VANCOUVER, April 26 /CNW/ - Starfire Minerals Inc. ("Starfire")
announces that it has made its final payment for the Porphyry Pearl
Property ("PPP") to (Arne Birkeland) in the amount of $125,000. With
the completion of work commitments in the amount of $1,717,979, the
property will be transferred to Starfire. Work totaling $3,032,021 has
already been completed.
Pursuant to a recently signed Joint Venture agreement, Starfire and
Liaoning will jointly explore and develop the Porphyry Pearl Property
located in the Toodoggone District of British Columbia through a newly
formed joint venture company ("NEWCO"). Liaoning will be able to earn
up to a 51% interest in NEWCO through an investment of up to $9 million
over 36 months, which funds will be used exclusively for exploration
and development work on the Porphyry Pearl property. The minimum annual
investment by Liaoning is $3 million.
Accordingly, plans are underway in conjunction with Liaoning Non-Ferrous
Geological Research and Exploration Institute of Liaoning, PRC.
("Liaoning China") to continue exploration of the PPP during this
summer drill season. Bid documents have been forwarded to suppliers and
Starfire looks forward to working with Liaoning in the further
development of this copper/gold project.
ON BEHALF OF THE BOARD OF DIRECTORS OF STARFIRE MINERALS INC.
Dan Mosher, President & CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. NEITHER THE TSX VENTURE EXCHANGE NOR
ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFPWED PN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Information
Certain information regarding the Company set forth in this press
release, including the re-structuring of a joint venture company, the
proposed amount of financing, the proposed use of proceeds and management's assessment of the Company's future plans
and operations contain forward looking information that involve
substantial known and unknown risks and uncertainties. This forward
looking information is subject to, but not limited to, factors such as
the actions of third parties, the impact of general economic
conditions, industry conditions, results from future work programs;
fluctuations of commodity prices, availability of qualified personnel
and management and/or timely and cost effective access to sufficient capital from internal and external sources. The Company's
actual results, performance or achievement could differ materially from
those expressed in or implied by the forward looking information and
accordingly, no assurance can be given that any of the events
anticipated to occur or transpire from the forward looking information
will provide any benefits to the Company.
SOURCE Starfire Minerals Inc.
For further information:
Starfire Minerals Inc 3B - 1 9299 - 94th Avenue, Surrey, BC, V4N 4E6
Phone: 604-455-0484 Fax: 604-455-0784