Starfield Resources Announces Joint Venture Agreement For Diamond Exploration
And Provides Update On Nevoro Purchase
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"Based on our recently identified opportunities for diamond exploration in Nunavut, we were looking for a partner that was financially able and committed to commence exploration work in Nunavut this fall," said Andre Douchane, President and CEO of Starfield Resources. "The opportunity to retain an ownership interest in the diamond project was also a requirement. We believe that we have met our primary objectives in partnering with Thanda Resources. Thanda has an expert diamond team that has the knowledge and experience to quickly advance this project."
The agreement gives Thanda the right to earn an initial 50% participating interest in a joint venture that will focus on the exploration and development of the diamond potential at the Ferguson Lake property by incurring cumulative exploration expenses of
"We are very enthusiastic about working with Starfield on an aggressive diamond exploration program at the Ferguson Lake property," said Sheila Ogilvie-Harris, President of Thanda Resources Inc. "We have already identified multiple targets and will start the initial drilling program this month."
The Thanda team is led by
Starfield also announced that it has received overwhelming Nevoro shareholder approval, as well as court approval, for its previously announced acquisition of Nevoro Inc. The Company expects to close the transaction by the end of this week.
About Starfield
Starfield Resources Inc. is an advanced exploration and development stage company focused on its Ferguson Lake nickel-copper-cobalt-platinum-palladium property in Nunavut,
About Thanda
Thanda Resources Inc. is a privately held diamond exploration company. For further information about Thanda, please contact Sheila Ogilvie-Harris, President, Thanda Resources Inc. 416-231-4175.
Forward-Looking Statements
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.
Starfield Resources Inc. investors may also participate in the Company's online community at http://www.agoracom.com/ir/Starfield. www.starfieldres.com
For further information: André J. Douchane, President and CEO, (416) 860-0400 ext. 222, [email protected]; Greg Van Staveren, Chief Financial Officer, (416) 860-0400 ext. 223, [email protected]; Connie Anderson, Investor Relations, (416) 860-0400 ext. 228, [email protected]
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