Marketwired - June 4, 2013) - Star Uranium Corp. (TSX VENTURE:SUV) ("Star") is pleased to announce that it has entered into a Letter of Intent ("LOI") with Great Western Minerals Group Ltd. ("GWMG") (TSX VENTURE:GWG)(OTCQX:GWMGF) that sets out the basic terms and conditions by which Star will have the right and option to acquire up to a 51% participating interest (the "Interest") in the mineral and other related rights in and to GWMG's Hoidas Lake Rare Earth Project (the "Hoidas Lake Project"), an area comprised of fourteen mineral claims totaling approximately 12,522 hectares and related property in northern Saskatchewan.
Star's right to acquire the Interest will be segregated into two tranches. Star will have the right to acquire a 25% participating interest in the Hoidas Lake Project by funding and completing a preliminary economic assessment in respect of the Hoidas Lake Project within two years. Upon successfully exercising the first tranche and acquiring a 25% participating interest, Star will have the right to acquire a 26% participating interest in the Hoidas Lake Project by funding and completing a feasibility study in respect of the Hoidas Lake Project within four years of the completion of the preliminary economic assessment.
The completion of the transaction is subject to the acceptance of the TSX Venture Exchange and all other required approvals and consents.
About Star Uranium Corp.
Star Uranium is a Canadian based entity focused on the strategic acquisition and development of resource properties on a worldwide basis.
For more information, please visit our website at
www.staruranium.com.
ON BEHALF OF THE BOARD
Kyle Kozuska, Director
SOURCE: Star Uranium Corp.
Disclosure Regarding Forward-Looking Statements:
This press release contains certain "forward-looking statements" within the meaning of applicable securities legislation. Words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology are used to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Corporation of suitable financing alternatives; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at
www.sedar.com. While the Corporation believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.