He is working on funds for the next round of drilling on Newman Todd..... He would like to find a sugar daddy.... and several have expressed intrest... 4 have been aproached.... At this point they are still in discussion mode.. the summer season is slow, and it seams every company has the final decisin maker out for vacation.

Failing geting a sugar dady may necessitate a financing privately or with a fund... but he won't do it on the cheap... he'd rather delay drilling then dilute at bargain levels...

I'd much rather see us wait for better market contitions for a PP. Goldfields is continueing work on the nevada projects and should have the drill on location soon... maybe the market will give us a few points if drilling turns out positively.

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Redstar partner to drill at Richmond Summit, Dry Gulch

2008-07-29 11:30 ET - News Release

Mr. Doug Fulcher reports

GOLD FIELDS ADVANCES REDSTAR GOLD'S CARLIN TREND PROJECTS IN NEVADA: DRILLING PLANNED

Gold Fields Netherlands Services BV, a subsidiary of Gold Fields Ltd., has completed initial geophysical and geological work on Redstar Gold Corp.'s 100-per-cent-owned Richmond Summit and Dry Gulch projects within the Carlin trend in Nevada in the United States. Results from the work are encouraging and Gold Fields plans to start a drilling program on both properties this year. Under terms announced previously in Stockwatch, Gold Fields can earn a 60-per-cent interest in the two projects and plans to spend approximately $1.4-million during the first year of the agreement.

Scott Weekes, president of Redstar, states: "Redstar has been extremely pleased with the aggressive approach to exploration Gold Fields has taken with our Carlin trend properties. The work completed this spring and summer has helped prioritize drill targets for drill programs on the Richmond Summit and Dry Gulch properties. A number of altered and mineralized dikes have been recognized on the Richmond Summit property. In other areas of the Carlin trend, similar dikes are intimately associated with gold deposits and a key target in exploration. The work by Gold Fields has reinforced our structural interpretation of the area and we are eagerly awaiting the start of drilling on these projects."

The two-square-mile Richmond Summit property is four miles northwest of Newmont Mining Corp.'s Mike deposit (8.5 million ounces gold) in the Gold Quarry district (approximately 29 million ounces of production plus reserves as of 1999) and six miles south of the Carlin West Leeville gold mines (greater than 10 million ounces gold production plus reserves). The project lies at the edge of exposed lower-plate carbonate rocks, which are the dominant host to gold mineralization along the Carlin trend, and it lies along the inferred southern continuation of the Post fault zone, a key control to gold mineralization in the northern Carlin trend.

Gold Fields recently completed detailed ground magnetic and gravity surveys, rock chip sampling, mapping, and a series of widely spaced trenches. The results have delineated a number of poorly exposed northerly trending dikes of varying composition which are locally altered and weakly mineralized. The dikes cut upper-plate sedimentary rocks and are inferred to mark the southern extension of a regional structural feature which includes the postfault zone. Along the postfault in the northern Carlin trend, similar dikes occur within the gold deposits, and are believed to be temporally and genetically linked to gold mineralization. The Richmond Summit dikes are a key element in developing drill targets at the project. Gold Fields plans to complete a 2,800-metre drilling program in 2008, using a combination of core and reverse circulation drilling.

The Dry Gulch property is six miles northeast of the Gold Quarry gold mine and seven miles southeast of the Carlin West Leeville gold mines. Geophysics and geology indicate that structures controlling these gold deposits can be traced through the project area and there is evidence that favourable lower-plate host rocks may underlie the area at relatively shallow depths. Gold Fields has completed a ground gravity survey and geologic mapping. Integration of the results has yielded several target areas that will be tested by deep drilling in 2008.