Vancouver, British Columbia-based Eagle Star Petroleum Corp. Thursday announced that it has received final approval from the TSX Venture Exchange of its earn-in agreement to acquire an undivided 55 percent interest (with an option to increase its stake to 100 percent) in iron ore mining exploration permits located in the Brazilian state of Piaui.
Eagle Star closed the transaction on June 7, 2010 by paying the seller US$170,000, the balance of the amount due on closing.
Eagle Star will now commence Stage 1 of the exploration program. Stage 1 comprises of geological mapping, line cutting, ground magnetometer surveys, trenching and diamond drilling. The estimated cost of this Stage 1 program is US$500,000 and will take about five months to complete.
Eran Friedlander, President and CEO of Eagle Star commented, "We are very happy about this positive development. We now look forward to the conclusion of stage 1 of the exploration program on the property which will allow us to better understand its geology and more accurately quantify its potential."