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To: mimur who wrote (11776)	9/24/2005 12:23:40 AM
From: Taikun	of 37387

More GSA, then S. America now Kyrgyzyneftegaz Groundstar, Kyrgyzyneftegaz enter MOU for oil field Groundstar Resources Ltd (TSX-V:GSA) Shares Issued 16,305,408 Last Close 9/23/2005 $0.56 Friday September 23 2005 - News Release Mr. Kam Fard reports GROUNDSTAR EXECUTES MEMORANDUM OF UNDERSTANDING WITH KYRGYZNEFTEGAZ Groundstar Resources Ltd. executed a memorandum of understanding with Kyrgyzyneftegaz, the national oil company of the republic of Kyrgyzstan, on Sept. 12, 2005. The MOU provides for the negotiation of a production sharing agreement and joint venture agreement between Groundstar and Kyrgyzyneftegaz in respect to a producing oil field, as well as two exploration blocks (Exploration Block 1 and Exploration Block 2) in the Fergana Valley basin, all of which lands are located in Kyrgyzstan. Exploration Block 1 covers 120 square kilometres. The exploration target is the Jurassic formation at a depth of about 2,000 metres. Exploration Block 2 is in the Kugart depression and covers 370 square kilometres in the Fergana Valley basin. This exploration block has multizone objectives, to a total depth of about 4,000 metres. Groundstar is also pleased to announce that Brian E. Bayley, Stuart B. McDowall and J.W. (Jack) Halpin have been appointed as independent members of Groundstar's audit committee, and that Jim Rice has been appointed as Groundstar's chief financial officer.

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