Texas Star Resources Corp. makes announcement.HOUSTON--(BUSINESS WIRE)--May 23, 1996--TEXAS STAR RESOURCES (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TEXSF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , VSE See DOS/VSE. VSE - Virtual Storage Extended :TXS TXS Teleperm XS TXS Telephone eXchange Strowger TXS Transfer from Index to Stack Pointer ) Texas Star Resources Corp. ("Texas Star") has been informed by Richard Davies, executive director of the Department of Parks and Tourism of the State of Arkansas, that the United States Department of the Interior The United States Department of the Interior (DOI) is a Cabinet department of the United States government that manages and conserves most federally owned land. These responsibilities are different from other countries' Interior Departments or ministries, which tend to focus has approved the request to carry out the proposed Temporary Non-Conforming USE (TNCU TNCU Taiwan National Central University ) for Phase II testing in the Crater of Diamonds State Park The Crater of Diamonds State Park is an Arkansas State Park located near Murfreesboro in Pike County, Arkansas, USA containing the only diamond bearing site in the world that is open to the public. Description The Crater of Diamonds State Park is an 911 acre (3. . This approval is subject to three minor and previously agreed-to conditions: 1. Testing must be completed within 180 days (six months) of inception. 2. All diamonds removed during testing (current estimate of up to approximately 1,000 carats) must be retained for park purposes such as interpretation or re-burial within six months of completion of Phase II extraction. 3. All mitigating measures outlined in the environmental assessment and TNCU application must be rigorously executed. Texas Star recently entered into an agreement with Ashton Mining of Canada Inc. to be the joint venture participant of Texas Star's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Continental Diamonds Inc. ("CDI"), in the C.D. Joint Venture. The C.D. Joint Venture is one of two participants that was granted the right to jointly conduct exploration of the Crater of Diamonds State Park by the Arkansas Department of Parks and Tourism. Following core drilling in 1992, the State of Arkansas has approved Phase II testing at the Crater. This approval by the U.S. Department of Interior means that the evaluation exploration program can begin. The Department of Parks and Tourism of the State of Arkansas estimates that testing will begin in 60 to 100 days. J. David Edwards, president of Texas Star, stated: "This approval culminates three years of effort to finish the evaluation of the lamproite vent at the Crater of Diamonds State Park in Arkansas. Texas Star is obviously pleased to move forward with the Phase II testing to determine the economic value of this property. Previous core drilling has proven up 78 million tons of lamproite material and the Phase II testing will provide the grade of the material to complete the evaluation of this property." Texas Star Resources is a diversified diamond exploration company which is listed on the NASDAQ Small-Cap Market under the symbol "TEXSF" and is also listed on the Toronto and Vancouver Stock Exchanges under the trading symbol "TXS." CONTACT: Texas Star Resources Corp., Houston J. David Edwards, 713/870-9882 |
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