May 23, 2012
TSX-V Symbol: CTR
Mr. Arndt Roehlig reports:
Vancouver, BC: Coltstar Ventures Inc. (the “Company”) announces it has signed a Purchase Agreement to sell its “Purple Onion” claims in North West Territories to Pure Living Media Inc. (CNSX “PLV”). These claims were staked by the Company in September 2010 to cover a sedimentary-exhalative (SEDEX) lead-zinc silver prospect. The property covers approximately 81,353 ha and is situated 110km north of the Canol road or 220km north east of Ross River near the Yukon Territory border. The claim blocks to be sold are as follows: CV 86, 88, 91, 92, 94, 97, 99 and 101 through 140. The selling price of this property is $70,000 cash and 300,000 shares of PLV at a deemed price of 25 cents per share subject to TSX-V approval and also CNSX approval.
Pursuant to the Transaction, Coltstar Ventures will retain a net smelter royalty of 0.5%, which PLV shall have the option to acquire from the Company in consideration for the issuance of an additional 100,000 common shares of PLV upon the following amounts being expended on the Purple Onion claims by PLV or any company affiliated to PLV by the following dates:
By September 14, 2012 $72,310
By September 19, 2013 $253,100
Arndt Roehlig, the CEO, President and a director of Coltstar Ventures Inc. is also the CEO, President and a director of Pure Living Media Inc. Mr. Roehlig has declared his interest in the Transaction and has abstained from voting in respect of any resolutions approving or disapproving of this Transaction.
On behalf of the Board of Directors:
/s/ “Arndt Roehlig”
President and Director
For further information please contact:
Telephone: (604) 569-1236