Business
Coltstar Investment in Colombian Gold Company
Coltstar Investment in Colombian Gold Company
About this update from Metallis Resources Inc.
[{"type":"text","content":"\nColtstar Investment in Colombian Gold Company\n\n\n Dec. 16, 2010 (Filing Services Canada) -- Coltstar Ventures Inc.  (CTR - TSX Venture), (\"Coltstar\") announces that it now holds a 27% interest in Ashmont Resources Corp. which has an option to acquire all of the El Alacran historical gold mine in Cordoba, Colombia.  Drilling sufficient to estimate a historical (non-43-101) copper-gold-silver resource has been completed on a 600-metre portion of the 1800 metres of shallow mineralisation identified to date, with drilling confined to depths of 70 metres or less.  El Alacran is considered to be an Iron-oxide-Copper-Gold (IOCG) deposit, and there is considerable exploration potential along strike and at depth.  This is the fourth gold project acquisition made in Colombia by Ashmont, a private company.  Coltstar's equity interest in Ashmont allows it to participate in the attractive Colombian segment of the gold exploration industry, while maintaining operational focus on its own iron and gold projects, as well as its nearly-complete potash acquisition.Ashmont Resources Corp. was formed by management of the Coltstar Group and other resource industry veterans, in partnership with a very experienced local Colombian group, Estrategia y desarrollo.  The nominated Chairman of Ashmont is Diego Valdivieso, who also holds the offices of CEO and Chairman for Gulf Oil Colombia.  Mario Escobar has been nominated President and has ten years experience in investment banking and global business development.  Mr. Escobar is also a director of Mineras Four Points (an operating gold mine in Antioquia), Eccos Contacto Colombia, Delphica Group, Findeza Foundation (education sector), and Novopak Ltd.  Ashmont's management team includes Colombian and Canadian executives with years of experience. Technical advisors on the El Alacran project include Hector Vargas, Anglogold Ashanti Colombia's chief geologist who has led a team exploring over 5 million hectares within Colombia.  Mr. Vargas's report on El Alacran stated, \"Units 2 and 4 contain the majority of the important high-grade mantiform and replacement-style mineralization and important intersections in these units (for example SJ-06, 32.6 m @ 2.23 g Au and 4.9% Cu; SJ-05, 16.0 m @ 2.57 g Au and 4....