Star Minerals Group Ltd. to Change Name to Navis Resources Corp. Signs Letter of Intent to Aquire Up To 40% of Oil & Gas Project
Saskatoon, Saskatchewan / TheNewswire / January 19, 2016 - Star Minerals Group Ltd. ("Star" or the "Company") (CSE: SUV) is pleased to announce that it has made application, with regulatory approval pending and expected in due course, to change its name to "Navis Resources Corp" ("Navis"). The name change was approved by the Board of Directors on December 1, 2015. The change in name reflects a change in direction for Navis from a mineral-focused exploration company to one with a more diverse portfolio including the acquisition and development of oil & gas and helium assets.
The common shares of Navis are expected to commence trading on the Canadian Securities Exchange under the new name once the Information Services Corporation ("ISC") documents are approved and finalized. The trading symbol of "SUV" will remain unchanged. More information can be found on the Company's new website at www.naviscorp.com
Star is also pleased to announce that it has entered into a non-binding letter of intent dated January 19, 2016 with Vela Oil & Gas Corp. (www.velaoil.com) ("Vela"), a private junior oil & gas exploration and development company (the "Letter of Intent"). Pursuant to the Letter of Intent, the Company intends to acquire up to a 40% working interest in lands identified by Vela as prospective for oil & gas and helium exploration and development. Consideration for the acquisition will be up to $400,000 in cash (the "Transaction"). In the Letter of Intent, the parties have agreed to, among other things, an exclusivity period ending April 1, 2016, within which to negotiate and conclude a definitive purchase agreement (the "Agreement"), in effect until the expiration or termination of the Letter of Intent in accordance with its terms. The Transaction may be subject to regulatory approval.
About Vela Oil & Gas Corp.
Vela was incorporated in 2015 and is a Saskatchewan-based privately-held junior oil & gas exploration and development company. Vela was formed and is owned by three members of Star's current management team, Mr. Michael Burns, Mr. James Rogers, and Mr. Scott Newman, to take advantage of the current downturn in the oil and gas sector by applying their technical knowledge to strategically acquire undervalued and overlooked oil & gas and helium land and assets in Saskatchewan with the goal of developing these assets to production. The management of Vela have a combined 40 years of experience drilling over 800 oil and gas wells in Saskatchewan and Alberta, in addition to providing program management, procurement and exploration services for the oil and gas sector. Recently Vela has been aggressively exploring for helium reservoirs in Saskatchewan, and has identified and submitted applications for over 13,000 acres of helium Leases surrounding existing oil & gas wells with identified anomalous historical helium gas concentrations ranging from 0.2% to over 1.3% He.
For more information on Vela, please visit www.velaoil.com
Michael Burns, President and CEO of Star, says "The re-branding of Star to Navis Resources Corp. reaffirms the new managements enthusiasm and vision for Star as a diversified exploration and development company focused on the development of cash-flowing assets. In addition, the Letter of Intent gives the Company a valuable opportunity to acquire a significant ownership in Vela through the secured investment of a land purchase deal for future oil development and production."
About Star Minerals Group Ltd.
Star is a Saskatoon-based diversified exploration stage company positioned for growth in Canada through the acquisition and development of advanced and/or cash flow mining opportunities. Star is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise, and is supported by committed and sophisticated investors focused on building value for the long term.
Star trades on the CSE (formerly CNSX) under the symbol "SUV".
For more information, please visit our website at www.naviscorp.com.
The technical data in this news release has been reviewed by Gary Billingsley, P. Eng., P. Geo., a Qualified Person under the terms of N.I. 43-101.
For further information:
Star Minerals Group Ltd.
Michael Burns, President and CEO
Phone: +1 306-715-6802
James Rogers, COO
Phone: +1 778-809-7009
Facsimile: +1 306-244-0042
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding project plans for 2016. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Star believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Star does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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