October 16, 2012                                                                                         

TSX-V Symbol: CTR

 

Mr. Arndt Roehlig reports:

Vancouver, BC: Coltstar Ventures Inc. (the “Company”) announces that the option agreement previously press released on July 27, 2012 with Craigdarloch Holdings Ltd. (“Craigdarloch”) has been mutually agreed to have been cancelled.  The agreement was in respect of the sale of all of the Company’s shares of Ashmont Resources Corp. (“Ashmont”). Ashmont is a private Canadian company focused on the exploration and development of mineral assets in Colombia.  The Company acquired the Ashmont shares as an investment in 2010.

The Company has however entered into a further agreement with Craigdarloch to sell a limited number of its shares of Ashmont for aggregate proceeds of $100,000 subject to TSX-V approval.

On behalf of the Board of Directors:

 /s/ “Arndt Roehlig”

Chief Executive Officer, President and Director

 

For further information please contact:

Arndt Roehlig

Telephone: (604) 569-1236