June 22, 2011

TSX Venture Exchange
Canadian Trading Symbol: CTR

Coltstar Ventures Inc. (Coltstar) is pleased to announce that it has retained Fugro Airborne Surveys Corp. to conduct an airborne magnetic survey over its recently expanded, 108,000 hectare iron property in the Mackenzie Mountains, Northwest Territories, Canada.

The Mackenzie Mountains Iron Project (the Project) covers an area extending south east for 170 kilometres from the southern boundary of Chevron’s Crest iron deposit (which has a historical, drill indicated resource estimate of 5.6 billion tonnes @ 47.2% Fe and a regional resource estimate exceeding 18 billion tonnes). The Project covers the mapped Rapitan Group (Rapitan) – the iron bearing rock formation that hosts the Crest iron deposit.

Geochemical sampling undertaken by the Canadian government and Coltstar within the Project area, between 2008 and 2010, has resulted in the delineation of anomalous clusters of iron-in-silt values (each over 10 kilometres long) interspersed throughout the property. These anomalous clusters are coincident with the mapped Rapitan. (For more information, please visit www.MackenzieIron.com)

The aeromagnetic survey marks the first stage of an aggressive multiphase exploration program being undertaken during the 2011 season, including:

Airborne Survey – July 2011

In the first week of July, Fugro Airborne Surveys will commence a 4,200 kilometre (300 metre line spacing) helicopter-borne magnetic survey utilizing a stinger-mounted single sensor magnetic system. Patterson, Grant & Watson Ltd. will be working with Fugro to ensure quality assurance and quality control during the data acquisition.

The main objectives of the airborne survey are:

  • To determine how far the Crest iron deposit extends onto Coltstar’s property;
  • To confirm, and define, the extent of several additional targets that have been identified through a data compilation program. These targets exhibit similar geological features to the Crest deposit and are interspersed throughout the length of the project; and
  • To identify additional iron targets.

The identified targets are particularly attractive, given that the observed iron formation within these areas are associated with dip-slope, slab-like structures, which is advantageous from an extraction standpoint due to the very low stripping ratios.

Field Program – August 2011

The second phase of the exploration program will include an intensive multi-team field program covering the entire length of the 170 kilometres long project (covering an area of 108,000 hectares). The fieldwork will include property-wide aerial reconnaissance as well as geological mapping and sampling along selected traverses over the entire property.

Specific target areas have been identified by pre-field data compilation and these will be supplemented by data gathered during the airborne survey, the regional reconnaissance and the mapping and sampling programs.

Particular attention will be given to examining the area surrounding the south-eastern tip of the Crest deposit, as well as gaining a better understanding of the dip-slope zones interspersed throughout the property.

The field program will be conducted by Aurora Geosciences Ltd. The Company is especially pleased that a PhD candidate from Laurentian University, who is specializing in the Rapitan iron formation geochemistry and stratigraphy, will participate in the field program.

Data Compilation/Results Evaluation

An extensive body of information will be gathered during the next several months and this will be compiled and assessed with a view to effectively and efficiently plan subsequent exploration programs.

About Fugro Airborne Surveys, Aurora Geosciences and Patterson, Grant & Watson

Fugro Airborne Surveys employs advanced airborne geophysical technology on fixed-wing and helicopter platforms operated worldwide under industry leading systems of quality and safety management. Proprietary technology, worldwide expertise for a variety of mineral targets, and professional staff are keys to ensuring that Fugro’s clients achieve their exploration objectives.

Aurora Geosciences is a Northern Canadian provider of geological and geophysical services. They have extensive knowledge of the Mackenzie Mountain region and are staffed by highly efficient and experienced professionals.

Patterson, Grant & Watson is a world-renowned provider of specialist management, processing and interpretation of airborne and ground geophysical surveys.

About Coltstar Ventures Inc.

Coltstar is a mineral exploration company that is currently exploring for base and precious metals in northern Canada and Italy. Mr. David DuPre, a director of Coltstar, is a Qualified Person under the guidelines of National Instrument 43-101, and has reviewed and approved the geological information contained in this news release.

On behalf of the Board of Directors

“Damien Reynolds”
Chairman, President and CEO of Coltstar Ventures Inc.

For further information please contact:
Stephen Burega
Corporate Development
Telephone: (604) 683-8236 ext. 224

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.