VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 7, 2013) - Archean Star Resources Inc. ("Archean" or the "Company") (TSX VENTURE:ASP) announces that, subject to acceptance by the TSX Venture Exchange ("TSX-V"), it has entered into an Option/Joint Venture Agreement (the "Agreement") with American Cordillera Mining Corp, a US Listed Company ("AMCOR") (AUAG), and Northern Adventures LLC ("NALLC") whereby it can earn 80% of AMCOR''s 100% Leasehold Interest in a Purchase Option Mining Lease Agreement between AMCOR and NALLC on the Monitor Copper Gold Silver Property (the "Monitor Property").
The Agreement supersedes the Letter Agreement between AMCOR and the Company that was reported in the Company''s news release dated October 30, 2012. In order for the Company to earn the 80% interest in the Monitor Property, subject to certain underlying royalties, the Company must: (i) pay US$25,000 in cash, (US$10,000 paid); (ii) incur property expenditures of US$2.1 million over three (3) years, of which US$700,000 is a firm commitment; and (iii) issue three (3) million common shares of the Company in stages, with one (1) million common shares due within 5 days of TSX-V acceptance, a further one (1) million common shares on the first anniversary of the Agreement, and a further one (1) million common shares on the second anniversary of the Agreement.
The Monitor Property consists of 20 lode claims totalling approximately 400 acres containing the historic Monitor and Richmond copper/gold mines and is located at the east end of the Coeur D''Alene Mining District in north-eastern Idaho.
Archean Star Resources Inc. is a junior exploration company that, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd''s interest in the Gnaweeda Gold Project in Western Australia and has entered into a Option Agreement to acquire an 80% interest in a Mining Lease on the Monitor Copper Gold Project in the Coeur D''Alene Mining district in Idaho, USA.
This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O''Neill, President