VANCOUVER, March 15 /CNW/ - Starfire Minerals Inc. (the "Company") wishes
to announce that it has signed an option agreement to acquire a 100% interest
in two mineral claims located in the Otish Mountain area in Quebec, a
prospective uranium property.
The terms of the agreement include the payment of $92,000 cash and the
issuance of 600,000 shares of the Company over 3 years as follows: 150,000
shares within 10 days of obtaining regulatory approval and 150,000 shares on
the first, second and third anniversary dates of the agreement. The agreement
also includes work commitments totaling $150,000 over three years as follows:
$50,000 in each of the first, second and third years.
The property is subject to a 2% net smelter royalty, one half of which
can be bought back by the Company for $1.0 million.
This acquisition is subject to regulatory approval.
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. THE TSX Venture Exchange DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: STARFIRE MINERALS INC., 520 - 355 BURRARD
STREET, VANCOUVER, B.C., V6C 2G8, Telephone: (604) 669-5642, Facsimile: (604)