VANCOUVER, B.C., Jan. 20, 2003 (PRIMEZONE) -- Bright Star Ventures Ltd. (the "Company") (TSX Venture Exchange:BSV) is pleased to announce that the TSX-V has approved, and the company has completed, the following property acquisitions and financings:
BUCK CLAIMS
The TSX Venture Exchange has accepted for filing documentation in relation to an option agreement, dated Sept. 3, 2002, between Bright Star Ventures Ltd. and Mr. Peter Real Bernier. The company has been granted the option to acquire 43 mineral claims located in the Similkameen mining division, in British Columbia. In consideration the company will pay the vendor $12,000 cash and issue 20,000 common shares. For further information please refer to the company's news release dated Oct. 15, 2002.
BJP CLAIMS 4-18
The TSX Venture Exchange has accepted for filing documentation in relation to an option agreement, dated Aug. 1, 2002, between Bright Star Ventures Ltd. and Dr. Bruce James Perry. The company has been granted the option to acquire 15 mineral claims located in the Similkameen mining division, in British Columbia. In consideration the company will issue 10,000 common shares to the vendor within five business days of exchange approval. For further information please refer to the company's news release dated July 25, 2002.
LODE CLAIMS
The TSX Venture Exchange has accepted for filing documentation in relation to an option agreement, dated June 14, 2002, between Bright Star Ventures Ltd. and Mr. Harold James Adams. The company has been granted the option to acquire 49 mineral claims located in the Similkameen mining division, in British Columbia. In consideration the company will pay the vendor $5,000 within five days of exchange approval, make future payments of $70,000 and issue 100,000 common shares in two tranches. For further information please refer to the company's news release dated June 21, 2002.
SIX CROWN GRANTS
The TSX Venture Exchange has accepted for filing documentation in relation to an option agreement, dated Dec. 16, 2002, between Bright Star Ventures Ltd. and Winslow Resources Inc. The company has been granted the option to acquire six Crown grants, know as the Brownie, Hetty, Holm, Cave, Frances and Maud Crown grants, located in the Similkameen mining division, in British Columbia. In consideration, the company will pay $5,000 cash and issue 10,000 common shares upon exchange approval, with an additional payment of $10,000 in the second year, and 10,000 common shares to be issued annually until Dec. 1, 2006 (for a total of 50,000 common shares). For further information please refer to the company's news release dated Jan. 7, 2003.
PRIVATE PLACEMENT
The TSX Venture Exchange has accepted for filing documentation and closing a $250,000 non-brokered private placement of 1.25 million units at $.20 per unit comprising of one share, and one share purchase warrant to purchase 1.25 million shares at 20 cent per share for one year, and 25 cents in the second year. The securities are subject to a four-month hold period from the time of closing.
CONVERTIBLE DEBENTURE
The TSX Venture Exchange has accepted for filing documentation and closing an $862,000 non-brokered convertible debenture at 2% per annum announced on March 6, 2002. The convertible debenture is convertible into 862,000 common shares at $1.00 of principal outstanding before June 30, 2003, 344,800 common shares at $2.50 after July 1, 2003, and before June 30, 2004, and 229,866 common shares at $3.75 after July 1, 2004 and before maturity on May 2, 2007. In addition, 800,000 non-transferable warrants are attached to purchase 800,000 common shares at a price of $1 per share in the first two years. These securities are subject to a four-month hold period from the time of closing.
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.