Canstar Resources Inc.

Canstar Resources Inc.

November 07, 2011 08:00 ET

Canstar Resources Wins Mary March Property Dispute; Vinland Drops Appeal

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2011) - The directors of Canstar Resources Inc. (TSX VENTURE:ROX) are very pleased to report that our legal counsel, Jim Thistle, has advised us that Vinland Resources has agreed not to proceed with an appeal of Judge Faour's decision rejecting Vinland's claim to the Mary March mineral property. In consideration, Canstar and Xstrata have agreed to waive their entitlement to costs.

Canstar will proceed with 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. Actual commencement of field work is not expected until early 2012.

Needless to say, following the long and protracted legal process, we are looking forward to resuming exploration on this very prospective base and precious metal property as soon as possible.

We would like to thank our loyal shareholders for supporting the company throughout this most trying period and trust that continued exploration will justify our patience.

On behalf of the Board of Directors

Harry J. Hodge, P.Eng., Chairman

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.

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.

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