intlstar_8k-082908.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report (date of earliest event reported): August 29, 2008
International
Star, Inc.
(Exact
name of registrant as specified in its charter)
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Nevada
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000-28861
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86-0876846
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1818
Marshall Street, Shreveport, Louisiana
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71101
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (318) 464-8687
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
International Star, Inc. (“we”, “us” or
the “Company”) files this report on Form 8-K to report the
following:
Item
1.02 Termination
of a Material Definitive Agreement.
On August 29, 2008, the board of
directors of the Company approved the termination, effective immediately, of a
Mining Property Lease Agreement between James R. Ardoin and the Company, dated
March 2, 1998 (the “Lease”). Under the Lease, Mr. Ardoin leased to
the Company a block of placer mineral claims located in the Detrital Wash area
of Mohave County, Arizona, around mile marker 22 on Highway 93, for the purpose
of exploring for minerals and, if minerals are found on the lands, for the
extraction, treatment, and sale of such minerals. The Company agreed
to pay Mr. Ardoin a production royalty equal to two percent (2%) of net smelter
returns (“NSR”) for minerals extracted. The term of the Lease is for
20 years, with an option to renew for a successive 20-year term. Mr.
Ardoin is not a related party to the Company.
Pursuant to the terms of the Lease, the
Company has a right to terminate the Lease upon written notice delivered to Mr.
Ardoin, effective upon delivery of the notice or such later date as provided in
the notice. The Company is terminating the Lease due to examinations
of the Company’s placer claims in the Detrital Wash area by the Company’s
geology and mining consultants, which found no evidence indicating placer
mineralization sufficient to justify the costs of maintaining the placer claims,
and because the Company has staked new lode claims in the area covering lands
where the Company’s recent assays performed by an independent, Arizona licensed
lab have shown evidence of lode mineralization. See “Item 8.01 –
Other Events” for more information about the Company’s Detrital placer claims
and its newly staked lode claims. There is no penalty to the Company
for terminating the Lease.
Item
8.01 Other
Events.
The Company hereby furnishes a copy of
its press release, dated August 29, 2008, announcing its decision to focus its
exploration efforts on its newly staked lode claims and to not renew the
Company’s placer claims in the Detrital Wash area. The Company’s
Detrital placer claims expire on August 31, 2008, if not renewed by paying
annual maintenance fees to the federal Bureau of Land Management
(“BLM”). The Company holds approximately 21,000 acres of placer
claims in the Detrital Wash area, all of which will be allowed to expire on
August 31, 2008. These placer claims consist of the properties
subject to the Lease as well as additional claims, located adjacent to our
original placer claims, covering approximately 20,000 acres, which were acquired
in 2004 pursuant to an exploration rights agreement (the “Agreement”) with the
holders of the claims. The Agreement granted us exploration rights on
the claims and first right of refusal to enter into a mineral lease agreement in
exchange for a 0.25% NSR payable to the claimholders should the Company bring
the property into production. Under the Agreement, the Company was
required to spend a minimum of $125,000 on exploration costs in connection with
the claims within three years of the Agreement and to keep the claims in good
standing with the BLM by paying maintenance fees for those three
years. The Company has fully performed its obligations under the
Agreement.
The Company has staked approximately
525 lode claims in the Detrital Wash area. The Company also holds
additional placer claims in the Wikieup, Arizona, area, which have been renewed
beyond August 31, 2008. Due to limited resources, the Company does
not presently have plans to conduct operations on its Wikieup properties in
2008.
A copy of the press release is attached
hereto as Exhibit 99.1.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits
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Exhibit
No.
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Description
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99.1
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Press
Release, dated August 29, 2008
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SIGNATURES:
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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Dated:
August 29, 2008
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INTERNATIONAL
STAR, INC.
By: /s/ Jacqulyn B. Wine
Jacqulyn
B. Wine, Secretary & Treasurer
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