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TORONTO, Jan. 13, 2012 /CNW/ - Starfield Resources Inc. (TSX: SRU)("Starfield", "the Company") today announced that its
financial results for the first nine months ended November 30, 2011
have been filed on SEDAR.
For the nine months ended November 30, 2011, Starfield incurred costs
for exploration totaling $5.2 million. The expenditures were directed
toward this year's exploration drilling program at its Ferguson Lake
and Stillwater properties, advancement of the Hydromet project, and
property maintenance. The drilling programs were completed in September
2011. On November 10, 2011, the Company announced that assay results
from this year's exploration drilling program at Ferguson Lake
confirmed and better defined the massive sulphide mineralization in a
portion of the West Zone, and extended the deep massive sulphide
mineralization comprising the 119 Zone Extension southwestward by 350
meters. In late December 2011, the Company received a draft updated
scoping study for its Ferguson Lake property. The technical committee
and management team are reviewing this document. The Company is still
awaiting full assay results from this year's drill program at its
Stillwater property in Montana.
As part of its implementation of IFRS reporting standards and consistent
with its existing reporting under U.S. accounting principles, the
Company has adopted an accounting policy to expense existing
exploration expenditures until such time as proven and probable
reserves are established. Administrative expenditures amounted to $1.1
million for the nine months ended November 30, 2011.
During the nine months ended November 30, 2011 Starfield raised $5.2
million through private placements, and at November 30, 2011, the
Company had approximately $1.4 million of cash on hand.
On January 12, 2012 the board of directors granted to directors,
officers and key consultants of the Company 13,500,000 stock options
exercisable at $0.03 for a period of five years to January 12, 2017.
The grant represents less than 2% of the outstanding share capital of
the Company and the total outstanding stock options issued under the
plan continues to be less than 5% of the outstanding share capital. The
directors of the Company have also agreed to waive cash compensation
for their retainer effective immediately.
The Company is continuing to review strategic alternatives for the
Company and its assets.
The interim unaudited financial statements, management's discussion and
analysis and additional information are available on the Company's
website and on SEDAR.
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) and the
Moonlight copper project in California with two significant copper
prospects, one of which has a historical copper resource.
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 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. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Starfield Resources Inc.
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