Trading Symbol - SF.V
VANCOUVER, Feb. 28, 2012 /CNW/ - Mr. Chris England, President and CEO of Silver Fields Resources Inc., is pleased to announce the Ministry of Energy and Mines has granted a Mines Act permit which authorizes exploration activities on the Company's Keremeos Silver Project, located on Mount Richter, between Keremeos and Osoyoos in the Similkameen Mining District of British Columbia. The property consists of 15 mineral claim tenures, encompassing 2,048 Hectares (4,506 acres).
The exploration plans for 2012 include mechanized trenching and sampling as well as up to 2000 metres of drilling as recommended by Mr. Peter Folk, P.Eng., the mine manager of the former Dankoe-Utica Silver Mine, and Silver Fields' project geologist. Mr. Folk is also a Qualified Person as defined by National Instrument 43-101. Trenching and drilling will focus on several new mineralized areas discovered in the 2011 exploration season, namely the "Cow Trail Vein" (3.67 g/t gold, 1625 g/t silver); the " Silver Fields Vein" (5.69 g/t gold, 956 g/t silver); and the "Tire Line Vein" ( 54.10 g/t gold).
The Company is continuing to offer tranche 2 of a non-brokered private placement of 12,000,000 units, to raise proceeds of $600,000. The private placement consists of 6,000,000 non-flow through units priced at $0.05 per unit and 6,000,0000 flow-through units priced at $0.05 per unit. As well, each unit consists of a two year warrant with an exercise price of $0.10 during the first 12 months of the term of the warrants, and at an exercise price of $0.15 during the last 12 months of the term. A portion of the financing was completed prior to the 2011 year end, and management is concentrating on closing the balance of the financing shortly. The gross proceeds of the offering will be used in part for general working capital and the flow through portion of the private placement will be used for qualified Canadian Exploration Expenditures, including the planned drill program on the Company's Keremeos Silver Project.
The Company will pay a finder's fee in connection with the private placement of 10% cash, plus 10% Agent's Warrants where permitted by the TSX Venture Exchange.
On behalf of the Board of Directors
President and CEO
Silver Fields Resources Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
For further information:
Mr. Tony England or Mr. Brent Forgeron.