Star Minerals Limited announced that it has signed an option agreement to acquire the Star of the East gold project. Star of the East is an historic high-grade gold mine in the Murchison, first mined in 1897 after discovery by prospectors. The tenement E51/1561 contains evidence of this historic work, with an old shaft and other remnants of previous activity. Records indicate that the mine produced around 27,700oz gold 1, working along a main lode down to around 50m depth. The Project lies only 2.2km from Star Minerals' existing Tumblegum South gold project has an existing Inferred Resource estimate which totals 600kt, at a grade of 2.2 g/t Au. 2 where Star Minerals has just completed a phase 2 drilling programme and is in the process of upgrading the current mineral resources estimate. Option Agreement: The deal is staged over 12 months, the initial option fee is $60,000 in cash. The balance of $360,000 is to be paid in cash, shares (or a combination) at the election of the vendors at any stage during or at the end of the 12-month period after the completion of not less than 2,000m of RC drilling
programmes. Completion is at the exclusive election of Star Minerals.