VANCOUVER, B.C. June 21, 2002 (PRIMEZONE) -- Management of Bright Star Ventures Ltd. (TSX Venture Exchange:BSV) is pleased to announce an agreement to acquire the Golden-Lode Property (49 claims) 40 kilometres northeast of Princeton, BC.
The claims are in a well-mineralized area with the past-producing Brenda Mine (Cu-Mo) to the Northeast and the Elk Mine, a high-grade gold-quartz vein deposit, to the Northwest. Past sampling in the subject claims has produced significant gold (up to 1.6 oz/t), silver (up to 4.38 oz/t) and copper (up to 1.69%) values from the magnetite-hematite mineralization with local chalcopyrite. The property lies within the Intermontane Belt in an area dominated by several large granitic intrusions from Triassic to Eocene age and Nicola Group (Triassic) volcanic and sedimentary country rocks.
A geological report by Ronald C. Wells, P. Geo. FGAC Consulting Geologist indicates a good correlation between the gold and silver values within magnetite zones. His review of an existing magnetite high-grade stockpile have indicated high metal values of 11.37 g/t Au, 43.20 g/t Ag and 1.42% Cu in the magnetite/hematite.
The Company proposes to conduct a first phase exploration program comprising an airborne EM/Mag survey to identify the areas of high magnetite concentration. Operations will be conducted from the existing regional offices in Coalmont, BC.
The agreement provides for an initial payment of $5,000, future payments of $70,000, the issuance of 100,000 shares in two tranches, and a 3% net smelter return with a buyout for $2 million dollars. The preceding agreement is subject to regulatory approvals.
In addition, recent photos including the company's premises in Coalmont, BC have now been posted on the Company's website. For information on the company call 1-800 884-3864, or visit our website at www.brightstar-ventures.com
On behalf of the Board "Reg Handford" President & Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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