UPDATE 1-Canstar to buy properties in Newfoundland and Labrador

Tag : lead,copper

- Sept 9 (Reuters) - Base and precious metals explorer CanstarResources Inc said it agreed to acquire 100 percent interests intwo mineral properties in the province of Newfoundland andLabrador.
The company will make cash payments of C$30,000 on signing,C$35,000 after the completion of a year, and C$45,000 in the secondyear.
Canstar will also issue 100,000 shares on signing the agreement,175,000 shares and 275,000 shares in the first and second yearsrespectively, for the properties.
The company noted that the properties adjoin each other and cover abelt of volcanic-sedimentary rocks that are known to containeconomically significant values of copper, zinc, lead, silver andgold.
Separately, the company noted that the adjudication board hearing,with regard to the its Mary March property title dispute, will beheld on Sept 15.
Canstar shares closed at C$0.105 Monday on the TSX VenturesExchange.
($1=1.06 Canadian)
(Reporting by Hezron Selvi in Bangalore; Editing by JarshadKakkrakandy) Keywords: CANSTAR/
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