Transaction Update - Ridge Iron / Titanium Acquisition

Coltstar Ventures Inc.

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

December 1, 2010 TSX Venture Exchange Canadian Trading Symbol: CTR

TRANSACTION UPDATE - RIDGE IRON / TITANIUM ACQUISITION

Coltstar Ventures Inc. ("Coltstar") announces that it is anticipated that the closing deadline in the previously-announced share purchase agreement between Coltstar and the shareholders of Ridge Exploration Pty Ltd. ("Ridge") dated July 24, 2010 (the "Share Purchase Agreement") will be extended by the agreement of the parties to February 25, 2011. Coltstar and D’Aguilar Gold Ltd. (“D’Aguilar”) have agreed and formal agreement by the minority vendors of Ridge is expected shortly.

Under the Share Purchase Agreement, Coltstar will acquire 100% of the issued and outstanding shares of Ridge in consideration for the issuance of 10 million common shares in Coltstar. Ridge’s 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.

Coltstar obtained shareholder approval for the transaction at its Annual and Special Meeting held on November 19, 2010. The transaction is subject to receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX Venture Exchange.

Coltstar Ventures Inc. is a mineral exploration company that is currently exploring for iron ore and precious metals in Europe and Canada, and acquiring iron ore and titanium projects in Australia. 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.