TORONTO, March 7, 2013 /CNW/ - Starfield Resources Inc. (TSX:SRU) ("Starfield", the "Company") today announced that, with the
authorization and approval of its board of directors, Starfield has
filed a Notice of Intention to Make a Proposal ("Notice of Intention")
pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice of Intention, PricewaterhouseCoopers Inc. ("PWC")
has been appointed as the trustee in the Company's proposal proceedings
(the "Proposal Trustee") and in that capacity will monitor and assist
the Company in its restructuring efforts.
As previously announced, PWC has been engaged by Starfield since
November 2012 to assist management and the board of directors of
Starfield in assessing Starfield's strategic options. In that capacity
PWC has been working with the Company to solicit proposals for an
investment in the Company or an acquisition of the Company or its
The Company intends to continue that sale or investment solicitation
process ("SISP") and expects to bring an application to the Ontario
Superior Court of Justice in the near future seeking, among other
relief, authorization to continue the SISP on a defined timeline.
The filing of the Notice of Intention has the effect of imposing an
automatic stay of proceedings that will protect the Company and its
assets from the claims of creditors and others while the Company
pursues its restructuring efforts.
There can be no guarantee that the Company will be successful in its
restructuring efforts. Failure by the Company to achieve its
restructuring goals will likely result in the Company becoming
All inquiries regarding the BIA proceedings should be directed to the
Proposal Trustee at 416-687-8080. Court materials and other information
about the BIA proceedings will be available on the Proposal Trustee's
website at www.pwc.com/car-starfield.
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
Superior copper project in California with two significant copper
prospects, one of which has a historical copper resource.
This news release may contain certain information that constitutes
forward-looking statements including delisting on the TSX, listing
opportunities on the TSX Venture Exchange or NEX and the outcome of the
assessment of strategic options. 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 ability to meet TSX listing requirements
within the specified time frame, success of completing any strategic
option, 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 except where required by law. 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