The directors of Canstar Resources Inc. (Canstar) (TSX VENTURE:ROX) are pleased
to announce a proposed non-brokered private placement financing comprising the
sale of up to 7,000,000 units at $0.15 per unit for gross proceeds of
$1,050,000. Each unit consists of one common share and one common share purchase
warrant.


Each whole purchase warrant entitles the holder to acquire one common share at
$0.20 for a period of one year after closing (the "Warrant Term") provided,
however, should the closing price of the common shares equal or exceed $0.30 for
20 consecutive trading days following four months and one day after issuance,
Canstar may accelerate the Warrant Term to the date which is 30 days following
the date a press release is issued by Canstar announcing the reduced Warrant
Term.


A total of 2,000,000 units for gross proceeds of $300,000 will be sold on a
flow-through basis. 


All securities issued with respect to the offering are subject to a hold period
which expires four months after closing.


Proceeds of the financing will be used to fund exploration on the Company's Mary
March property in the Buchans area of Newfoundland and Labrador and working
capital. Previous drilling on this property had identified base and precious
metals VMS type mineralization including some of the highest grade intersections
in the area outside the Buchans mine. Exploration, including drilling and an up
to date airborne EM survey over the whole property, is planned early in the New
Year.


On behalf of the Board of Directors

Harry J. Hodge, P. Eng., Chairman

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.
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