Chairman's Message
Chairman's Message
To Our Shareholders,
In an effort to keep you updated on corporate developments, particularly with respect to the Mary March property dispute, we will be posting occasional updates on our website. This will be in addition to any press releases that will be necessary during the course of this process.
As shareholders are aware, Vinland filed a Factum in support of their appeal on February 19, 2010.
Currently, the lawyers for Canstar, Noranda and the government are preparing Factums in response to that of Vinland. We are advised that these will then be vetted by a judge who presumably will decide the next course of action.
As soon as we receive any additional information, the Chairman's Message will be updated and a press release issued if necessary.
I would like to close by restating our strong conviction that Canstar will prevail in this long-standing dispute and will go on to develop Mary March to its fullest potential.
Sincerely,
Harry J. Hodge, P.Eng.
Chairman
VINLAND FILES FACTUM ON MARY MARCH PROPERTY DISPUTE
The Directors have been advised that the government has 30 days to respond to the Factum.
This further delays final resolution to this long standing dispute and Canstar's plans to resume exploration on the highly prospective Mary March property
Shareholders can view the entire Factum on Canstar's website, www.canstarresources.com
On behalf of the Board of Directors
Harry J. Hodge, P.Eng.
Chairman
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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
Contacts:
Harry J. Hodge, P.Eng.
Chairman
T: 416-363-4376
e: hjhodge@geocanex.com
Karen Willoughby
Manager, Corporate Affairs
T: 1-866-365-4724
e: kwilloughby@canstarresources.com
CANSTAR SIGNS MINING OPTION AGREEMENT WITH ON-STRIKE GOLD INC. ON MINERAL CLAIMS ADJACENT TO MARY MARCH PROPERTY.
Following are terms of the agreement:
On-Strike Gold can earn 50% interest in the claims for the following considerations.
- Cash payments of $ 175,000 - $25,000 on signing agreement (paid), $50,000 on the first anniversary of the agreement, $100,000 on the second anniversary.
- 500,000 On-Strike shares (currently being issued).
- Exploration Expenditures - $100,000 in the first year, $250,000 in the second year, $500,000 in the third year.
On earning 50% interest, On-Strike will enter into a joint venture agreement with industry standard terms.
The Directors feel that this agreement is very important for Canstar's exploration plans for this area. It provides for comprehensive exploration on these well located and highly prospective claims while allowing Canstar to focus on the Mary March property, pending the anticipated resolution of the property title dispute.
The Company is currently awaiting the filing of a Factum by Vinland Resources in support of its appeal in the Mary March property dispute with the Mineral Recorder's Office of the Government of Newfoundland and Labrador.
On behalf of the Board of Directors
Harry J. Hodge, P.Eng.
Chairman
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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
Contacts:
Karen Willoughby
Manager, Corporate Affairs
T: 1-866-365-4724
e: kwilloughby@canstarresources.com
Harry J. Hodge, P.Eng.
Chairman
T: 416-363-4376
e: hjhodge@geocanex.com
VINLAND FILES APPEALS BOOK ON MARY MARCH PROPERTY DISPUTE
Canstar's legal counsel in St John's advises that the Appeals Book refers to a formal record of all previously filed documents in the dispute between Vinland and The Mineral Recorder's office. Vinland must file a Factum within 30 days, on or before February 18th. The Factum will set out the specific terms of the appeal.
Harry Hodge, chairman of Canstar states, "This is an extremely frustrating development for Canstar shareholders and for mineral exploration in Newfoundland and Labrador. This dispute has dragged on for eight years, since 2002. The appeal is seen by Canstar directors as a continuing strategy by Vinland to further delay the resolution to this dispute and embarrass the government of Newfoundland and Labrador."
"Unfortunately," he continued, "it also prevents Canstar from conducting comprehensive exploration and development of the Mary March property. The Buchans area is considered to be highly prospective for commercial deposits of gold, silver, copper, zinc and lead and capable of generating considerable economic activity in this area of central Newfoundland."
The directors will continue to seek, by whatever means available, a successful resolution to this dispute.
On behalf of the Board of Directors
Harry J. Hodge, P.Eng.
Chairman
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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
Contacts:
Karen Willoughby
Manager, Corporate Affairs
T: 1-866-365-4724
e: kwilloughby@canstarresources.com
Harry J. Hodge, P.Eng.
Chairman
T: 416-363-4376
e: hjhodge@geocanex.com
Canstar Signs Memorandum of Agreement on Claims Adjacent to Mary March Property
The 37 claim property, 100% owned by Canstar, is located immediately adjacent to the east and north along the geological trend of the Mary March property. The Mary March property hosts several areas of high grade base and precious metals, VMS type mineralization.
These claims are not involved in the Mary March property dispute between the Mining Recorder's office and Vinland Resources.
On-Strike has 30 days to complete due diligence on the claims at which time it may proceed to a Mining Option Agreement ("MOA") with Canstar to earn 50% interest in the claims on the following terms:
- On signing MOA, On-Strike will pay Canstar $25,000 and issue 500,000 shares of On-Strike to Canstar.
- On or before the 1st anniversary On-Strike will pay $50,000 in cash to Canstar.
- On, or before the 2nd anniversary On-Strike will pay $100,000 in cash to Canstar.
- On-Strike will incur exploration expenditures on the claims as follows;
In 1st year - $100,000
In 2nd year - $250,000
In 3rd year - $500,000
Upon earning 50% interest, On-Strike will enter into a 50/50% Joint Venture agreement with Canstar on the claims with industry standard terms.
Harry Hodge, P.Eng. Chairman of Canstar states, "We are pleased to welcome a partner to combine our exploration efforts and expenditures on these well-located, highly prospective and under-explored claims. Together with the Mary March property it will provide increased exploration exposure for Canstar in this area of favourable geology and known high grade base and precious metals mineralization."
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.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts: Canstar Resources Inc.
Karen Willoughby Manager, Corporate Affairs
1-866-365-4724
kwilloughby@canstarresources.com
Harry J. Hodge, P.Eng. Chairman
416-363-4376
hjhodge@geocanex.com
www.canstarresources.com