TSX.V: AWS
VANCOUVER, Jan. 16, 2013 /CNW/ - 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
President
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.