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TORONTO, Jan. 11 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB:
SRFDF) today announced financial results for the third quarter of its 2008
fiscal year were filed on SEDAR.
For the three months ended November 30, 2007, Starfield incurred costs of
exploration and exploration equipment totaling $5.2 million, and $10.8 million
for the nine months ended November 30, 2007. Excluding the cost of settlement
and termination of previously signed investor relations contracts,
administrative outlays amounted to $0.7 million for the quarter and
$2.6 million for the nine months ended November 30, 2007.
The increase in exploration costs was primarily a result of a 19 hole
fall drilling program at the Ferguson Lake property. During December 2007 the
company received and press released assay lab results from the first five
holes. The company expects to receive all the remaining drill-hole assays over
the next few weeks and, depending on timely receipt of assays, to provide full
details in early February.
The Company had cash reserves of $13.6 million and working capital of
$13.2 million at quarter end, compared to $506,000 and negative $1.9 million
in fiscal 2007 respectively.
More information, the interim financial statements and management's
discussion and analysis for the third quarter are available on the Company's
website and on SEDAR.
Starfield Resources Inc. is an advanced exploration and emerging early
stage development company focused on its Ferguson Lake
Nickel-Copper-Platinum-Palladium-Cobalt property in Nunavut, Canada. The
property is emerging as Nunavut's largest ongoing base and precious metal
project. Starfield has developed a novel, environmentally friendly and
energy-efficient hydrometallurgical flowsheet to recover metals from its
Ferguson Lake massive sulphides.
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