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Mon, February 9, 2009
Canstar Resources Inc.: Canstar Resources Inc.: Mineral Rights Adjudication Board Hearing on Mary March Completed; Awaiting Dec
TORONTO, ONTARIO--(Marketwire - Feb. 9, 2009) - The Directors of CANSTAR RESOURCES INC. (TSX VENTURE:ROX ) wish to report that the Mineral Rights Adjudication Board hearing on the Mary March mineral property dispute between the Newfoundland and Labrador Mineral Recorder's office and Vinland Resources, was concluded last week, with final summations by legal counsels to follow
In its Public statement of Mandate and Goals, the Board "shall hear the grievance, decide the matter of the grievance and record its decision not later than 90 days from the date of the receipt of notice of grievance".
Since this is the second hearing before the Adjudication Board, and because of the long delay in resolution of this dispute, Canstar Directors believe that the decision will be rendered much earlier than the 90 day period.
Assuming a decision in Canstar's favour, the Company is fully prepared to resume exploration on the Mary March property. Based on previous drilling results, which includes 10.35% zinc, 1.1% lead, 0.66% copper, 118.1 g/ton silver and 4.1g/ton gold over 9.2 meters (30.2 feet) the Company believes that this property offers excellent potential for Buchans-type high-grade economic mineral deposits.
The Company has granted a total of 698,334 stock options at $0.10 per share to Directors and employees. The directors' options are a replacement of previously issued options that will expire March 4, 2009.
Canstar Resources is a junior exploration company focused on base and precious metal exploration in eastern Canada. In addition to the Mary March property, and recently acquired CBS Project, the Company holds property in the McFauld's Lake area of the James Bay Lowlands of Ontario, proximal to the high-grade nickel-copper-PGE discovery of Noront Resources. The McFauld's Lake property comprises 70 claims covering 1,120 hectares of the McFauld's Lake volcanic belt, and is under an option-joint venture agreement with United Reef Limited.
Harry J. Hodge, P.Eng. is the qualified person for all technical information in this release. To find out more about Canstar Resources, visit our website at [ www.canstarresources.com ].
On behalf of the Board of Directors, Harry J. Hodge, P.Eng.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Canstar, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canstar's expectations are exploration risks detailed herein and from time to time in the filings made by Canstar with securities regulators.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.