Canstar Resources Announces Closing of the Disposition of the Slate Bay interests
06 Novembre 2019 - 11:49PM
CANSTAR RESOURCES INC. (TSXV: ROX) (OTCQB:CSRNF) (“
Canstar
Resources” or the “
Company”) announces
that it has completed a transaction (the
“
Transaction”) pursuant to which it sold to Angus
Ventures Inc. (“
Angus”) all of its interests in
mining rights to certain mineral claims in the Red Lake district in
the Province of Ontario (the “
Slate Bay
Property”).
Under the terms of the Transaction, Angus has
acquired all of Canstar’s interest in the Slate Bay Property, being
75% mining rights interest in the Slate Bay Property, in
consideration for cash payment of $30,000 and the issuance to
Canstar of 70,000 common shares of Angus.
Canstar has previously acquired its interest in
the Slate Bay Property pursuant to an option agreement with Luxor
Exploration Inc. but has not conducted exploration activities on
the Slate Bay Property since 2008. The disposition of the Canstar’s
interest in the Slate Bay Property allows Canstar to focus on the
development of its mainstay expiration properties in Newfoundland
and Labrador.
The Transaction constitutes Angus’ “Qualifying
Transaction” as such term is defined in Policy 2.4 – Capital Pool
Companies of the TSX Venture Exchange (the “TSXV”) and has received
requisite approvals, including the approvals of the TSXV.
About Canstar Resources
Inc.
Canstar Resources is a Canadian mineral
exploration and development company, with the objective to discover
and develop economic mineral deposits in North America. Currently,
Canstar Resources’ focus is to advance its flagship Buchans - Mary
March project and other mineral exploration properties in
Newfoundland and Labrador. Canstar Resources is based in Toronto,
Canada and is listed on the TSX Venture Exchange and trades under
the symbol ROX-V, and on the OTCQB Exchange under the symbol
CSRNF.
For further information, please contact:
Sam Leung, Director Email:
Sam@adventusmining.com www.canstarresources.com
Forward-looking Statement
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, 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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