Five Star Announces Completion of Shares for Drilling Services Arrangement

Toronto, Ontario--(Newsfile Corp. - February 26, 2020) - Five Star Diamonds Limited (TSXV: STAR) ("Five Star" or the "Company") announces that it has issued Common Shares in payment of drilling services provided to the Company pursuant to a drilling for shares arrangement previously announced on April 17, 2018. The Company settled an aggregate amount of $484,698 owing to the drilling contractor for drilling completed on the Company's Brazilian diamond properties through the issuance of 9,693,960 Common Shares at a deemed issuance price of $0.05 per Common Share, all in accordance with the drilling contract entered into between the Company and the drilling contractor.

The issuance of the Common Shares is subject to the receipt of all applicable regulatory approvals, including the approval of the TSX-V.

The Common Shares are subject to a four month and one day statutory hold period from the date of issuance.

On behalf of the Board

Five Star Diamonds Limited

Matthew Wood
Chairman of the Board
+1.647.981.1703

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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