VANCOUVER, B.C., May 7, 2003 (PRIMEZONE) -- Bright Star Ventures Ltd. (TSX Venture Exchange:BSV) (the "Company") has entered into a letter agreement with the Yunnan Nonferrous Metals Geological and Mining Company Ltd. (YNMGM), the provincial authority for Nonferrous Metals, to acquire from YNMGM, a 75% interest in the "Gongguo Property", a high-grade gold mining and exploration operation. Gold grade intersection of 15.11 g/t over 9 meters (with a high value of 138.00 g/t over a 1.0 meter interval) in the KD-4 tunnel has been encountered in exploration workings.
Location:
The Gongguo Property is located in western Yunnan Province, within the western portion of the prefecture of the Dali Bai Autonomous Region, in Yunlong County. The Gongguo project covers the area between East Latitude 99 08' 42" to 99 20' 24" and North Longitude 25 29' 48" to 25 50' 00". The property is comprised of four exploration licenses and includes one mining license over the Xiaoganqin deposit, where mining is actively taking place at this time. There are seven significant gold targets on the Gongguo properties of which the Xiaoganqin deposit is the most advanced.
The property is 40 kilometers wide in a north-south direction and 5 kilometers wide in an east-west direction, covering an area of 200 square kilometers. The project is readily accessible by traveling west on Highway #320 from the city of Kunming to Dali for 380 kilometers, then northwest 136 kilometers from Dali to the small village of Wa-yao. From Wa-yao, a small paved road is followed north along the western bank of the Mekong River for 31 kilometers to Gu-xi-ba Village situated in the Mekong River Valley.
Regional Geology:
The project area is situated in the north section of the Lanping Simao Mesozoic basin in the central portion of the Sanjiang polymetallic mineralization belt. The Sanjiang polymetallic minerization belt trends from the northwest limit of Yunnan Province to the south-southeast through to the south central border area of Yunnan Province, where several significant sedimentary-rock hosted copper lead zinc and gold deposits occur. The property is situated immediately east of a major tectonic boundary where substantial Paleozoic island-arc volcanic activity occurred over a distance of 800 kilometers in a northwest to northerly direction along the Lancangjian suture zone. This Paleozoic structure has been mapped as a strike slip fault that developed during closure of the Tethys Ocean that was situated between the Indian and Yangtze continental platforms. A back arc basin developed immediately west of the Lancangjian suture zone and has been mapped as the Lower Paleozoic Congshan Group.
Property Geology:
Cretaceous sandstones of the Nanxin Formation are the host rocks for the Xiaoganqin, Maoguchang, Akengshan and Youfanghe gold occurrences. A second gold bearing horizon has been identified in Lower Cretaceous sandstones of the Jinxin Formation, including the Bolewanzi, Moguaqin and Sanqicun gold occurrences.
These two formations are located east of the Lancangjian suture zone, where substantial volcanic activity took place in an island arc setting. Additional evidence for magmatic activity along this structure includes several large gabbroic complexes that intruded at a high level into the Lower Paleozoic Congshan Group, located west and subparallel to the Lancangjian fault as elongate intrusive bodies.
Gold mineralization on the property is characterized by high sulphidation (pyrite) mineralization associated with silicification, and quartz veining, developed along ductile shear zones and brittle fracture-controlled systems along the axis and limbs of overturned synclines and anticlines within medium to coarse grained sandstones of the Cretaceous Nanxin and Jinxin Formations. Secondary minerals associated with the gold mineralization include tourmaline and local barite. This mineralization extends for 40 kilometers in a NNE-NNW direction, varying from 1 to 45 meters in thickness within the two favourable Cretaceous sandstone formations.
Summary of Previous Work on Gongguo Property:
Section Thickness Grade Length Strata Previous Work
(m) (g/t) (m)
Xiaoganqin 7.2m 10.35 1200m Nanxin Adits,drifts,
trenches
Maoguchang 3.1m 15.11 1000m Nanxin Adits, drifts
Sanqicun 10.0m 3.49 550m Jinxin Trench TC3
Bolewanzi 6.3m 2.02 1000m Jinxin 27 Bedrock
trenches
Moguaqin 1.0m 8.78 To Be Jinxin Adit KD1
Determined
Akengshan 1.0m 2.52 To Be Nanxin Chip samples
Determined
Youfanghe 1.0m 1.98 To Be Nanxin Adit
Determined
The above table indicates that both the Nanxin and Jinxin Formations host significant gold occurrences along 40 kilometers of exposed stratigraphy along these two favorable horizons. The gold occurrences in the above table are ranked in order of significance.
The Xiaoganqin deposit has the greatest exploration potential for outlining a large high-grade gold reserve through an aggressive drilling campaign since previous work on this favorable horizon has identified an average grade of 10.35 g/t over an average thickness of 7.2 meters over a minimum strike length of 1200 meters (open). These dimensions are based on previous channel sampling, underground adits and drifts completed by the Yunnan Nonferrous Metals Geological Bureau over the past five years. Gold grades range from 0.40 g/t to as high as 161.0 g/t in pyrite-rich (50% pyrite) mineralization. Individual massive pyrite zones pinch and swell from 1.1 to 9.25 meters in width. Rare, extremely fine visible gold has been observed in minor amounts in high grade oxidized samples from shear zones.
The following two adjacent high-grade zones have been identified by YNMGM in exploration work in the KD-4 tunnel (108 m) in the Xiaoganqin deposit.
15.17 g/t over an average of 9 meters (30 ft.)
SAMPLE NUMBERS LENGTH (m) Au g/t
86 0.5 12.70
87 1.0 5.46
88 1.0 .005
89 0.6 1.18
90 1.0 .025
91 1.0 .255
92 1.0 8.50
93 1.0 .281
94 1.0 31.40
95 1.0 4.98
96 1.0 138.00
97 0.9 20.90
11.77 g/t over an average of 8 meters (26 ft.)
SAMPLE NUMBERS LENGTH (m) Au g/t
68 1.0 5.00
69 1.0 5.02
70 0.8 161.00
71 1.0 1.06
72 1.0 .13
73 1.0 .28
74 0.2 24.40
75 1.0 7.42
76 1.0 .05
77 1.0 .05
77 1.0 2.59
At the Maoguchang deposit, substantial gold mineralization has also been evaluated and reported by the YNMGM with a minimum strike length of 1000 meters (open), and an average thickness of 3.1 meters at an average gold grade of 15.11 g/t, as defined by underground adits and drifts. This zone is also considered to be a high priority drill target where a substantial gold reserve could be outlined through an aggressive drilling campaign.
The Sanqicun mineralized horizon has a reported average gold grade of 3.49 g/t, with an average width of 3.1 meters, over a strike length of 550 meters (open). Barite and tourmaline mineralization are present as hydrothermal alteration minerals at this gold occurrence. The mineralized zones pinch and swell, with a maximum reported width of 25 meters at Sanqicun.
The Bolewanzi gold deposit has a reported average gold grade of 2.02 g/t over an average width of 6.3 meters over a minimum strike length of 1000 meters (open).
The remaining gold zones listed in the Table have good potential (Moguaqin) but are under explored at this time. These additional target areas will require additional surface exploration work in order to prioritize their significance.
Sampling Results for The Xiaoganqin Deposit
Ten grab and chip samples were taken by Bright Star's geological team during the one-day visit to the tunnel and adit at the Xiaoganqin deposit. These samples were subsequently transported back to Canada where they were subjected to ICP and fire assay for gold at ALS Chemex in Vancouver, BC Canada.
Results are presented in the following table with gold values ranging from 0.11 g/t to 22.7 g/t. Eight samples were taken from multiple zones observed in Tunnel KD-4, which was developed for a length of 108 meters by local miners in the central portion of the deposit. This tunnel is developed into the side of the mountain at Gongguo. All samples from the KD-4 tunnel and the No. 37 adit are from the Naxin Cretaceous sandstone formation.
SAMPLE DESCRIPTION Au g/t
7168 3.70
7169 .11
7170 18.30
7171 1.65
7172 7.17
7173 22.70
7174 9.21
7175 3.29
7176 14.95
UNMARKED 1 10.85
Sample (7168) was a 3-meter chip sample taken at the end of tunnel KD-4 in massive fine to coarse-grained pyrite in silicified, medium to coarse-grained sandstone. Limonite and manganese staining are pervasive around the mineralized zone. A selected 10 cm wide grab sample (7170) of limonitic material taken from a shear zone located 15 meters from the back wall of the KD-4 tunnel assayed 18.3 g/t.
A 1-meter chip sample (7171) was taken over a narrow, silicified sulphide zone containing 30% pyrite at a location 25 meters from the back wall of the tunnel and assayed 1.65 g/t.
At a point approximately 55 meters from the entrance to the adit, a 1-meter chip sample (7172) across fine-grained massive pyrite material assayed 7.17 g/t.
Sample (7173) was a 10 cm wide grab sample of oxidized limonitic material taken from a shear zone located approximately 30 meters from the entrance to the adit and assayed 22.7 g/t. A duplicate sample (7174) of the same material assayed 9.21 g/t. Sampling in this material was difficult because most of the accessible materials had already been mined out, and a large overhead opening could be observed upwards for 30 meters. Initial sampling in this zone by YNMGB reported 11.77 g/t over 8 meters with a second major sub parallel zone assaying 15.17 g/t over 9 meters.
Approximately 500 meters south of Tunnel KD-4 the No. 37 Adit was visited. Two pyrite-rich sulphide zones were observed and sampled. Sample (7175) was taken over 0.9 meters and assayed 3.29 g/t at a distance of 50 meters from the entrance of the tunnel. This pyrite-rich sulphide band was very similar to those sampled in Tunnel KD-4. At the end of the adit, which was located approximately 75 meters from the entrance, a 1-meter wide chip sample (7176) of silicified pyrite rich material was assayed at 14.95 g/t.
Initial indications are that Tunnel KD-4 and the No. 37 Adit over a strike length of 500 meters are in the same mineralized zone and are open at this time. This confirms that the Xiaoganquin deposit has the greatest exploration potential for outlining a large high grade gold reserve through an aggressive drilling campaign since the previous work on this favorable horizon has identified an average grade of 10.35 g/t with an average thickness of 7.2 meters over a minimum strike length of 1200 meters (open).
Under the terms of the agreement, the Company will form a Sino-Foreign joint venture co-operative company with YNMGM in which the Company has the right to earn a 75-per-cent interest by investing $3.12-million (U.S.) over five years, with a first year minimum contribution of $300,000 (U.S.). After the company has earned its 75 percent interest, contributions to the co-operative company will be made pro rata, 75 percent by the Company and 25 percent by YNMGM. Bright Star's can increase its interest to 90% with additional cash contributions, however YNMGM's interest cannot be diluted to less than 10 per cent.
The acquisition is subject to completion of due diligence, including field visits and confirmation of the data supplied by the Chinese partner, an independent review of the project to conform to National Instrument 43-101, signing of a formal joint venture contract and regulatory approvals.
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.