VANCOUVER , Jan. 16, 2013 /PRNewswire/ - Robert L. Card , President of Arrowstar Resources Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to announce that the Company has staked an additional 21 claims adjacent to and continuous with its Port Snettisham, Alaska iron ore claim block (the "Claims").
The Claims adjoin the present claim block to the east and south in an area potentially extending an area of magnetic highs indicated during the Company's geophysical surveys conducted this past summer. The new claim block expands the Company's project area by about 43%.
The Company is presently preparing an application for a drilling permit, with the new ground being acquired, the application can be completed and filed. Once the approval has been received the Company will commence a diamond drill program designed to facilitate a National Instrument 43-101 Report outlining potential quality and quantity of the iron resources on the Claims.
In 1970, Marcona Corporation of San Francisco announced a plan to spend $130 million to place this property into production at the rate of 5 million tons per year. Unfortunately, the decline of iron prices caused the project to be delayed and was subsequently dropped.
The Company also announces the resignation of Peter Arendt as a director of the Company effective January 15, 2013. Peter is very busy spending 90% of his time managing a coal project in Indonesia . The Company wishes to thank him for his time and effort as a director of Arrowstar and extends its best wishes for his success in Indonesia .
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L. Card
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements : This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning AWS's planned exploration programs and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although AWS believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.