Thursday, 12 July 2012

Eagle Star Minerals elects new director to board

Eagle Star Minerals Corp. (CVE:EGE) announced Wednesday the appointment of Gustavo Dalla Valle Baptista de Silva to its board of directors.The appointment of Baptista de Silva was approved at the company’s annual general meeting held on July 6.
Baptista de Silva is currently a senior partner at Leite de Barros Zanin law firm in Sao Paulo, heading its tax department.
He also serves as assistant professor in tax law at the Pontifical Catholic University of Sao Paulo and is a member of the special committee on tax at the Bar Association of Brazil - Sao Paulo.
Over the past two years, he has provided Eagle Star with legal advice that has helped the company reshape its Brazil operations and pursue new business opportunities, the company said.
As a director of Eagle Star, Baptista de Silva is expected to continue advising the company’s management and board on matters such as taxation, corporate law and business development.
Also at the annual general meeting, Eran Friedlander was re-elected as president and CEO of Eagle Star, and the number of directors was set at five with nominees including Eran Friedlander, Joseph Bauer, Jill Leversage and Jose Eloi Guimaraes Campos. They were all voted to return as directors for the ensuing year, in addition to Baptista de Silva.
The company announced at the end of June that it has inked a deal to acquire the Bomfim agro-mineral project in Brazil, which is located 20 kilometres away from MBAC Fertilizers' (TSE:MBC) Itafos Arraias property.
Bomfim is located in the southern most part of the Tocantins state, along the same phosphate mineralized trend in which MbAC holds the Itafos mine
Eagle Star said all exploration permits, for 30,922 hectares across 4 claims, as well as licenses, are already in place. An aggressive exploration program has been outlined with the aim to define an NI 43-101 measured and indicated resource as soon as possible.
Early mapping and sampling as part of Eagle Star's due diligence have shown a "very strong case" for the extension of the Itafos mineralization to pass directly through the Bomfim claims.
Eagle Star said it will explore the possibility of moving directly into small scale production of the high grade crushed phosphorite, as a natural fertilizer, to assist with the funding of initial operations.
The main mineralization at Bomfim hosts outcropping phosphorite lenses, from where Eagle Star has sample results of up to 28% P2O5.
The exploration program at the site is planned to extend over a 16 month period, with scout drilling of 2,600 metres kicking-off as early as October.
The company also increased its land package in the Canabrava block at its Ruth project in Brazil by 17,509 hectares - 11 claims in June.
The company also identified an area within its Samba project in Brazil that combines high grade phosphate with rare earth element mineralization in June. The 109,285-hectare Samba property, which consists of 60 mineral claims, is located near the cities of Valenca and Sao Jose do Peixe in Brazil, and near Eagle Star's Ruth phosphate project.
Eagle Star shares traded at 11 cents Wednesday afternoon.

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