Heliostar Provides Update on Technical Disclosure
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Heliostar Provides Update on Technical Disclosure
Vancouver, Canada, June 14 , 202 3 – Heliostar Metals L td. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG 1)
(“Heliostar” or the “Company”) is issuing this press release to clarify certain of its previous disclosure
regarding the Ana Paula Project.
The Company previously disclosed statements which could constitute an economic analysis of its intended
re-scoping of the Ana Paula Project (the “Disclosure”). The Company wishes to retract the Disclosure. The
Company has not completed an economic analysis on the re -scoping of the Ana Paula Project and the
Disclosure is not supported by a technical report in compliance with National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects. The Company advises readers not to rely on the Disclosure.
The Company confirms that the technical report entitled “ Ana Paula Project NI 43 -101 Technical Report
Preliminary Feasibility Study Update” with an effective date of February 28, 2023 prepared by Daniel H.
Neff, PE, Art S. Ibrado, PhD, PE, Richard K. Zimmerman, RG, SME -RM, Craig Gibson, PhD, CPG, Andrew
Kelly, P.Eng., Gordon Zurowski, P.Eng., Paul Daigle, P.Geo., Gilberto Dominguez, PE and James A.
Cremeens in respect of the Ana Paula Project remains current.
About Heliostar Metals Ltd.
Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.
The Company is focused on developing the 100% owned Ana Paula Project in Guerrero, Mexico. In
addition, Heliostar is working with the Mexican government to permit the San Antonio Gold Project in
Baja Sur, Mexico. The Company continues efforts to explore the Unga Gold Project in Alaska.
The Ana Paula Project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold
(630,000 proven and 451,000 probable ounces) at 2.38 grams per tonne (“g/t”) gold and 2,547,000 ounces
of silver at 5.61 g/t silver (1,322,000 proven and 1,226,000 probable ounces). The project measured and
indicated resources of 1,46 8,800 ounces of gold (703,800 measured and 765,000 indicated ounces) at
2.16 g/t gold and 3,600,000 ounces of silver (1,637,000 measured and 1,963,000 indicated ounces) at 5.3
g/t silver. The project is permitted for open -pit mining and contains significant existing infrastructure
including a portal and a 412 metre long decline.
For additional information please contact:
Charles Funk
Chief Executive Officer
Heliostar Metals Ltd.
Email: [email protected]
TSX.V: HSTR
OTCQX: HSTXF
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Rob Grey
Investor Relations Manager
Heliostar Metals Ltd.
Email: [email protected]
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.
This news release includes certain "Forward–Looking Statements" within the meaning of the United States
Private Securitie s Litigation Reform Act of 1995 and "forward –looking information" under applicable
Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate",
"expect", "target", "plan", "forecast", "may", "would", "could", "sc hedule" and similar words or
expressions, identify forward –looking statements or information. These forward–looking statements or
information relate t o, among other things, the exploration, development, and product ion at the
Company’s properties.
Forward–looking statements and forward–looking information relating to any future mineral production,
liquidity, enhanced value and capital markets profile of the Company, future growth potential for the
Company and its business, and future exploration plans are based on management's reasonable
assumptions, estimates, expectations, analyses and opinions, which are based on management's
experience and perception of trends, current conditions and expected developme nts, and other factors
that management believes are relevant and reasonable in the circumstances, but which may prove to be
incorrect. Assumptions have been made regarding, among other things, the price of metals; no escalation
in the severity of public health crises or ongoing military conflicts; costs of exploration and development;
the estimated costs of development of exploration projects; and the Company's ability to operate in a safe
and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered reasonable
by management, are inherently subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,
performance, or achievements to be materially different from the results, performance or achievements
that are or may be expressed or implied by such forward –looking statements or forward -looking
information and the Company has made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: precious metals price volatility; risks associated with the
conduct of the Company's mining activities in foreign jurisdictions ; regulatory, consent or permitting
delays; risks relating to reliance on the Company's management team and outside contractors; ri sks
regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks,
on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operatio ns; risks relating to project financing and equity issuances; risks and
unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical
recoveries and capital and operating costs of such projects; contests over t itle to properties, particularly
title to undeveloped properties; laws and regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage and cope with the implications of
public health cris es; the economic and financial implications of public health crises, ongoing military
conflicts and general economic factors to the Company; operating or technical difficulties in connection
with mining or development activities; employee relations, labour unrest or unavailability; the Company's
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
interactions with surrounding communities; the Company's ability to successfully integrate acquired
assets; the speculative nature of exploration and development, including the risks of diminishing quantities
or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack
of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption
“Risk Factors” in the Company’s public disclosure documents. Readers are cautioned against attributing
undue certainty to forward –looking statements or forward-looking information. Although the Company
has attempted to identify important factors that could cause actual results to differ materially, there may
be other factors that cause results not to be anticipated, estimated or intended. The Company does not
intend, and does not assume any obligation, to update these forward –looking statements or forward -
looking information to re flect changes in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.