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IN THE U.S./
TORONTO, April 23, 2009 /CNW/ - Starfield Resources Inc. (TSX: SRU/OTCBB:
SRFDF) today announced that its financial results for the fourth quarter and
year ended February 28, 2009 have been filed on SEDAR.
For the three and twelve month periods ended February 28, 2009, Starfield
incurred costs for exploration and related equipment totaling $1.9 million and
$28.7 million, respectively. The exploration expenditures were directed toward
the continued advancement of the Company's Ferguson Lake project in Nunavut,
including its grassroots diamond and gold exploration programs on the
surrounding area. Administrative expenditures amounted to $1.4 million and
$3.5 million for the three and twelve months ended February 28, 2009,
During the year ended February 28, 2009, Starfield raised $22.3 million
through private placements, and at February 28, 2009, the Company had
approximately $3.9 million of cash on hand.
The Company is currently flying a DigHEM electro-magnetic survey to
further delineate possible diamond and gold targets in the vicinity of the Y
Lake Trend. The survey is expected to identify high potential geologic
structures to a higher degree of resolution than the previous airborne survey.
Surveying should be completed by the beginning of May with a preliminary
interpretation available in due course, typically 8 to 10 weeks after
completion of the survey. Pending the results of this airborne survey,
additional ground reconnaissance work, rock-chip sampling of targeted areas
and closely spaced follow-up till sampling would be the next step. Additional
diamond drilling will also take place if warranted.
The annual audited 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 focused on its Ferguson Lake nickel-copper-cobalt-platinum-palladium
property in Nunavut, Canada. The property is emerging as Nunavut's largest
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. The Company
has also embarked on a diamond exploration program on its property and
recently discovered a diamond.
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.
%SEDAR: 00009374E %CIK: 0001074795
For further information:
For further information: Connie Anderson, Investor Relations, Starfield
Resources Inc., (416) 860-0400 ext. 228, email@example.com; André J.
Douchane, President and CEO, Starfield Resources Inc., (416) 860-0400 ext.
222, firstname.lastname@example.org; Greg Van Staveren, Chief Financial Officer,
Starfield Resources Inc., (416) 860-0400, email@example.com