The Company also commissioned a Max-Min ground EM survey which successfully pinpointed the target on the ground with enough accuracy to allow a drill set up. Drill testing will commence as soon as the necessary permits are in-hand, which the Company expects to obtain in the latter part of the first quarter of 2013. If a kimberlite is intersected, an approximate one-tonne sample of material will be collected and sent for micro-diamond analysis.
The Company has also identified additional geophysical targets within the Company's claim block, which also will be drill-tested during the upcoming spring exploration program.
The Company feels these developments are well-timed as there is renewed diamond interest in the Lac de Gras area with the November 13, 2012 announcement by Harry Winston detailing an offer to purchase the Ekati Diamond operation from BHP Billiton for $500 million.
In addition, Harry Winston's news release states: "While the current mine plan is for an additional seven years of production, there are additional resources which could become economic with increased diamond prices." Both Diavik and Ekati will need new resources to sustain their business in the long term. To date the Ekati and Diavik mines combined have produced over $25 billion in diamonds.
The author of this new release is Buddy Doyle, MAusIMM, a geologist of 30 years experience, 20 years of which is in diamond exploration. The qualified person is Kevin Kivi, P.Geol., a geologist with 20 years experience in diamond exploration.
The Company also encourages the reader to visit our website for an updated Company presentation, which includes maps, as well as compelling geophysical and geochemical data. To see images of the South Coppermine Target please visit the Company's web site at www.arcticstar.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events such as: (a) the closing of the option amendment; and (b) the likelihood that the property has gold or other commercial mineralization. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Arctic. Factors which can materially change the results of the forward looking statements include factors such as the approval of the transaction by the Exchange, our ability to raise financing to pay our obligations, our ability to contract equipment and labor, current economic conditions and the state of mineral exploration and mineral prices in general . These risks and uncertainties could cause actual results and Arctic's plans and objectives to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, Arctic assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Arctic Star Exploration Corp.
(604) 689-8199 (FAX)
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