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Canstar Announces VP Exploration and New Technical Advisor, Grants Options

Toronto, Ontario - TheNewswire – February 9, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce that it has hired Dawn Evans-Lamswood, M.Sc., P.Geo, as its Vice President, Exploration, through her consulting company, DEL Exploration, based in St. John’s, Newfoundland.  In addition, the Company is pleased to announce that Dr. Laurence (Laurie) Curtis has agreed to join the company as a technical advisor.

Ms. Evans-Lamswood is a well-respected structural geologist with over 30 years’ experience, the majority of which has been focused on base and precious metals projects in Newfoundland and Labrador.  Much of her career was spent on Vale Inco’s Voisey’s Bay project, in increasingly senior geology positions.  More recently, Ms. Evans-Lamswood has been working with Canadian exploration companies and she was the lead author on a NI 43-101 report on New Found Gold’s Queensway Project.  Ms. Evans-Lamswood is a Professional Geoscientist (Newfoundland, Ontario, and British Columbia) and was recognized as Geoscientist of the Year (CIMM) in 2014 and given the Award of Merit by Professional Engineers and Geoscientists of Newfoundland (PEGNL) in 2018.

Dr. Curtis brings over 40 years of experience in the mining industry and capital markets, with a proven track record in corporate development, mine development and project financing. He was the founder of Intrepid Minerals and was a key member of the senior management and technical teams overseeing all aspects from discovery through operations. Under his guidance as CEO and COO, Intrepid transitioned through merger and acquisition to become a gold producer and developer, ultimately attaining a market capitalization in excess of $1.2 billion. During his distinguished career as an exploration geologist, Dr. Curtis was involved with a number of worldwide discoveries including the initial discovery and staking of the Back River gold belt, which now hosts the 5M-ounce gold deposit held by Sabina Gold & Silver Corp., and led teams to the discovery of several epithermal systems in the Caribbean Basin. Dr. Curtis has also held several positions in the financial sector including, Research and Analyst Mining for Clarus Securities, Vice President and Senior Analyst Global Resources for Dundee Capital Markets.

Rob Bruggeman, President & CEO of Canstar, commented: “Canstar’s Golden Baie project, is a very large claim package with numerous exploration targets along a major gold-bearing structure.  The challenge for our exploration team is to crack the code on where to find the highest grades of gold mineralization over the best widths and to do so in a cost-effective manner. Today’s announcements significantly build our technical team.  Our technical committee now consists of Dr. David Palmer (director), Dr. Lawrence Winter (technical advisor), and Dr. Laurie Curtis.  That is an impressive roster of geologists with tremendous experience that we can leverage.”

Mr. Bruggeman continued: “I am also very pleased that Dawn has joined Canstar to lead its Newfoundland-based exploration team.  Her understanding of structural geology and methodical approach to exploration are well suited to our Golden Baie project.  With Dawn’s knowledge and guidance from the technical committee, we are eager to get back out to Golden Baie in the spring to prioritize targets for the first drill program on the property in a decade.”

Canstar has granted employees and consultants on the exploration team a total of 1,200,000 options to purchase common shares of the Company at an exercise price of $0.28 per share, expiring on February 8, 2026. The grant is subject to regulatory approval and vesting requirements.

About Canstar Resources Inc.

Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (over 62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south-central Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

For further information, please contact:

Rob Bruggeman P.Eng., CFA

President & CEO

Email: [email protected]

Phone: 1-416-884-3556


Forward-Looking Statements

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.

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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