Redstar Gold awaits drill results from Newman Todd

2008-02-26 12:31 ET - News Release

Mr. Doug Fulcher reports

REDSTAR GOLD PROVIDES UPDATES ON NEVADA AND RED LAKE, ONTARIO DRILLING

Redstar Gold Corp. is reviewing the company's exploration programs in Red Lake, Ont., and Nevada. Drill programs are under way on the Newman Todd project in Red Lake and the North Bullfrog property in Nevada, and surface exploration is expected to start in March on the Richmond Summit and Dry Gulch properties on the Carlin trend in Nevada.

Scott Weekes, president of Redstar, states: "We are extremely pleased to have active drill programs in Red Lake and Nevada. Both programs are targeting high-grade, near-surface gold veins within camps that have produced multimillion-ounce gold deposits. We are also excited about starting exploration with our partner Gold Fields on our two Carlin trend properties and look forward to drill programs on these projects later in the year. Redstar has begun what will be its busiest exploration year ever with our Nevada projects being funded by our joint venture partners."

To date five holes have been completed on the company's 100-per-cent-owned Newman Todd property in Red Lake, Ont. The active gold mines within the Red Lake camp are hosted within broad structural corridors defined by quartz veining and broad zones of strong carbonate alteration. Holes at Newman Todd are targeting gold mineralization within a structural corridor defined by brecciation, quartz veining, carbonate alteration and sulphide/magnetite replacement. Previous drilling intersected near-surface values up to 69.02 grams per tonne gold over one metre within a three-metre zone grading 24.84 g/t gold within this breccia corridor. All of the current drill holes have intersected the breccia zone and assays are pending.

Nine holes totalling 2,080 metres have been completed on the North Bullfrog property. International Tower Hill Mines is financing the program and can earn up to a 70-per-cent interest in the project. The current drilling is targeting a high-grade gold vein system that was partially developed by the past-producing Mayflower mine, which was active intermittently from 1905 until about 1941. Recent sampling of quartz veins in outcrop and from mine dumps has returned assays to 1.175 ounces per ton Au (40.3 g/t), with unveined silicified wall rock yielding 0.274 ounce per ton (9.41 g/t). High-grade samples contain fine-grained visible gold. Assay results from the drilling are pending, but preliminary analysis indicates that multiple en echelon veins are present, and this will be used to further refine drill targets. Drilling is also planned to test an area of disseminated gold mineralization in the Sierra Blanca target about 3.5 km north of Mayflower. Previous drilling intersected 0.039 ounce per ton Au over 40 feet (1.34 g/t over 12.2 m) and 0.014 ounce per ton over 150 feet (0.48 g/t over 46 m).

Plans are also under way for surface exploration programs on the company's two Carlin trend properties, Richmond Summit and Dry Gulch, with work financed by Gold Fields, which can earn up to a 70-per-cent interest in the projects. The surface work is planned to begin in March and will include geophysical surveys, alteration mapping, trenching and sampling. Once results are received from the initial surface work, drill programs are planned for both properties.

We seek Safe Harbor.