Trading Symbol - SF.V
VANCOUVER, Feb. 28, 2012 /CNW/ - Mr. Chris England, President and CEO of
Silver Fields Resources Inc., is pleased to announce the Ministry of
Energy and Mines has granted a Mines Act permit which authorizes
exploration activities on the Company's Keremeos Silver Project,
located on Mount Richter, between Keremeos and Osoyoos in the
Similkameen Mining District of British Columbia. The property consists
of 15 mineral claim tenures, encompassing 2,048 Hectares (4,506 acres).
The exploration plans for 2012 include mechanized trenching and sampling
as well as up to 2000 metres of drilling as recommended by Mr. Peter
Folk, P.Eng., the mine manager of the former Dankoe-Utica Silver Mine,
and Silver Fields' project geologist. Mr. Folk is also a Qualified
Person as defined by National Instrument 43-101. Trenching and drilling
will focus on several new mineralized areas discovered in the 2011
exploration season, namely the "Cow Trail Vein" (3.67 g/t gold, 1625
g/t silver); the " Silver Fields Vein" (5.69 g/t gold, 956 g/t silver);
and the "Tire Line Vein" ( 54.10 g/t gold).
The Company is continuing to offer tranche 2 of a non-brokered private
placement of 12,000,000 units, to raise proceeds of $600,000. The
private placement consists of 6,000,000 non-flow through units priced
at $0.05 per unit and 6,000,0000 flow-through units priced at $0.05 per
unit. As well, each unit consists of a two year warrant with an
exercise price of $0.10 during the first 12 months of the term of the
warrants, and at an exercise price of $0.15 during the last 12 months
of the term. A portion of the financing was completed prior to the 2011
year end, and management is concentrating on closing the balance of the
financing shortly. The gross proceeds of the offering will be used in
part for general working capital and the flow through portion of the
private placement will be used for qualified Canadian Exploration
Expenditures, including the planned drill program on the Company's
Keremeos Silver Project.
The Company will pay a finder's fee in connection with the private
placement of 10% cash, plus 10% Agent's Warrants where permitted by the
TSX Venture Exchange.
On behalf of the Board of Directors
President and CEO
Silver Fields Resources Inc.
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.
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.
SOURCE Silver Fields Resources Inc.
For further information:
Mr. Tony England or Mr. Brent Forgeron.
Phone: (604) 684-0454