Anglo American Exploration -USA- Starts Phase 2 Program on Nevada Star Resource Corp.'s MAN Alaska Property.SEATTLE -- Nevada Star Resource Corp. (OTC-BB: NVSRF and TSX-V: NEV NEV Nevada (old style US postal abbreviation) NEV Neighborhood Electric Vehicle NEV Nevis, Leeward Islands, Saint Kitts And Nevis (Airport Code) NEV Network Enhancement Vehicle NEV Network Event Viewer ) ("Nevada Star") is pleased to announce the start of Anglo American Exploration (USA) Inc.'s ("AAEUS") Phase 2 program on Area 1 (Fish Lake/Dunite Hill Area) of Nevada Star's MAN Alaska property. AAEUS is budgeted to spend over one million dollars (US) on this phase of the program. Anglo American Exploration (USA) Phase 2 Program The principal goal of the Phase 2 program is to test selected priority geological, geochemical and geophysical targets by diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral . The program's focus is on the Fish Lake and Dunite dunite Yellowish green to green igneous rock composed almost entirely of olivine. Chromite and magnetite also occur in dunite, as do spinel, ilmenite, pyrrhotite, and platinum in some cases. Dunites may be a source of chromium. Places of occurrence include Dun Mtn. Hill intrusions, comprising approximately 150 square miles of Nevada Star's 271 square mile MAN Alaska project area. The following is a summary of Phase 2 work planned by AAEUS: --Conduct a geophysical SQUID survey over multi-element soil anomalies identified during the 2004 soil program. --Drill test selected coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. geological geophysical and geochemical anomalies starting in May. --Compilation and incorporation of historic data with newly acquired data. The winter 2005 geophysical program, already underway, will utilize a Crone crone see crock. SQUID B-field sensor to survey selected target areas identified from previous geological, geochemical and geophysical surveys. A total of 9 separate loop locations are proposed to cover the anomalies. Results from the program will define drill targets for a spring drill program. The geophysical survey started in March. A helicopter-supported diamond drill program designed to test coincident geological, geophysical and geochemical anomalies is scheduled to start in May and will consist of up to 19 drill holes. In addition, a number of targets generated from detailed structural interpretation of airborne magnetics in 2004 will be ground-checked in 2005. Results from all the above programs will be integrated into the existing database and analyzed for determination of further work. About the MAN Alaska Project Nevada Star Resource Corp's 271 square mile Alaskan property, officially called the MAN Alaska Project, is located 164 miles southeast of Fairbanks and 248 miles northeast of Anchorage. Exploration by Nevada Star began in 1995 in this large area which is characterized by its extremely anomalous nickel, PGE PGE Pacific Gas and Electric Company PGE Portland General Electric PGE Prostaglandin E PGE Platinum Group Elements PGE Pacific Great Eastern (Railroad) PGE Phenyl Glycidyl Ether PGE Perfect Girl Evolution , and gold concentrations. Exploration results to date on the MAN Alaska property indicate that it has the potential for a significant discovery of nickel, platinum-group elements, and gold metals. The MAN Alaska Project, which consists of five distinct project areas: Canwell, Rainy/ Eureka, Summit Hill, Dunite Hill/Fish Lake, and Broxson, is supported by a solid infrastructure: it is accessible from two paved highways and borders the Alaska Pipeline. View the project maps at http://www.nevadastar.com/s/MANProject.asp for a breakdown of the project areas. The Dunite Hill/Fish Lake section (Area 1) of the MAN Alaska property is now under joint venture with Anglo American Exploration (USA), Inc. (AAEUS), who is performing its exploration program pursuant to the agreement with Nevada Star. AAEUS is a wholly owned indirect subsidiary of Anglo American plc Anglo American plc (LSE: AAL, JSE: ANGLO) is a world-wide group of companies, originally founded in South Africa as a mining enterprise but now extending into other areas. Natural resources remains the focus of its operations. , a global leader in the mining and natural resource sector. Under the terms of the joint venture agreement, AAEUS can earn a 51 percent interest in the southern portion of the MAN Alaska property by spending a total of $12 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. by 2008. AAEUS has the right to increase their interest by an additional 19 percent by completing a positive feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , at its expense, and an additional 5 percent by arranging production financing for both AAEUS and Nevada Star. Nevada Star Resource Corp. is a mineral exploration company that uses the most advanced technology to search for metals that are in high demand world-wide. Nevada Star Resource Corp. currently has projects in Alaska, Nevada and Utah. The Nevada and Utah properties are in joint partnership with Round Mountain Gold, and Western Utah Copper Company, respectively. Both properties are scheduled to go into production in late 2005. For more information, including maps, photos and project descriptions, visit: www.nevadastar.com. This release was prepared by management of Nevada Star Resource Corp. who take full responsibility for its contents. Neither the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. nor the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. have reviewed or accept responsibility for the adequacy of this news release. |
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