VANCOUVER, Sept. 15 /CNW/ - Management of Starfire Minerals Inc. (the "Company") is pleased to report that it has negotiated an amendment to the Company's Porphyry Pearl property option agreement by increasing the cash payments due under the agreement and extending the dates by which cash payments and work programs are required to be completed.
Under the amended agreement, in order to maintain the option the Company is required to make additional cash payments to the vendor of $75,000 by October 30, 2009 and $125,000 by October 15, 2011. A payment of $250,000 that formerly was due on October 15, 2009 is now due on October 15, 2010.
Previous work program commitment dates have also been modified as follows: the required expenditure of $1,100,000 on the property by February 21, 2010 (of which $717,145 has been completed) has been extended to February 21, 2011 and an additional $1,500,000 in expenditures due by February 21, 2011 has been extended to February 21, 2012. Upon completing these cash payments and work expenditures the Company will acquire a 100% interest in the Porphyry Pearl property, subject to a 3% NSR, half of which may be re-purchased by the Company for $3,000,000.
As disclosed in the Company's news release of August 27, 2009 which discusses the preliminary results of the Titan 24 DC/IP survey conducted by Quantec, "Drilling to date on the Porphyry Pearl Zone has indicated a mineralized body over a strike of 240 meters and a width of at least 70 meters to a depth of 350 meters below the bedrock/overburden interface, the average depth of the overburden being 34 meters (see Company release of August 4th, 2009). The mineralized body as interpreted by drill results lies both within and adjacent to the chargeability anomaly and is open to the north, south and west, as well as to depth.
The Company is extremely encouraged by these preliminary results as they support a minimum target size of 250 million tonnes. The reader is cautioned that this is not a mineral resource or reserve estimate and it is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain that further exploration will result in the discovery of a mineral resource."
Management is continuing discussions with respect to joint venture partnerships on this project, and the Company is in the process of evaluating those opportunities while the other parties are conducting their due diligence reviews.
Starfire Minerals Inc. includes uranium, nickel and precious & base metal divisions with properties in Ontario, Quebec and British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS 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.
Forward Looking Information
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.
SOURCE Starfire Minerals Inc.
For further information: For further information: Starfire Minerals Inc., 520 - 355 Burrard Street, Vancouver, BC, V6C 2G8, Telephone: (604) 669-5642, Facsimile: (604) 687-6714