Starfire Minerals Inc. makes final payment for Porphyry Pearl Property.
26 Abril 2011 - 6:21PM
PR Newswire (Canada)
VANCOUVER, April 26 /CNW/ -- TSXV: SFR VANCOUVER, April 26 /CNW/ -
Starfire Minerals Inc. ("Starfire") announces that it has made its
final payment for the Porphyry Pearl Property ("PPP") to (Arne
Birkeland) in the amount of $125,000. With the completion of work
commitments in the amount of $1,717,979, the property will be
transferred to Starfire. Work totaling $3,032,021 has already been
completed. Pursuant to a recently signed Joint Venture agreement,
Starfire and Liaoning will jointly explore and develop the Porphyry
Pearl Property located in the Toodoggone District of British
Columbia through a newly formed joint venture company ("NEWCO").
Liaoning will be able to earn up to a 51% interest in NEWCO through
an investment of up to $9 million over 36 months, which funds will
be used exclusively for exploration and development work on the
Porphyry Pearl property. The minimum annual investment by Liaoning
is $3 million. Accordingly, plans are underway in conjunction with
Liaoning Non-Ferrous Geological Research and Exploration Institute
of Liaoning, PRC. ("Liaoning China") to continue exploration of the
PPP during this summer drill season. Bid documents have been
forwarded to suppliers and subcontractors. Starfire looks forward
to working with Liaoning in the further development of this
copper/gold project. ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC. "Dan Mosher" Dan Mosher, President & CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. NEITHER THE TSX VENTURE EXCHANGE
NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFPWED PN
THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward Looking
Information Certain information regarding the Company set forth in
this press release, including the re-structuring of a joint venture
company, the proposed amount of financing, the proposed use of
proceeds and management's assessment of the Company's future plans
and operations contain forward looking information that involve
substantial known and unknown risks and uncertainties. This forward
looking information is subject to, but not limited to, factors such
as the actions of third parties, the impact of general economic
conditions, industry conditions, results from future work programs;
fluctuations of commodity prices, availability of qualified
personnel and management and/or timely and cost effective access to
sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ
materially from those expressed in or implied by the forward
looking information and accordingly, no assurance can be given that
any of the events anticipated to occur or transpire from the
forward looking information will provide any benefits to the
Company. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/April2011/26/c7085.html
p align="center" Starfire Minerals Inc 3B - 1 9299 - 94supth/sup
Avenue, Surrey, BC, V4N 4E6 br/ Phone:
604-455-0484 Fax: 604-455-0784br/
Email: a
href="mailto:info@starfireminerals.ca"info@starfireminerals.ca/a /p
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