Silver Fields Resources Inc. Expands Coal Holdings in Saskatchewan
18 February 2009 - 10:00PM
Marketwired
Silver Fields Resources Inc. ("Silver Fields") (TSX VENTURE:
SF)(FRANKFURT: RLQ) is pleased to announce it has reached an
agreement with North American Gem Inc. (TSX VENTURE: NAG), whereby
Silver Fields has the right to acquire a 37.5% interest in 12 Coal
Prospecting Permits (CPP) totaling 23,040 acres, located in
Township 55-07-02 Northeast of Tobin Lake in Central Saskatchewan.
In addition, WestCan Uranium Corp. (TSX VENTURE: WCU) ("WestCan")
will also have the right to acquire a similar 37.5% interest in the
property and North American Gem will retain a 25% interest upon
completion of the agreement.
The terms of the option agreement will require Silver Fields to
pay the sum of $7,500 and issue 200,000 common shares to North
American Gem as well as complete $480,000 in shared exploration
costs on the property with WestCan, prior to October of 2011. A
bankable Feasibility Study on the property must be completed within
5 years of the vesting of this agreement. Upon acceptance of this
study, the Companies will enter into a joint venture agreement
whereby North American Gem Inc. will hold 25% interest in the
project and WestCan Uranium and Silver Fields, will each hold a
37.5% interest in the project. The terms and conditions of the
joint venture relationship will to be determined at that time. This
agreement is subject to TSX Venture Exchange approval.
Silver Fields will be the Operator for the project and has
submitted a detailed drill permit application to the government of
Saskatchewan's permitting office. The Company has made plans to
commence a detailed exploration program on the property upon permit
approval.
This Township, located just east of the recently announced
Weststar Resources Corp. (TSX VENTURE: WER) exploration program, is
near the most recent coal discovery by Goldsource Mines Inc. (TSX
VENTURE: GXS), and is contiguous to an additional 12 CPP's held by
the Silver Fields. The Company also holds 24 CPP's southwest of
Wapawekka Lake and southeast of Lac La Ronge near the intersection
of Highways 165 and 912.
On behalf of the Board of Directors
Chris England, President and CEO
Silver Fields Resources Inc.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Silver Fields Resources Inc. Chris England President
and CEO (604) 684-0454 Email: info@silverfieldsresources.com
Website: www.silverfieldsresources.com
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