Transaction Update - Ridge Iron / Titanium Acquisition

Coltstar Ventures Inc.

Suite 1680, 200 Burrard Street Vancouver, BC Canada V6C 3L6

October 18, 2010 TSX Venture Exchange Canadian Trading Symbol: CTR

TRANSACTION UPDATE - RIDGE IRON / TITANIUM ACQUISITION

Coltstar Ventures Inc. ("Coltstar") announces that the acquisition of Ridge Exploration Pty Ltd (“Ridge”) is proceeding in accordance with a mutually-agreed timetable. All parties have now executed an extension to the agreement announced by Coltstar on June 28, 2010 to acquire all of the shares of Ridge, an Australian iron and titanium focused company.

The transaction will not only add considerable assets to Coltstar, but also adds additional exploration and project assessment capabilities. The Ridge team comprises several highly experienced and successful explorationists and geoscientists with a solid track record for ‘New Geological Province’ identification. Their novel application of modern techniques, the addition of new elements, filters and data reaseement has proven to be highly successful, resulting in substantial discoveries and revaluations.

The Ridge land package covers substantially all of a new iron-ore and titanium province in an area of excellent infrastructure. Covering a total of 3,200 square kilometres in Queensland, Australia, this new province has had numerous prospects identified for further exploration. Top priority prospects include Cadarga, covering up to 300 km², which has yielded samples from 33.7% to 55.2% iron, and Monogorilby, which has yielded samples from 4.4%% to 31.0% TiO2 at surface, contained within an area of extensive mineralization over 6 km².

Prior to identifying the Ridge assets, the exploration team led by Nick Mather had implemented a number of exploration and data reassessment strategies, resulting in the identification of a number of world-scale projects, two notable ones being:

• The Surat Basin Coal Bed Methane Project (Queensland, Australia), the original

and core asset owned by Arrow Energy Limited, recently the subject of a A$3.2 billion takeover by a Royal Dutch Shell-PetroChina consortium.

• The ‘China First’ 7.4 + Billion tonne thermal coal project in the Galilee Basin

(Queensland, Australia), again the original and core asset of Waratah Coal. Waratah Coal was previously a TSX-V listed company taken private in a hostile takeover by one of Australia’s richest resource investors. This followed more than C$50million being raised in Canada – a task largely led by the current management of Coltstar. Waratah Coal is now being developed with the assistance of Metallurgical Corporation of China Ltd and a consortium of Chinese banks and has a value exceeding $6 Billion.

Additional Information on Ridge Assets

Coltstar has entered into an agreement with D'Aguilar Gold Limited ("D'Aguilar") respecting the acquisition by Coltstar of all of the outstanding shares of Ridge, an Australian company which holds exploration licences and has made exploration licence applications covering approximately 3,200 square kilometres in the northern Surat Basin, Queensland, Australia, the underlying basement and other areas where previous work has identified iron ore development with over 40% iron content in lateritised profiles. While over the past 40 years the mining industry has concentrated on the exploitation of haematite ores grading better than 55% iron, it has been overlooked that for most of the history of the iron and steel industry (many centuries), iron ore grading 35+% was the accepted standard.

Ridge’s target areas are situated adjacent to massive coal and gas reserves (owned by unrelated third parties) and given the current high prices for iron ore, Ridge believes that iron ore in the Surat prospect area should be able to be profitably exploited even bearing costs of upgrading and processing.

Initial field work has already identified extensive deposits of sediment hosted iron ore with many assays >40% Fe. The largest and strongest iron deposit identified lies in the Johnson Creek area on the eastern edge of the Basin approximately 100 kms south west of Mundubbera and 80 km east of Wandoan, referred to as Cadarga. Mapping and sampling work at Cadarga has also led to the discovery of high grade Titanium Dioxides (up to 31% TiO2) around an interpreted basaltic volcanic centre near the town of Monogorilby. The deposit is flat lying within a lateritised volcanic breccias and covers about 6 square kilometers around a diatreme style of volcanic vent.

Ridge is investigating the potential for the discovery and development of a large scale TiO2 project in the area.

Transaction Summary

Under the Share Purchase Agreement, Coltstar will acquire 100% of the issued shares of Ridge, in Consideration for the issue of 10 million new, fully paid shares in Coltstar. Upon closing D’Aguilar will appoint a Director to the Coltstar Board. The parties are currently expediting the appointment of a Chief Operating Officer for Ridge to lead the further exploration and metallurgical programs.

D’Aguilar and Coltstar are progressing through the due diligence and regulatory approval stage of the transaction. An NI 43-101 compliant technical report in respect of the Ridge properties is currently undergoing final regulatory review. Coltstar has set the date for an Annual and Special Meeting to approve the Ridge acquisition for November 19, 2010.

Conclusion

Damien Reynolds, Chairman and CEO of Coltstar, noted, " Acquiring Ridge Exploration not only adds additional talent (with distinguished discovery track records) to Coltstar’s team but also ‘new geological province’ projects, namely the Ridge Iron & Titanium Projects – both wonderful additions to an already talented and growing company. We are committed to identifying and advancing world-scale Projects and the Ridge Iron & Titanium Projects fit squarly within this space. Our previous work together on Waratah Coal has led to China First being the largest project of its kind - to be undertaken by a private company - in Australian mining history.”

Coltstar Ventures Inc. is a mineral exploration company that is currently exploring for iron ore and precious metals in Europe and Canada. www.coltstarventures.com

On behalf of the Board of Directors

"Damien Reynolds"

Chairman, President and CEO of Coltstar Ventures Inc.

For further information please contact:

Garry Stock Telephone: (604) 683-8236

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.