Fairstar makes high grade gold find in Ghana

Canada's Fairstar Explorations Inc has announced the discovery of a new high grade gold deposit at the South Benso Concession in Ghana, West Africa.

The discovery resulted from recent diamond exploration drilling by joint venture partner St. Jude Resources Ltd.

The South Benso Concession prospecting licence is held by Fairstar Ghana Ltd which is owned 75% by Fairstar, 10% by the government of Ghana and 15% by the original licensee. St. Jude has the right to earn up to a 60.125% interest in the concession, with Fairstar's interest reducing to 22.375%, by producing a feasibility report on or before 1 January 2007.

The new deposit, located between Subriso East and Subriso West, has been named Subriso Central, the company said. Drilling is continuing at all three Subriso deposits.

The South Benso Concession consists of the Amantin and Subriso East, Central and West Prospects.

(Statement by Fairstar Explorations Inc, 30 May 2002.) African Mining Monitor includes paraphrased and abstracted material with the source, which is deemed to be reliable and duly identified. AMM is unable to provide full-text copies of these original documents.