Gold Star Resources has signed an agreement to acquire 90% of the issued and outstanding share capital of International Resource Strategies Liberia Energy, Inc. (IRSLE), a private company based in Monrovia, Liberia.

IRSLE is the holder of Hydrocarbon Reconnaissance License No. NR-001 issued by the National Oil Company of Liberia (NOCAL). The License grants exclusive rights to conduct exploration for oil, gas and any other hydrocarbon in an area of 1,366.37 square kilometers within the Roberts and Bassa Basins of south coastal Liberia.

The License is for an initial period of 12 months, and requires IRSLE to spend a minimum of (US) $1,750,000 on reconnaissance work on the property within the next 12 months, and may be renewed for an additional 12 month period. Upon successful reconnaissance work which identifies a hydrocarbon prospect, IRSLE shall have the first right of refusal to apply for a Petroleum Production Sharing Contract over the target area.

Prior to the signing of this agreement, the Company retained Dr. Martin Keeley, PhD, to accompany a representative from IRSLE to the project area. Dr. Keeley is an oil exploration professional with 28 years of international operational experience including work with Shell Oil, and is credited with commercial hydrocarbon finds in Egypt, Algeria and Columbia. He has also served as Visiting Professor in Petroleum Geology at University College of London, and was an editor of the Journal of Petroleum Geology.

While conducting due diligence on behalf of the Company, Dr. Keeley visited the License area and noted seepages indicative of potential hydrocarbon deposits.

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