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TORONTO, Oct. 9 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB:
SRFDF) today announced its financial results for the second quarter ended
August 31, 2008 have been filed on SEDAR.
For the three and six month periods ended August 31, 2008, Starfield
incurred costs for exploration and related equipment totaling $11.1 million
and $18.5 million, respectively. The expenditures were directed toward the
continued advancement of the Company's Ferguson Lake project in Nunavut.
Administrative outlays amounted to $0.6 million and $1.3 million for the
quarter and six months ended August 31, 2008, respectively.
During the six month period ended August 31, 2008, Starfield raised
$20.0 million through a private placement, and at August 31, 2008, the Company
had approximately $17.0 million of cash on hand. "With these uncertain
financial markets, we are carefully managing expenditures as we continue the
Ferguson Lake feasibility study," said Greg Van Staveren, Chief Financial
Officer. "We have sufficient cash resources to sustain operations most of the
way through 2009 without raising additional capital while at the same time
demonstrably advancing the Ferguson Lake project."
During 2008, Starfield Resources has drilled 39 holes to their planned
depths, for a total of 16,525 metres of drilling. Of these 39 holes, 32 were
drilled in the West Zone, five were in the North Zone and two were in the West
Zone Extension. On August 27, 2008 and September 18, 2008, the Company
released assay results for ten holes and nine holes, respectively, from the
current drill program. At present, one rig is drilling in the southwest end of
the Y Lake Trend, while the other rig is completing a hole in the eastern half
of the West Zone before being moved to the Grizzly Trend.
"Weather permitting, we hope to drill at least four holes at both the Y
Lake Trend and the Grizzly Trend before this year's drill season ends," said
Ray Irwin, Starfield's Vice President of Exploration. "We look forward to
receiving results from core samples drawn from both of these large and very
Y Lake Trend
The initial drill target on the Y Lake Trend is located immediately east
of the eastern branch of Y Lake, approximately 20 km south of the West Zone.
Unlike the Ferguson Lake massive sulphide deposit and the remainder of the Y
Lake Trend, the initial 2.5 km long target is underlain by a sequence of
metasedimentary rocks with subordinate inliers of metamafic and metafelsic
volcanic rocks. This lithologic package contains several laterally persistent
siliceous (cherty) banded iron formations containing disseminated and bedded
sulphides. These banded iron formations are manifested on the surface by well
developed gossans possessing strongly anomalous coincidental base metal
geochemical values and laterally persistent VTEM anomalies.
The Grizzly Trend, which is located approximately 4.0 km south of the
West Zone, is geologically similar to the part of the Y Lake Trend that is
currently being drilled. The initial 2.0 km long target area is underlain by a
strongly tectonized sequence of paragneisses (metasedimentary rocks) and minor
mafic metavolcanic rocks with several inter layered persistent banded iron
formations and thin massive sulphide horizons. These chemogenic rocks are
manifested on the surface by laterally continuous gossans characterized by
coincident strong base metal geochemical values and a strong VTEM signature.
A map indicating the location of the Y Lake Trend and Grizzly Trend in
relation to Ferguson Lake is available on the Project page of the Company's
"Despite the economic downturn, significant value has been added to the
Company during 2008," added André Douchane, President and Chief Executive
Officer. "We identified additional significant exploration targets, completed
a positive preliminary economic study, and made good progress developing our
hydrometallurgical process to where we expect to have a mass balance and final
flow sheet sufficient to construct a pilot plant."
The quarterly financial statements, management's discussion and analysis
and additional information are available on the Company's website and on
Starfield Resources Inc. is an advanced exploration and development stage
company focused on its Ferguson Lake nickel-copper-cobalt-platinum-palladium
property in Nunavut, Canada. The property is emerging as Nunavut's largest
ongoing base and precious metal project. Starfield has funded the development
of a novel, environmentally friendly and energy-efficient hydrometallurgical
flow sheet to recover metals from its Ferguson Lake massive sulphides.
Forward Looking Statements
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
Starfield Resources Inc. investors may also participate in the Company's
online community at http://www.agoracom.com/ir/Starfield.
For further information:
For further information: Connie Anderson, Investor Relations, Starfield
Resources Inc., (416) 860-0400 ext. 228, firstname.lastname@example.org; André J.
Douchane, President and CEO, Starfield Resources Inc., (416) 860-0400 ext.
222, email@example.com; Greg Van Staveren, Chief Financial Officer,
Starfield Resources Inc., (416) 860-0400, firstname.lastname@example.org