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 4.5% Cu) highlight the importance and scale of the El Alacran Mineralization system."
The El Alacran exploration and exploitation permit is valid for 30 years and is located 200 kilometres north of Medellin. El Alacran was discovered in the mid-1980s and has been mined by artisanal miners ever since. Significant data of a high quality will be compiled and used towards the dual goals of estimating a current resource, and exploring the considerable potential for large-scale IOCG mineralisation. An Ashmont Powerpoint presentation will be placed on the Coltstar website at www.coltstarventures.com shortly for more information.
Damien Reynolds, Chairman, President and CEO noted, "The Ashmont team have made significant progress to date. Through Ashmont, Coltstar has significant economic exposure to Colombian gold projects, while focusing on our core projects in Canada, Italy and soon Australia. With a number of Colombian-focused companies enjoying +100% returns this year, we believe this hybrid approach combines successful aspects of our previous experience in the resource sector, for the benefit of Coltstar shareholders."
About Coltstar
Coltstar Ventures Inc. is a mineral exploration company that is currently exploring for precious metals and iron in Europe and Canada.
Mr. David DuPre, a director of Coltstar, is a Qualified Person under the guidelines of National Instrument 43-101 and has reviewed and approved the geological information contained in this news release.
On behalf of the Board of Directors
"Damien Reynolds"
Chairman, President and CEO of Coltstar Ventures Inc.
For further information please contact:
Garry Stock
Telephone: (604) 683-8236
Neither 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.
Coltstar Ventures Inc.
Suite 1680, 200 Burrard Street
Vancouver, BC
Canada V6C 3L6
Source: Coltstar Ventures Inc. (TSXV - CTR)
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