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TORONTO, Jan. 29, 2013 /CNW/ - Starfield Resources Inc. ("Starfield" or the "Company") (TSX: SRU) today announced the Toronto Stock Exchange ("TSX") has informed the
Company that it is reviewing the eligibility for continued listing of
Starfield's common shares on the TSX.
The Company is being reviewed under the TSX's Remedial Review Process
and has been granted 60 days to comply with all requirements for
continued listing. If the Company is unable to demonstrate on or before
March 21, 2013 that it meets all TSX requirements for continued
listing, the Company's securities will be delisted 30 days from such
At this time, Starfield intends to defend its listing and is working
with the TSX to address the deficiencies in meeting ongoing listing
requirements and will concurrently review listing requirements on the
TSX Venture Exchange or NEX.
The Company is also continuing its engagement with
PricewaterhouseCoopers Inc. ("PwC") to assist management and the board
of directors of Starfield in assessing its strategic options. PwC has
undertaken a global effort to showcase the Company's mineral assets and
solicit the interest of potential buyers and/or investors. The deadline
for submission of expressions of interest to acquire the assets or
complete an investment has been extended to February 8, 2013. The
contact at PwC, Clark Lonergan can be reached at 416-814-5835 or email@example.com.
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-coppercobalt-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 including delisting on the TSX, listing
opportunities on the TSX Venture Exchange or NEX and the outcome of the
assessment of strategic options. 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 ability to meet TSX listing requirements
within the specified time frame, success of completing any strategic
option, 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 except where required by law. 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