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Apr. 12, 2011 (Filing Services Canada) -- Coltstar Ventures Inc. (CTR - TSX Venture)
Coltstar Ventures Inc. wishes to update its shareholders on our activities during the last year as well as present management's views on Coltstar's assets and our plans to develop them going forward.
GLOBAL CONTEXT
Before delving into the operating details of the company, it is important to understand management's view of where a small junior like Coltstar sits in the global resources marketplace today and how we plan to prosper.
In brief, it is our view that over the last 10 to 15 years the global market has seen both a dramatic increase in competition for resource projects and a commensurate decrease in the number of attractive advanced or "brownfield" opportunities that became available following the fall of the Soviet Union. The emergence of additional competition in the form of financial players (hedge funds et al) as well as sovereign mining companies from the BRIC and other nations is well-established. Additionally, increased commodity demand due to population and wealth increases around the globe have combined with the increased competition to make this business both more challenging and more attractive and profitable than ever before. The key remains quality assets - either those that are well-known and therefore scarce, or early-stage and less well-known.
OPERATING PHILOSOPHY
The management of Coltstar has significant experience in the global junior resource industry and has a track record of identifying, acquiring and developing very attractive projects.
Given the current context in which the mineral industry operates, and as a junior company with limited capital, we need to "pick our spots" and work strategically to secure quality assets that offer significant potential for increasing shareholder wealth and value. This leads to a focus on three strategies:
1. Exploration Ground
We feel strongly that we are now coming into an era where there will be a proportionally greater emphasis placed on exploration. This is due to the factors mentioned above and the obvious natural depletion of existing resources. Given these realities, we feel that Canada is the number one place on Earth for a junior to be looking for quality exploration ground. There are multiple factors, which make Canada a natural choice for Coltstar's exploration focus, including natural geologic endowment, attractive entry costs to acquire and hold ground, certain and predictable regulatory environments, culture, logistics, government datasets, and world class technical and support community.
2. Advanced/Brownfield
We will continue to build on the impressive track record of management in identifying and acquiring opportunities in the most prospective geological terrains. In these areas, some degree of the initial risk has been absorbed by prior exploration and we can opportunistically benefit from their previous work to allow us to pick up and continue with the development of the asset.
3. Investment
Coltstar's management team is presented with investment opportunities on a continual basis, and from time to time, and where appropriate, we will participate from an investment standpoint in what we feel represents a spectacular risk-reward/cost ratio for the company.
These three strategies have been employed to date and will be discussed in detail below. However, it is worth noting that, for the foreseeable future, the vast majority of our corporate focus will be dedicated to Canada.
We feel strongly that we have to carefully guard the capital structure of the company as our industry is known for the significant capital that must be raised and deployed in the development and ultimate operation of assets. We are exceptionally well positioned to be opportunistic for the benefit of the company in outlining high value exploration opportunities; seeking out ever scarcer Brownfield opportunities; and making strategic investments that we feel have exceptional upside potential. We will need to finance by way of selling new equity but we will do so with a clear goal that capital raised will have a significant multiplier effect on value creation.
CANADIAN ASSETS
Mackenzie Mountains Iron Copper Project (Mackenzie Project)
The projects known as BigIron and BigCopper have been renamed the Mackenzie Mountains Iron Copper Project (Mackenzie Project). We felt that this name was suitable and appropriate given the geographical context in which we were operating, and the significance of this project to Coltstar, and the Northwest Territories. The Mackenzie Project comprises 85 mineral claims and one prospecting permit (920 km2) covering a 170 km-long belt underlain by the prospective Rapitan and Coates Lake Groups. The Mackenzie Project was staked in two (2) phases over the mid to late summer of 2010.
IRON
The project is adjacent to the Snake River (Crest) iron deposit, which is owned by Chevron Canada. Crest is widely accepted to be the 2nd largest, undeveloped iron ore deposit in the world. The Crest deposit has a historical, non 43-101 compliant, drill-indicated resource estimate of 5.6 billion tons @ 47.2% Fe and a regional resource estimated at 18.6 billion tons.
We have great confidence that this mineralization continues onto the Mackenzie Project for many tens of kilometers. We believe this to be the case as a result of rock and silt sampling that Coltstar has conducted near our border with Crest, and regional reconnaissance of the Mackenzie Project area, where iron mineralization has been reported during staking over many kilometers. In addition, large scale regional Government of Canada silt sampling conducted on our project area (done prior to Coltstar's acquisitions) has identified numerous iron-in-silt anomalies. We have identified large areas of significant river iron staining apparent downstream from the mapped Rapitan Group. Further, there are several Crest drill holes that carry significant iron intercepts on or near the border with the Mackenzie Project.
There were 7 test holes drilled on the NWT side of Chevron's Crest property. However, Crest Exploration's assessment report only included raw data for four of these drill holes (N1, N3, N5 and N7) which are located within one kilometer of our northern boundary. Review of the raw data, included in the assessment report, revealed the following results:
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Drill Hole % Fe Width (m)
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N1 43.01 27.4
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N3 31.85 8.93
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N5 30.40 35.7
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N7 34 35.7
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During the 2010 staking program, 5 grab rock samples were collected near our boundary with the Crest. These very significant results are tabulated below:
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Sample No. Fe %
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HPIM0267 47.01
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HPMI0268 45.29
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HPMI0269A 60.98
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HPMI0269B 32.98
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HPMI0269C 60.16
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A total of 32 silt samples were collected to follow-up on regional National Geochemical Reconnaissance (NGR) sampling and increase sample density on the Mackenzie Project. This sampling identified drainages with anomalous iron geochemistry, and further defined existing anomalies to identify areas prospective for iron formation. Samples were handled in compliance with NGR standard. Two clusters of anomalous iron-in-silt values (one is 40 km long the other is 20 kilometers long) were outlined and are coincident with the anomalies defined by the regional Geological Survey of Canada silt sampling program. They are also coincident with mapped exposures of the Rapitan Group.
COPPER
We were further encouraged to find that the Coates Lake formation was trending in close parallel proximity to the Rapitan Formation. The Coates Lake formation has significant copper analogues already existing in this very formation to the south of where we now hold ground. This group of rocks is stratigraphically beneath the Rapitan Group and hosts many copper showings in the area. The Coates Lake Copper Deposit has a 43-101 compliant resources of 33.6 million tonnes grading 3.92% copper and 9 grams per tonne silver. Drilling at the Keele River deposit (located 90 km southwest of the Mackenzie Property) intersected zones up to 12.5 m thick grading 2.7% copper. These deposits, owned by Western Copper, are similar in geology to those of the famously rich Zambian Copper Belt in Africa.
The close parallel relationship of the Rapitan and the Coates Lake Formations offers a unique logistical opportunity to explore both at once world class iron and copper terrain.
Why Us?
It is interesting to spend a moment discussing 'why us'? Why are we so fortunate to have acquired this ground? We believe the answer lies in a confluence of factors that we have benefited from. The list begins with the discovery of the Crest deposit by Chevron in the early 60's when "big oil" was working over Canada doing massive regional exploration (as mentioned above, a trend we feel is coming around again). At this time, the prize was to develop iron mines that could supply the Japanese (and later Korean) industrial complex. In short, the Australians won this race with their north west coast Pilbara assets, and Crest was soon shelved and has stayed that way until some additional desk work was done a few years ago-primarily by Hatch Consulting.
In the early to mid sixties, the geology of Coltstar's Mackenzie Project was not mapped, and in fact, was eventually mapped by the Geological Survey of Canada in the mid-seventies. This mapping did delineate the Rapitan Group and associated iron formation. We have theorized that Chevron mothballed the project in order to concentrate on their core oil and gas projects. Furthermore, the Crest/Mackenzie Project sits within the eastern portion of the Selwyn Basin and has been historically an overlooked/under explored part of Canada, largely due to its remoteness.
Regional Assets and Infrastructure
The emergence and development of the Mackenzie Corridor as one of the pre-eminent resource regions of the world is to Coltstar's management, a certainty. Furthermore, remoteness is a relative thing. As we look back in history we see examples of enormous resources being the invitation for infrastructure development to come along as the next layer of wealth creation and overall economic value and social development. Some of the best examples are the Labrador iron ore railroad construction and the "Roads to Resources" program of the sixties which led to the development of Inuvik. This was the first planned town north of the Arctic Circle in Canada. Part of the "Roads to Resources" program of Prime Minister John Diefenbaker, it was originally founded in 1958 after the initial construction of the Dempster Highway which linked the area to the Alaska Highway.
From an infrastructural standpoint, a number of announcements and developments both in the Northwest Territories and adjacent jurisdictions are particularly encouraging in terms of project logistics. The first of these is the Mackenzie Pipeline Project, which very recently received the approval of federal Cabinet. Development of the Mackenzie Pipeline, potentially as early as 2016, would ensure that resource projects in the Northwest Territories, including Coltstar's Mackenzie Mountain Iron/Copper Project, would have access to an inexpensive and reliable energy source for development purposes.
While the development of the Mackenzie Pipeline will improve mineral production logistics, two other infrastructural projects will greatly enhance the transportation logistics of Coltstar's Mackenzie Mountain Iron/Copper Project: the construction of the Alaska-Canada Rail Link ("ACRL") and the completion of the Dempster Highway in the Northwest Territories. Due to the mutual dependence of resource development economics and railway development, Alaska, the Yukon and British Columbia have recently completed a Feasibility Study, which assesses the potential for a rail connection between these North American jurisdictions and North Asia, which is experiencing significant increases in demand for commodities, including iron ore and copper. According to the ACRL project website, the project participants are now working together to attract other strategic patners to move the development of this very important rail link forward.
Finally, Coltstar is particularly encouraged by the federal government's recent announcement of its plan to invest $150 million into the construction of the all-season road between Inuvik and Tuktoyaktuk, a coastal community in the Northwest Territories, which directly borders the Beaufort Sea. The construction of the road could improve the economics of transporting iron and copper to market by decreasing the length of slurry pipeline that may be required to transport product to market.
The Mackenzie Valley and the bordering Mackenzie Mountains are host to a great deal of known mineralization in addition to Crest and the Mackenzie Project. Deposits of Pine Point-style lead-zinc, iron oxide - style copper gold and diamondiferous kimberlites occur within this area. There are also the known Oil and Gas reservoirs, and coal deposits not to mention the incredible prospectivity for more of the same throughout the entire region. We feel this is but a mere beginning to the creation of value and the development of this region.
We believe that the Mackenzie Project's potentially high grade and logistical parameters compares well with other iron projects currently under development in both the Northern Arctic and the Labrador Trough.
Mackenzie Project Action Plan
If we are successful, as we believe we will be, in exploring and developing the continuation of the Rapitan iron mineralization immediately to the east of Crest, it is safe to say we own what would then be a world class asset with all of its attendant value. For this season, building from the results generated by the exploration program conducted on Chevron's leases and our work from 2010 whilst staking, Coltstar expects to undertake the following exploration program in the summer of 2011:
* An airborne survey over its entire claims series as well as its prospecting permit
* Geological mapping to further delineate the Rapitan Group and iron formation as well as to follow up on field observations made during a sampling and reconnaissance program on the property in 2010
* Specific focus on claims bordering the Chevron lease in the Northwest Territories to confirm the extent to which the Crest deposit extends under Coltstar's westernmost claim block. Also we intend to examine areas further east, based on the combined presence of the Rapitan Group and high iron in silt values.
* Possible drill program at the end of the 2011 season
This program is designed to delineate bands of iron formation that are worthy of further work. In particular, we will be searching for iron formation that is easy to mine. Also, we plan to determine the extent, grade and thickness of the iron formation known on the northern part of the property.
Coltstar expects that the completed 43-101 on the Mackenzie Mountains Iron Copper Project will be completed within the coming 60 days.
We are thrilled and excited to have a project with the scale and quality of the Mackenzie Project to work on from the absolute beginning and we will develop this project in line with world best practices.
Allen Bay Copper Project
The Allan Bay Copper Project was acquired as a result of a regional evaluation of the Boothia Arch, and a review of Commander Resources' (an amazing example of a company that has a huge store of value within it) acquisition of their Storm Property on the northeastern tip of Sommerset Island.
The Allan Bay Copper Project is located on the northwest corner of Somerset Island, Nunavut. It comprises 5 prospecting permits covering 1,120 km2 and is well-located in a flat region that has access to tidewater and shipping lanes. The hamlet of Resolute Bay on Cornwallis Island is located about 150 kilometers to the north. It has an airport which is serviced by regular commercial flights and would be the staging area as it provides reasonably good services. As we looked in detail, we felt there was a significant opportunity to acquire ground contiguous to Commander's southern border. The regional geology is very compelling for copper and the results, produced by Cominco Ltd. (now Teck Resources) years before Commander staked the project, are highly attractive. The favorable geology and structure conducive for the emplacement of mineralization continues onto Coltstar's ground. We are very excited about what this model could yield particularly given Teck's drilling on the Storm property in the early 80's. Examples of drill intersections from the Storm Property include:
* 3.5% Cu over 17.2 meters
* 2.0% Cu over 10.2 meters
* 2.33% Cu over 4.9 meters
* 1.56% Cu over 50.9m including 9.29% Cu over 6.4 m.
We note the recent news of an active summer program at Commander's Storm Copper project and believe the implications for us to learn and benefit from this will be significant. The Allan Bay Project together with the Storm Copper deposit belongs to the sediment-hosted copper deposit class. Examples of deposits in this class include:
* Kipushi, Republic of Congo 70 Mt @ 4.8% Cu, 8.8% Zn, 0.5% Pb,
* Kennecott, Alaska 4.4 Mt @ 12.4% Cu, 95 g/t Ag,
* Ruby Creek, Alaska 90 Mt @ 1.2% Cu.
* Tsumeb, Namibia 24.6Mt @ 7% Cu, 11.4% Zn and 4% Pb
The Allen Bay Property also covers an area which has good potential for hosting diamondiferous kimberlites. Seven (7) of these on north eastern Somerset Island have been bulk sampled. Currently, Indicator Minerals Inc. is preparing to drill the Grail Project area on the Boothia Peninsula to the south.
Allan Bay Project Action Plan
Coltstar's future plans are to conduct:
* Detailed regional prospecting, mapping and sampling
* An airborne electromagnetic and magnetic survey
o Electromagnetic anomalies could be generated by copper-bearing rocks and would be followed up by IP surveys and diamond drilling.
o Isolated (circular in places) magnetic anomalies would be examined and till samples collected down-ice from the anomalies. The till samples would, subsequently, be analyzed for diamond indicator minerals.
Eleanor Project
Located on the north eastern corner of Cornwallis Island in Nunavut, this 725 km2 property was acquired by Coltstar in January, 2010. The property is situated within the Cornwallis zinc-lead district which incorporates many carbonate-hosted Zn-Pb occurrences of the Mississippi Valley type (MVT) and comprises six (6) permits. The nearby mined-out Polaris deposit was exceptionally valuable, containing 22 million tonnes of ore grading 14% Zn and 4% Pb in a single ore body.
The Eleanor property is contiguous to mineral leases held by Teck Resources. A GEOTEM airborne survey, flown by Teck Resources over what is now Coltstar's property, identified a strong, well defined six-channel INPUT electromagnetic anomaly near Eleanor Lake. Teck was unable to conduct any ground-level exploratory work over the anomaly at the time it was identified because BHP owned the property. BHP did not have the results of the airborne survey and concentrated their work on several showings far to the south. Showings and alteration zones occur near the electromagnetic anomaly, which will be the primary target for future exploration activity by Coltstar.
In addition to zinc and lead, the Eleanor property covers an area, which has good potential for hosting diamondiferous kimberlites. Multiple ovoid lakes and circular features, which have been defined through radar imaging, occur on the Eleanor property and may represent the surface expression of kimberlites. Coltstar's optimism around the potential for kimberlites on its property is buttressed by the discovery of at least 20 kimberlites on the eastern flank of the Boothia Arch, seven of which were situated 200 km south of this property on Somerset Island.
Eleanor Project Action Plan
Coltstar's future plans are:
* Conduct a limited IP survey that will be carried out over the cluster of EM anomalies.
* Conduct exploration on the circular features and till samples collected down-ice from the Stuart River Domain.
o The till samples would, subsequently, be analyzed for diamond indicator minerals. The focus for ongoing diamond exploration would be to define the relationship of indicator mineral anomalies to the Stuart Lake Domain and to nearby fault domains and grabens, then to back-trace the source of the indicator minerals to kimberlites intrusions.
CANADIAN ASSET SUMMARY
All of the Canadian assets have been staked and/or covered by prospecting permits. These forms of title are one of the lowest cost forms of mineral tenure that can exist in the mineral exploration industry. Furthermore, the process in Canada benefits from the cultural ease and cost effectiveness with which companies can engage local government regulators in acquiring title. We will continue to focus strategic resources on identifying Canadian exploration targets that benefit from both this low cost form of project acquisition combined with world scale potential.
ITALIAN ASSETS
Coltstar Ventures Inc. began as a Capital Pool Corporation (CPC) under the rules of the TSXV. Our first project that we picked up was the Torniella project in Tuscany. We chose to look at Italy in response to research that came back with facts showing Italy posses excellent geology combined with a significant lack of exploration companies doing any work there. As a result, we felt we may well get to have a "first look" at what might be available in the country.
Italy has turned out so well for us that we anticipate, in the near future, spinning it off into its own public company so it will be able to capitalize the development of its major assets under its own balance sheet and not suffer any investor confusion being part of Coltstar. Coltstar will continue to hold significant equity in the Italian company and through that, participate in the wealth creation that we expect from the development of this portfolio.
Coltstar anticipates being able to acquire further assets over the coming months and thereby bring additional value to the portfolio. Operating in any country is a challenge and one of the risks is to be able to understand the local culture and the power structures and ways of doing business and getting business done. To that end, we have created an Italian Advisory Council. It is comprised or four gentlemen, all of whom have considerable pedigrees when it comes to business, both in Italy and globally. We have created this Advisory Board to be able to help CTR (and Italco when floated) not only navigate the governmental processes but also act as a force to assist in introducing us to the very considerable Italian investment community.
The Italian Advisory Council is comprised as follows:
* Mr. Antonio Licata di Baucina - President, Lanza & Baucina
* Mr. Gaetano Cavalieri - President of CIBJO , The World Jewellery Confederation since the year 2000
* Mr. Alessandro Musumeci - Currently the Chief Information Officer of Ferrovie dello Stato, one of the most important railway companies in Italy
* Mr. Michele Santoro - CEO, Paspartu Srl. Degree (BA) in International Business and Finance at the European School of Economics in Rome, Master in International Tax Law at LUSTICO University and Universitat de Barcelona, Spain.
Grosseto, Northern Italy
Torniella and Monte Alto Project
Coltstar's wholly owned Italian subsidiary, Tuscany Minerals Srl., has acquired two (2) gold permits (Torniella and Monte Alto) within the Colline Metallifere region of Tuscany, which together cover approximately 1750 hectares. The geological setting of the properties is dominated by a belt of rhyolitic rocks deposited in a large trough structure that is 7 km long and up to 3 km wide. The properties display many of the characteristics of high sulphidation gold deposits, such as Yanacoche (Newmont Gold, Peru), Pierina (Barrick Gold, Central Peru), Pasqua Lama (Barrick Gold Chile/Argentina border) and Pueblo Viejo (Barrick Gold Dominican Republic). Geological characteristics which are common to these huge gold deposits and the prospects of the Grosseto area are:
* Extensional tectonic regime
* Many documented epithermal gold prospects.
* Rhyolitic volcanic rocks deposited in a fault-bounded trough (pull-apart basin)
* Base metal depleted but abundant pyrite, antimony, mercury and barite
* Locally pervasive silicification and abundant chalcedonic and vuggy quartz and hydrothermal breccias
* Alunite alteration
* Siliceous sinter deposits, gaseous emanations
* Very fine grained gold
Tuscany Minerals Srl. completed a sediment geochemical program, in the area covered by these properties. Out of the 34 silt samples collected, 12 returned values greater than 100 ppb Au. (1/10 of a gram per tonne) The geochemical program has isolated an area in the north-western portion, which exhibited values greater than 1000 ppb (1 gram per tonne), including one which returned a value of 10,254 ppb Au (10 grams per tonne). Tuscany Minerals has recently embarked on a subsequent geochemical sampling program, the results of which will be incorporated into a forthcoming NI 43-101 report of these properties.
Torniella and Monte Alto Project Action Plan
Tuscany Minerals Srl. expects to follow-up the geochemical sampling program with a staged exploration program covering both the Torniella and Monte Alto permit areas.
* The first phase would include detailed silt and soil geochemistry, geological mapping and trenching.
* This work would then determine stable targets for Induced Polarized surveys, which will delineate any occurrences of auriferous mineralized core.
* Tuscany Minerals Srl. expects to follow-up the initial phase with reconnaissance drilling.
Carpignone Project
In addition to the acquisition of the Torniella and Monte Alto properties, Tuscany Minerals Srl. has launched an application for an exploration permit, which covers the previously producing Carpignone mine. The 650 hectare property, prospective for gold and base metals, is situated 10 km from Torniella and Monte Alto within the Colline Metallifere region. The mine was originally exploited 400 meters down to the water table by Montedison. It was sold to Solmine but abandoned in 1985. At this time the deposit had a resource (to the water table) of 1 million tonnes grading 0.4% Cu, 6.4% Zn and 1.3% Pb. The mineralized zone is open along strike and down-dip. The mineralization was never analyzed for gold and silver but Tuscany Minerals obtained encouraging assays from the grab sampling of rocks near the old head frame.
Carpignone Project Action Plan
* Coltstar intends to compile all of the historical results prior to carrying out a drilling campaign - likely to explore the down-dip potential of the mineralized zone.
Sicily, Italy
Caltanissetta Trough Project
Coltstar's Italian subsidiary is also in the process of acquiring a number of properties in Sicily, prospective for potash. Tuscany Minerals Srl. has applied for seven (7) exploration permits, totalling approximately 6900 hectares of land in central Sicily. Collectively, the permit applications cover a 15 km-long belt of thick potash zones, including areas that have produced potash in the past, as well as areas with potential resources. The Sicilian projects represent early-to-advanced stage exploration targets in a region of globally significant former production, with good infrastructure and excellent logistics to numerous markets. Tuscany Minerals Srl. also intends on exploring the potential to rationalise and redevelop previously abandoned Potash mines in Sicily.
All of these permits have several drill holes which intersect thick intervals of potash (kainite). Early in the 1970's the potash resources in Sicily were estimated to be:
* 84 million tonnes proven
* 584 million tonnes probable
* 600-800 million tonnes possible
From 1970 until the closure of the last mine in 1992 (due to labour strife), the total production from the Sicilian mines was approximately 35 million tonnes of potash of which about 25 million tonnes were contributed by the Pasquasia Mine. When production ceased at the Pasquasia mine, the resources were estimated at about 140 million tonnes grading 16% K2O.
Coltstar anticipates being able to add to this portfolio over the coming months and thereby bring exceptional additional value.
ITALY SUMMARY
Italy underscores a hybrid approach on Coltstar's primary strategy - exploration. In some instances, we will look for country or regional plays where we feel there is an opportunity due to the lack of competition. In the case of Italy, we have come up with both fantastic exploration projects in the North but also an extremely exciting brownfield tie-on play in the South.
INVESTMENT
Ashmont Resource Corporation ? Columbia
Ashmont Resource Corp is a private Canadian company that has a portfolio of gold assets in Colombia, South America. The Company was put together to take advantage of opportunities in that county that we felt were exceptional. Further, we were fortunate to be able to partner with Mario Escobar in-country and Craig Watson from Vancouver who together form the core executive leadership of Ashmont. For a detailed review of Ashmont's assets, please go to www.ashmont.ca.
To date, Ashmont has raised approximately $1.7mm in tranches ranging from founders to the latest round at $20mm valuation. Coltstar holds approximately 20% of Ashmont and was a founding shareholder. We played an instrumental role in the startup of the company with the appraisal and acquisition of the assets and now we play a major supporting role with Mario and Craig performing their leadership roles amazingly well.
Ashmont was a founding investment opportunity that we could not pass up, and based on very significant investment at this current round, our equity in Ashmont is valued at $4.5 million CDN.
SUMMARY
In summation, we want to demonstrate to shareholders and investors what we have achieved during the last year and give guidance as to how we both view assets and try to uncover value in this global resource market. We will continue to be active, primarily in Canada. We will continue to keep value in the forefront of our minds, only issuing further equity with the express purpose and clear vision for how that equity will benefit Coltstar's projects. Finally, we will use this Corporate Update as a "bell ringing" event to signal that we will promote the virtues and value of CTR to the best of our ability. We truly believe we have an assemblage of world class assets - their development will be transformational to Coltstar and profitable for all shareholders.
Thank you,
Damien Reynolds
Chairman and CEO
Coltstar Ventures Inc.
Coltstar Ventures Inc.
Suite 1680, 200 Burrard Street
Vancouver, BC
Canada V6C 3L6
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Source: Coltstar Ventures Inc. (TSXV - CTR)
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