VANCOUVER, March 4 /CNW/ - Starfire Minerals Inc. ("the Company") announces that it has reduced its property holdings in Quebec and Ontario. In each case it was concluded that the exploration results do not warrant further expenditures by the Company.
In Quebec, the Company has elected not meet the option payment schedules regarding the Capri, Cross Structure, and Otish Mountain uranium properties, resulting in termination of the agreements.
Capri - Under the now-terminated option, the Company could have earned a 100% interest in the Capri property subject to a 2% NSR royalty by making payments of $250,000, issuing 2,100,000 shares of the Company, and completing $1,225,000 of exploration expenditures.
Cross Structure - Under the now-terminated option, the Company could have earned a 100% interest in the Cross Structure property subject to a 2% NSR royalty by making payments of $90,000, issuing 700,000 shares of the Company, and completing $600,000 of exploration expenditures.
Otish Mountains - Under the now-terminated option, the Company could have earned a 100% interest in the Cross Structure property subject to a 2% NSR royalty by making payments of $92,000, issuing 600,000 shares of the Company, and completing $150,000 of exploration expenditures.
In Ontario, the Company has allowed the 100%-owned (subject to a 1% NSR royalty) Stobie Lake uranium property (Grigg and Stobie Townships) and the 100%-owned Black Township volcanogenic massive sulphide property to lapse.
The Company is in the process of attracting a partner to continue exploration of its highly prospective Porphyry Pearl copper-gold property in the Toodoggone District of British Columbia (see news release of November 23, 2009). The Company also continues to evaluate its nickel properties (Langmuir, Shaw, Carman, and Eldorado Townships) in the Timmins District, Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS REPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Forward Looking Information
Certain information regarding the Company set forth in this press release, including the 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. The forward looking information is subject to, but not limited to, the impact of general economic conditions, industry conditions, fluctuations of commodity prices, availability of qualified personnel and management, stock market volatility, 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: For further information: Starfire Minerals Inc., 25685 82nd Avenue, Langley, B.C., V1M 2M8, Telephone: (604) 669-5642, Fax: (604) 687-6714