Gold Star Resources Corp. Highlighted in African Energy News Report
June 08 2009 - 8:30AM
PR Newswire (US)
VANCOUVER, June 8 /PRNewswire-FirstCall/ -- African Energy reported
in its Upstream Oil and Gas columns, June 5, 2009 issue
(http://www.africa-energy.com/) that Canadian-based Gold Star
Resources Corp. (TSX-V; GXX, OTC BB: GXXFF;
http://www.goldstarresources.com/) has emerged onto the West Africa
scene in the past few months seeking onshore acreage in Liberia,
Cote d'Ivoire and Ghana. UK-based African Energy, published
fortnightly, is a fixture on the African energy sector, providing
incisive analysis on the continent's energy future. With Ghana's
Jubilee field success having been well documented, GXX is pursuing
long neglected areas, hence its letter of intent (LoI) with a
Ghanian company, Bengal Bight Ghana Ltd., in March to acquire 100%
interest in the hydrocarbon rights of Bengal's 1,000 sq. km.
Tiampoum mining concession in Cote d'Ivoire, near the border with
Ghana. Previously, GXX acquired 90% of Liberian company
International Resource Strategies Liberia Energy Inc., whose sole
asset is the onshore 1,366 sq. km. hydrocarbon reconnaissance
license NR-001 within the Roberts and Bassa Basins of south coastal
Liberia. Seepages in this area indicate a possible Palaeozoic
system to be investigated. "West Africa has shown increased promise
to develop new hydrocarbon deposits in areas such as onshore
Liberia, where previous exploration was never completed due to
political concerns within the country," said Patrick Morris,
President and CEO of GXX. "Thankfully, the Liberian political
situation has become stable in recent years, with the local
government encouraging international investment to further
exploration for natural resources. Our strategy is to be
entrepreneurs, to be explorers, and add value for our
shareholders." Under the Liberia agreement, GXX is required to
spend a minimum of $1.75 million on reconnaissance work, and the
contract can be renewed for an additional 12 months. Upon
successful reconnaissance work, GXX will have first right of
refusal to apply for a production sharing contract over the target
area. African Energy reported the company is preparing to carry out
an aeromag survey over the acreage, followed by seismic. GXX's Cote
d'Ivoire prospect is also moving forward with the company currently
preparing a "definitive" agreement, according to Morris. African
Energy also reported the company is busy raising the necessary
funds for exploration and recently raised a first tranche of
C$900,000 (USD $815,615). The Cote d'Ivoire asset has the same
exploration program - acromag and seismic. The Ghanian Bengal Bight
company holds the concession as part of an underlying option
agreement from an Ivorian company, Enchi-Proci CI. "Bengal Bight
facilitated the block in Cote d'Ivoire," Morris told African
Energy. GXX agreed to pay $30,000 to Bengal upon the signing of the
LoI; pay up to $150,000 to Enchi-Proci to acquire the license
outright, and pay $70,000 upon the license buyout to Bengal and
issue shares and warrants to Bengal. About the oil seeps and tar
mats that are visible in the license area, "it's amazing it hasn't
been developed before," Morris said. DATASOURCE: Gold Star
Resources Corp. CONTACT: Patrick Morris, +1-604-641-4450;
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