 |
| |
|
To Our Shareholders:
Never has the future looked brighter for Canstar Resources. After almost eleven
years, the dispute over the Mary March property has been resolved, and clear
title has been restored to the Company.
On November 7, 2011, Canstar announced that Vinland Resources, in return for
Canstar and Xstrata waiving their entitlement to costs, had decided not to
commence an appeal of the decision that had been rendered by the Honourable
Justice Alphonsus Faour on October 6, 2011. This decision had rejected an
appeal by Vinland of a previous ruling by the Mineral Rights Adjudication Board
that awarded the Mary March property to Canstar and Xstrata.
The Mary March property, located in the high grade Buchans base and precious
metal belt of Newfoundland and Labrador, is Canstar's principal exploration
project. It is held under option from Phelps Dodge Corporation (now Freeport
McMoran Corporation). Canstar is earning 50% interest in the property and has
Right of First Refusal on the other 50% held by Xstrata.
The Company is looking forward to proceeding with its plans to resume
exploration of the property. This will involve acquisition of relevant work permits
from the government, negotiating work contracts including drilling, and project financing.
Field work is expected to commence in early 2012.
We appreciate the overwhelming support of our shareholders during this difficult
period and look forward with great excitement to resuming serious exploration of
this highly prospective property.
On behalf of the board of directors,
Harry J. Hodge, P. Eng.
Chairman,
Canstar Resources Inc.
November 23, 2011
|
|
| |
