Silver Fields Resources Inc.: Silver Property Acquisition
10 Septembre 2009 - 3:22PM
Marketwired
Silver Fields Resources Inc. (TSX VENTURE: SF)(FRANKFURT: RLQ) is
pleased to announce the acquisition of additional key mineral
claims contiguous to its 100% owned Keremeos Silver Property,
located near Keremeos, BC. The new claims have been purchased
outright from the mineral title holder and represent an important
addition to the Silver Fields' land position. Terms of the
acquisition include a cash payment of $5,000.00 plus 350,000 common
shares. The agreement is subject to the approval of the TSX Venture
Exchange.
The new claims cover an area of 169.36 hectares (419 acres),
which, when added to Silver Fields existing 677.35 hectares (1,674
acres), increases the total mineral tenure holdings to 846.71
hectares (2,093 acres), all of which are 100% owned. The claims
cover an area which hosts known mineral showings, both on surface
and within the deepest workings and main haulage level (1,700 ft
level) of the former Dankoe-Utica Silver Mine, which produced and
milled ore from 1915 through to 1984. According to the B.C.
Government Minfiles, the former mine produced 433,396 tonnes of ore
from which approximately 127 million grams (4,089,409 oz) of
silver, 333 thousand grams (10,706 oz) of gold, plus copper, lead
and zinc were extracted. Production ceased when commodity prices
declined, and there has been no new exploration recorded in the
mine area for about 25 years.
Ongoing research of the underground working plans indicate that
most of the past silver ore production and mine workings are
located on Silver Fields' property, including a large un-drilled
exploration area which lies east of the mine within the same
geological environment. The company is now engaging in discussions
with former mine geological staff and local stakeholders with
regards to the mine, and is planning a comprehensive NI 43-101
compliant review of the potential resources within the mine
workings and the development of exploration drill targets. This
review will commence upon completion of the recently announced
Private Placement with diamond drill hole permitting to follow
shortly thereafter.
Company President, Chris England stated, "This acquisition is
timely as the price of silver is reaching new historical highs and
it provides a compliment to our coal holdings in Saskatchewan,
where the Company has two drill ready projects, waiting for the
close of the Private Placement."
On behalf of the Board of Directors
Chris England, President and CEO
Silver Fields Resources Inc.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the Company's actual results may
differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Silver Fields Resources Inc. Mr. Chris England
President (604) 684-0454 info@silverfieldsresources.com
www.silverfieldsresources.com
(TSXV:SF)
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