First Star Resources Inc V.FS

News - update and quite detailed

[Tommer3]

First Star, Corvus complete phase 2, await LMS results

2011-08-22 19:55 ET - News Release

Also News Release (C-KOR) Corvus Gold Inc


Mr. John Campbell reports

PHASE 2 OF EXPLORATION PROGRAM COMPLETED AT LMS -- 2,332 METRES DRILLED -- GRAPHITIC QUARTZITE BRECCIA EXTENDED FROM 480 M TO 700 M DOWNDIP

First Star Resources Inc. has completed phase 2 of its 2011 exploration program on its LMS flagship property in Alaska. The LMS property is under joint venture with Corvus Gold Inc., a spinoff from International Tower Hill. Phase 2 drilling at LMS has extended the existing graphitic quartzite breccia from 480 metres downdip to 700 metres downdip. Since June 1, 2011, First Star has drilled seven diamond core drill holes, totalling 2,332 metres.

The company re-entered LM-10-39 (see news release dated June 6, 2011) to drill test the northeast-striking structural corridor farther within the lower gneiss zone that is known to contain high-grade gold mineralization. This drill hole was extended by 76 metres to a total depth of 368 metres.

Drill holes LM-11-42 (191 metres), LM-11-43 (420 metres), LM-11-44 (430 metres), LM-11-45 (518 metres), LM-11-46 (366 metres) and LM-11-47 (331 metres) were drilled to extend the gold-bearing graphitic quartzite breccias. This year's summer drilling program (phase 2) has extended the existing mineralization from 480 metres downdip to 700 metres downdip (LM-11-44). All drill holes confirm the exploration model. Assays are still pending and will be announced soon. The company plans to conduct phase 3 of its 2011 exploration program in the month of September. The goal of phase 3 will be to follow up on LiDAR survey anomalies to identify additional graphitic quartzite breccia zones on the LMS claim block. First Star recently completed a LiDAR survey on its LMS claim block, which was conducted by AeroMetric of Anchorage, Alaska. The results are currently being interpreted by the company.

First Star has contracted Spring Valley Drilling Inc. for its summer core drilling program on its LMS gold and silver property. All exploration work on the LMS property is conducted by First Star's exploration contractor Pacific Rim Geological Consulting Inc. of Fairbanks, Alaska, under the supervision of Dr. Karsten Eden, vice-president of exploration of First Star. Pacific Rim personnel at the project photograph the core from each individual drill hole prior to preparing the split core. Pacific Rim personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska, for preparation and then onto ALS Chemex in Reno, Nev., or Vancouver, B.C., for assay. ALS Chemex's quality system complies with the requirements for the international standards ISO 9001:2000 and ISO 17025:1999. First Star also had its own quality control/quality assurance programs in place.

The technical information in this news release was reviewed by Dr. Eden, a qualified person as defined in NI 43-101.

[andrewyoung]

Insiders are buying into a 10 million shares private placement at $.15.I've a feeling the PP is going to close pretty soon.AGM in 1 week.FS will not trade below the private placement price for too much longer. I've got a good deal since I was buying it cheaper than the insider group thanks to a tip. I got a nice position in the last month and will tell all my friends to buy it

[Chipshot2]

Andrewyoung....great to see a fresh voice on the board. Do you feel comfortable in sharing where you have got your information regarding First Star? I am especially curious about your statement that insiders are buying into the PP. Also, what leads you to believe that the PP will be closed soon...speculation on your part or have you spoken with someone who has indicated so?Certainly not looking to

[Smiles48]

As per insider trading summaries (tsx.com), an insider bought 150k yesterday. If he continues, I will jump in. The MM here is 09.