October 14, 2008
Canstar Completes Vtem Airborne Geophysical Survey Over Conception Bay South (CBS) Project in Newfoundland; Mary March Adjudication Board Hearing Re-Set for November 24th
The directors of Canstar Resources (TSX VENTURE: ROX) are pleased to announce that the company has completed a VTEM airborne magnetic/electromagnetic survey over its recently acquired Conception Bay South (CBS) properties on the Avalon Peninsula, Province of Newfoundland and Labrador. This is the first airborne Electromagnetic survey recorded over the area.
The survey was successful in delineating at least 25 electromagnetic conductors considered to have potential bedrock sources. An additional 27 mineral claims were recorded to cover conductors falling outside of the original property boundaries, bringing Canstar's total land package to 45 square kilometres. The survey was contracted to Geotech Ltd, and comprises 1,181 line kilometers covering a 25 kilometre strike length of the volcanic belt.
As previously reported the properties cover a belt of volcanic rocks of Proterozoic age which are known to host Volcanogenic Massive Sulphide (VMS) type mineralization containing economically significant values in copper, zinc, lead, gold and silver. Grab samples from one showing assayed 8.9 % zinc, 5.2 % lead, 0.8 % copper, 0.3 g/t gold and 1.4 g/t silver.
A program consisting of ground location of the conductors and geological mapping is currently being initiated and will be followed by diamond drilling of selected priority targets, to be completed before year end.
Mary March Update
The Company has been notified that November 24th has been re-set as the date for the Mary March Adjudication Board Hearing. According to the Board's stated mandate a decision must be handed down within 90 days of the hearing. The directors expect that it will be sooner.
About the Company
Canstar Resources is a junior exploration company focused on base and precious metal exploration in eastern Canada. In addition to the CBS Project, the Company owns property in the Buchans area of Newfoundland and 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. In addition to these two properties, Canstar holds a 100% interest in the Shrimp Lake and Tahoe Lake VMS/gold properties north of Red Lake, Ontario, a 75% interest in the Slate Bay copper-gold project in Red Lake's "Mine Trend", and a 100% interest in the Miminiska gold property near Pickle Lake, Ontario. The Company currently has 59.9M shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol ROX.
David Palmer, Ph.D., P.Geo., 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.
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.
Contacts: Canstar Resources Inc. David Palmer President (416) 777-6703 (416) 777-6705 (FAX) Email: [email protected] Canstar Resources Inc. Harry J. Hodge, P.Eng. Chairman (416) 363-4376 Email: [email protected] Website: www.canstarresources.com
SOURCE: Canstar Resources Inc.