Canstar Resources Announces Appointment of President and CEO, and Transaction Update

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TORONTO, July 18, 2018 (GLOBE NEWSWIRE) -- CANSTAR RESOURCES INC. (TSXV:ROX) ("Canstar" or the "Company") is pleased to announce the appointment of Christos Doulis as President and CEO, effective August 13, 2018, subject to regulatory approval. Mr. Doulis has more than 20 years of experience in the metals and mining sector having worked as a research analyst at both Stonecap Securities and PI Financial as well as a partner at Gryphon Partners, a boutique advisory services firm focused on the mining industry. Most recently, Mr. Doulis was CEO of Buchans Wileys Exploration, a private Canadian exploration company, active in the Buchans region of Western Newfoundland.

"We are pleased to welcome Christos to the Canstar management team. His knowledge of the junior mining industry, particularly with reference to finance and M&A, will add significant value as Canstar advances its flagship Mary March project. Christos' direct experience in Newfoundland and Labrador will also re-energize Canstar's exploration and commercial efforts in the province," stated Canstar Chairman Dennis Peterson.

"I am delighted to have the opportunity to lead Canstar in its advancement of its flagship Mary March project," stated Christos Doulis. "Upon closing of the acquisition transaction with Adventus Zinc Corporation (TSXV:ADZN) and Altius Minerals Corporation (TSX:ALS), Canstar will have assembled the dominant land position in Western Newfoundland's prolific Buchans camp.  We are eager to begin work on the Mary March program and are now in the process of organizing a drill program to follow-up on both Mary March and regional drill targets that have been identified on the new consolidated land package.  Field work is expected to commence in September, and we will provide updates as they become available."

Canstar is pleased to announce that it has received conditional approval of the TSX Venture Exchange for the proposed acquisition of the Newfoundland base-metal exploration assets of Adventus and the Daniel's Harbour zinc project from Altius, as previously announced by Canstar on Feb. 21, 2018, and April 18, 2018.  The transaction is subject to shareholder approval at a meeting to be held at 56 Temperance Street, Suite 1000, Toronto, Ontario M5H 3V5, on July 30, 2018 at 11:00 am (Eastern Standard Time).  A management information circular regarding this special meeting of shareholders is posted under the Company's profile on www.sedar.com.

About Canstar
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's focus is to advance its flagship Mary March project and other mineral exploration properties in Newfoundland and Labrador. Canstar is based in Toronto, Canada and is listed on the Toronto Venture Exchange with the symbol: ROX-V.

Forward-looking Statement
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information in this news release includes, but is not limited to, the closing of the Transaction, anticipated drilling at Buchans Camp, satisfaction of closing conditions, approval of the TSX-V, approval by the shareholders of Canstar and the potential for exploration.

Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Canstar, Adventus and Altius expect or anticipate will or may occur in the future. Although Canstar, Adventus and Altius has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Canstar, Adventus and Altius do not undertake to update any forward-looking information except in accordance with applicable securities laws.
All monetary figures referenced in this press release are in Canadian dollars unless otherwise stated.

For further information from Canstar, please contact: Karen Willoughby, Director Corporate Communications, at 1-866-936-6766 or [email protected].