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 Arrowstar's February 7, 2012 press release officially announced that on October 19, 2011, the TSX Venture Exchange accepted for filing an agreement (the "Port Snettisham Agreement") between Arrowstar Resources Ltd. (formerly Gulfside Minerals) and Pacific Rim Mineral, LLC for an option for Arrowstar to acquire up to a 100% interest in 49 contiguous claims covering 1,012 acres that comprise the Port Snettisham Iron Ore Property. Port Snettisham is located 50km SE of Juneau, Alaska and 30km from the Canadian border to the east.
The Port Snettisham property has had significant historical work indicating it is rich in high grade magnetite and Snettisham ore has been subject to several programs of beneficiation test work including a 1956 US Bureau of Mines RI 5195 Report that stated Snettisham has "...a potentially large deposit containing titaniferus magnetite that can be recovered as high grade magnetite concentrate using standard, comparatively low cost methods." The report suggests it is possible to produce an iron ore concentrate containing in excess of 60% Fe with good iron recoveries[1].
 Highlights of the project include:
- Gulfside and Pacific Rim agreement for option to acquire 100% interest in Port Snettisham, Alaska, Magnetite Iron Ore Deposit.
- Aggregate consideration for 100% interest is $3,770,000 plus 2.5% NSR royalty.
- $2.1 billion of government investment is earmarked over the next 5 years.
- Significant exploration including geophysics and 11 hole drill program, metallurgy and benefication work completed by previous explorers.
- 64.5% Fe pellet feed fines produced with 0.01% S and 0.04% P.
- Deposit appears suitable for fines, pellet feed or iron ore pellet production.
- The property has deep ocean water for port access.
 In 1969, Marcona Corporation optioned the iron ore deposit and carried out extensive exploration including diamond drilling and metallurgical tests. Although there has been no independent qualified person verification and no NI 43-101 compliant report prepared, it was reported in the Toyko Press (Nihon Keizai, April 14, 1969) that Marcona Corporation and the Marubeni Company of Japan, had developed plans to pellitize two to four million tons of iron ore annually. In 1970, Marcona completed a feasibility study on the deposit and announced plans to put the deposit into production at a rate of 5 million tons of concentrate per year over a 50 year mine life. (State of Alaska, Mines Bulletin, February 1970.) However, when the iron ore prices declined, the plan didn't materialize.
In recent years however, iron ore prices have soared. As at May 10, 2012, the Metal Bulletin CFR Price Index for 62% Fe iron ore was $140.72 per tonne.
The Company is currently executing an exploration plan that includes the following operations:  - Reconnaissance of the historical data and grid soil and rock chip sampling with an XRF gun and magnetic susceptibility meter.
- An outcrop and trenching sampling study using a magnometer to correlate Fe with magnetic susceptibility. Mineralogy and petrology studies will also be conducted to analyze the presence of the titanium and vanadium mineralization in the magnetite and the extent of silica, sulphur, phosphorous and alkalis.
- A ground based IP magnetic and gravity study to identify key changes in mineralogy and the extent of mineralization. No gravity surveys have been completed to date and this will be completed prior to a drilling phase.
- A diamond drilling program directed by the results of the above two studies that will allow suitable targets to be identified so that a Resource Estimate can be produced followed by a Feasibility Study.
- A benefication study using samples to ensure the results are statistically significant and the proposed benefication process design is proven at pilot plant size. Given the high cost of crushing to 100 mesh this stage is particularly important to the success of the project.
- The tenement is conveniently located on the Pacific Coast, close to the capital of Alaska, Juneau, and a major bulk commodity port at Skagway, Alaska. There is a major shipping route from Alaska to Japan, Korea and China, and at a distance of 7,870 km, is much shorter than the route from Brazil to China which is 11,000 km.
The magnetite-bearing diorite-hornblendite-pyroxenite intrusive occupies a land area of approximately 390 acres along the northeast shore of the Snettisham Peninsula. It appears the magnetite formed during a pegmatite alteration phase.
[1]Thorne R L, Wells R. R. Studies of the Snettisham Magnetite Deposit, South Eastern Alaska United States Department of Interior February 1956.
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