Mr. Charles Funk reports
HELIOSTAR RETURNS TO TRADING ON TSX-V
Trading in Heliostar Metals Ltd.'s shares will resume at the open of the market today, March 22, on the TSX Venture Exchange.
Heliostar chief executive officer Charles Funk commented: "This is another key milestone for shareholders of the company as we complete our transformation to become a gold developer. The company closed a $20.4-million financing on March 17, resumes trading today and expects to complete the transaction before the end of March. Heliostar returns to trade with a significantly more advanced portfolio of projects led by the permitted Ana Paula deposit, over 3.2 million measured and indicated ounces owned or optioned and a much stronger gold price. Our key next step is to provide a detailed rescoping program for Ana Paula upon completion of the transaction."
The company can now submit the required documentation to return to trade on the OTCQX and will provide an update once the timeline is clear.
Heliostar Metals will present detailed introduction to the transaction in a live webinar at 1 p.m. Pacific Time (4 p.m. Eastern Time) on Thursday, March 23. The webinar can be accessed via the company's website. Mr. Funk will make a presentation and take participants' questions. A recording will be made available on the company website following the webinar.
About Heliostar Metals Ltd.
Heliostar is a junior mining company with a portfolio of advanced high-grade gold projects in Mexico and Alaska.
Upon completion of the transaction, the company intends to focus on developing the 100-per-cent-owned Ana Paula project in Guerrero, Mexico. In addition, Heliostar is working with the Mexican government to permit the San Antonio gold project in Baja Sur, Mexico. The company continues efforts to expand the resource at the Unga gold project in Alaska, United States of America.
The Ana Paula project deposit contains proven and probable mineral reserves of 1,021,000 ounces of gold at 2.36 grams per tonne gold and 2,254,000 ounces of silver at 5.22 g/t silver (1). Ana Paula hosts measured and indicated resources of 1,461,800 ounces of gold at 2.17 g/t gold and 3,269,000 ounces of silver at 4.8 g/t silver (1). A preliminary feasibility study was completed in 2017 and the asset is permitted for open-pit mining (1). The asset contains significant existing infrastructure including a portal and 412-metre-long decline (1).
San Antonio is a high-grade oxide gold deposit containing measured and indicated mineral resources of 1,735,000 ounces of gold at 0.83 g/t gold (2). A preliminary economic assessment for Argonaut was completed in 2012.
Unga is an advanced vein district containing the SH-1 gold deposit within a large, prospective vein field. SH-1 contains inferred mineral resources of 384,000 ounces of gold at 13.8 g/t gold.
(1) Alio Gold Inc., "Ana Paula Gold Project National Instrument 43-101 Technical Report Amended Preliminary Feasibility Study" with an effective date of May 16, 2017.
(2) Argonaut Gold Inc., "NI 43-101 Technical Report on Resources San Antonio Project" with an effective date of Sept. 1, 2012.
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