VANCOUVER, May 27, 2011 /CNW/ - The corporations comprising the Stanfield Mining Group (the "Companies") announce that after careful and extensive consideration of available alternatives, management has determined that it is in the best interests of stakeholders of the Companies to seek court protection from creditors under the Companies' Creditors Arrangement Act (Canada) ("CCAA") and they sought and were granted such protection by Order of the British Columbia Supreme Court on May 26, 2011. The Court has granted the Companies protection under the CCAA for an initial period expiring on June 23, 2011, to be extended as required and as approved by the Court. During the period when the Companies are under CCAA protection, creditors and others are stayed from enforcing any rights affecting the business and assets of the Companies and the Companies can restructure their affairs without interference. The implications for the Companies' creditors and other stakeholders will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete.

The Companies decided to seek protection under the CCAA as their current financial situation did not permit them to meet their current or future obligations to creditors, preferred shareholders, and others and continue with their business plan. Management believes that restructuring under the CCAA provides the Companies the best opportunity to restructure its affairs in the interests of its many stakeholders in a respectful, inclusive, and orderly manner.

Deloitte & Touche Inc. of Vancouver, British Columbia have been appointed Monitor by Order of the Court. All inquiries regarding the CCAA proceedings affecting the Companies should be directed to the Monitor. A copy of the Order, which includes a complete list of the corporations which comprise the Stanfield Mining Group and are the subjects of the Order, will be made available and may be viewed on the Monitor's website:

SOURCE Stanfield Mining Group

For further information:

Inquiries with respect to the CCAA proceedings affecting the Companies may be made to:

Deloitte & Touche Inc.
2800 - 1055 Dunsmuir Street
Vancouver, BC V7X 1P4
(604) 640-3210

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Stanfield Mining Group

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