May 20, 2011 (Filing Services Canada) — Coltstar Ventures Inc.  (CTR – TSX Venture), is pleased to announce the closing of a non-brokered private placement of 2,000,000 units (the “Units”) at a price of $0.45 per Unit, for gross proceeds of $900,000 (the “Offering”) with the MineralFields Group. Each Unit consists of one flow-through common share and one-quarter (1/4) of one non flow-through common share purchase warrant (the “Warrants”). Each whole Warrant entitles the holder to purchase one additional common share of the Company for a period of 12 months from May 20, 2011, for an exercise price of $0.70 per common share.

The common shares issued under the Offering and upon exercise of the Warrants are subject to a four-month hold period from May 20, 2011.

A finder’s fee in the amount of $36,000 was paid to Limited Market Dealer Inc. in cash in connection with the Offering, together with a non-transferable option (the “Option”) entitling the holder to acquire 200,000 units (the “Option Units”) exercisable at a price of $0.45 per unit until May 20, 2012. Each Option Unit is comprised of one common share and one-quarter (1/4) of one non-transferable share purchase warrant (the “Option Warrants”). Each Option Warrant entitles the holder to purchase one common share for a period of 12 months from May 20, 2011, for an exercise price of $0.70 per Option Warrant.

Additional finder’s fees were paid by the Company in connection with the Offering.

“We are very pleased to be entering in this relationship with MineralFields Group”, said Damien Reynolds, President and CEO of Coltstar. “This is an important milestone in the growth of Coltstar Ventures Inc. and we look forward to working with MineralFields Group as we develop our holdings in the regions.”

Proceeds from the Offering will be used to advance Coltstar’s Mackenzie Mountains Iron/Copper Project in NWT, as well as initial exploration work on the Company’s Allan Bay Copper Project and Eleanor Lead/Zinc and Diamond Project in Nunavut.

Coltstar is a mineral exploration company that is currently exploring for base and precious metals in northern Canada and Italy.  Further information on the Company is available on its SEDAR profile at www.sedar.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

About MineralFields, Pathway and First Canadian Securities (r)

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (r) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies.  MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (r).

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.