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TORONTO, Dec. 20, 2012 /CNW/ - Starfield Resources Inc. (TSX: SRU) ("Starfield", "the Company") has confirmed that it will fall
$2,888,000 short with respect to its obligation to incur aggregate
Canadian Exploration Expenses ("CEEs") of $3,789,000 by December 31,
Such shortfall will adversely impact all shareholders of the Company who
acquired flow-through shares of the Company in 2011. The Company has
prepared and is filing with the Canada Revenue Agency (the "CRA") the
requisite T101B and amended T101's to notify the CRA of the $2,888,000
reduction of previously renounced CEEs. Copies of same will be
forwarded to all impacted shareholders so that they can determine their
potential reassessment exposure.
As previously disclosed, the Company has engaged PricewaterhouseCoopers
Inc. ("PwC") to assist management and the board of directors in
assessing its strategic options. Since being engaged, PwC has
undertaken a global effort to showcase the Company's mineral assets and
solicit the interest of potential buyers. PwC anticipates completing
the interest solicitation process in the first quarter of 2013.
The Company is pleased to announce that Philip Martin has extended his
contract position with Starfield as its President and Chief Executive
Officer until May 31, 2013. The Board of Directors is delighted to have
Mr. Martin's continued service and leadership as the Company continues
to undertake steps to maximize the potential value of the business for
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-copper-cobalt-PGE-chrome project in
the Stillwater district of Montana with historic copper, nickel,
chromite resources (non 43-101 and not to be relied on); the Moonlight
copper project in California with two significant copper prospects, one
of which has a historical copper resource; and one gold property in
Nevada that is under option to another company.
Starfield has also funded the development of a novel, environmentally
friendly and energy efficient hydrometallurgical flow sheet to recover
metals from massive sulphides.
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. 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 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 from 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. 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
416-860-0400 ext. 223