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TORONTO, July 11, 2012 /CNW/ - Starfield Resources Inc. (TSX: SRU)("Starfield", "the Company") today announced its financial
results for the fiscal first quarter ended May 31, 2012 have been filed
During the three months ended May 31, 2012, Starfield incurred costs for
exploration totaling $60,000. The expenditures were directed primarily
toward property maintenance at the Ferguson Lake and Stillwater
properties. Administrative expenditures amounted to $400,000.
On May 7, 2012, the Company sold 179 mining claims in its Stillwater
property to Stillwater Mining Company for US$2 million. The funds will
be used for working capital and exploration in Canada and the United
As at July 11, 2012 the Company had approximately $2.2 million of cash
Starfield is continuing to review strategic alternatives for the Company
and its assets.
The annual financial statements, management's discussion and analysis
and additional information are available on the Company's website and
Starfield Resources Inc. is an advanced exploration and development
stage company. The Company's primary asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada.
Additional assets include a nickel-copper-cobalt-PGE-chrome project in
the Stillwater district of Montana with historic copper, nickel,
chromite resources (non 43-101 and not to be relied on) and the
Superior copper project in California with two significant copper
prospects, one of which has a historical copper resource.
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks
involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors described
above and in the Company's most recent annual information form under
the heading "Risk Factors" which has been filed electronically by means
of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Starfield Resources Inc.
For further information:
Philip S. Martin
President and CEO
416-860-0400 ext 222
Interim Chief Financial Officer