VANCOUVER, B.C. Jan. 7, 2003 (PRIMEZONE) -- Bright Star Ventures Ltd. (TSX Venture Exchange:BSV) (the "Company") and Network Gaming International Corporation, in their 50%-50% joint venture, are pleased to announce an option agreement to acquire from Winslow Resources Inc. six crown grants located in Similkameen Mining Division in the Province of British Columbia.
The option agreement covers the "Brownie, Hetty, Holm, Cave, Frances and Maud" crown grants located in the northwestern corner of the Tulameen Ultramafic Complex and are in the central part of the J & L Mineral Claims currently under option to the Company.
The option agreement provides for the acquisition of a 100% interest in the crown grants subject to a 2.5% net smelter return. The option agreement requires, upon regulatory approval, the payment of $5,000, and issuance of 10,000 shares of the Company, with an additional payment of $10,000 in the second year, and 10,000 shares to be issued annually until December 1, 2006 for a total of 50,000 shares. The 2.5% NSR can be acquired for $500,000 within 3 years after commercial production has commenced on the crown grants. The Company and Network Gaming have agreed to share all costs on an equal basis.
During the Company's 2002 exploration program, the DP Zone, a new discovery, was identified. The DP Zone is a magnetite deposit that trends NNW over a surface area initially measuring 1.2 km x 500 meters in size. A contoured EM Mag map over the target area indicates that the central core of the DP Zone contains greater than 35% magnetite. Disseminated and fracture-controlled, pyrite-chalcopyrite mineralization with malachite staining has been sampled over a large area within magnetite-rich hornblende clinopyroxenite.
On the DP Zone, two large sub-parallel IP geophysical and Cu-PGE soil/rock geochemical anomalies have been identified with a northerly trend, each greater than a kilometer in length with widths ranging from 50 meters to 150 meters. Both anomalies are open along strike. Six NQ diamond drill holes for a total of 3300 feet tested mineralization along the most easily accessible eastern anomaly were completed and reported in our news release dated November 29, 2002.
A soil survey conducted over this area has delineated two significant NNW trending Pt-Pd-Cu soil geochemistry anomalies. Individual soil sample values within these anomalies contain up to 280 ppb Pt, 195 ppb Pd and up to 10,000 ppm Cu over a combined strike length of greater than 2 kilometers. These two well-defined soil anomalies remain open along strike and soil samples indicate that the anomalies continues on strike directly towards the new acquired crown grants.
High Values in Adjacent Soil Samples
Soil sample assays on the DP Zone in close proximity of the six crown grants have consistently confirm the CU-PGE mineralization with high values as follow:
Cu.(%) Pt.&Pd.(ppb) Au.(ppb)
Sample 8950N-8000E .39% 80 ppb. 80 ppb
Sample 8950N-7950E .34% 60 ppb. --
Sample 8800N-7350E .35% 55 ppb. --
The company proposes to test the newly acquired crown grants for the continuity of the DP Zone, Cu-PGE targets identified during the 2002 field season.
The Tulameen Ultramafic Complex in Southern British Columbia represents one of the largest Alaskan-type ultramafic complexes in North America, and has excellent potential for hosting an economic deposit with significant platinum group metals
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.