Chairman's Message 5 18 2010
To Our Shareholders,
Following is an update on the Mary March property dispute.
We have recently learned from the Newfoundland And Labrador Supreme Court Registrar that the Ministry of Natural Resources has not to date filed an application as required for a hearing on the Vinland Appeal of the Mineral Rights Adjudication Board’s rejection of it’s claim to the Mary March property. This has resulted in further delay in resolving this dispute which is now in it’s eighth year.
Your directors have continued to be very proactive in communicating our concern to the government. In addition, we have endeavoured, by communicating with local media, to raise the level of awareness of this dispute and the negative effects it is having on the potential economic benefits to Central Newfoundland,and on Canstar and it’s shareholders. In this regard we greatly appreciate the help and efforts of individual shareholders who have also been very vocal in letting their concerns be known.
Needless to say, this delay further negatively impacts on Canstar’s comprehendive plans to explore and develop the highly prospective Mary March base and precious metal property.
However, given that Vinland’s claim has been rejected in the courts, we believe that the government has little choice but to return property title to Canstar. This dispute can be terminated relatively quickly by the courts rejecting Vinland’s appeal, or, by the government bringing in new legislation. It is strictly in the hands of the government.
Once again we would like to acknowledge the support and patience of investors.
Harry J.Hodge, P.Eng.