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Drilling Targeted at Expanding Copper-Molybdenum Resource at Okeover Project in Southwestern British Columbia
May 28 2008 - Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce that on ...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Drilling Targeted at Expanding Copper-Molybdenum Resource at Okeover Project in Southwestern British Columbia\n\n\nMay 28 2008 - Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is pleased to announce that on May 22 2008, Prophecy Resource Corp. (\"Prophecy\") (TSX-V: PCY) initiated its latest drilling program at the Okeover property, located on tidewater in Southwestern British Columbia. The purpose of the current program is to significantly expand the known mineral resource at the North Lake Zone. The most recent NI 43-101 inferred resource estimate of 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 was calculated in late 2006 by N.C. Carter, Ph.D., P.Eng. Since the completion of this resource calculation, four additional holes reported in 2007, three stepping to the east and one beneath the resource, have confirmed that the North Lake Zone is open for expansion.\n\nThe resource at the North Lake Zone has a copper equivalent grade of 0.40% with 22% of the value derived from molybdenum (calculated at $1.00 a pound for copper and $10 a pound for molybdenum).\n\nThe current drill program contemplates six to eight holes totaling 1,500 metres. The North Lake Zone is one of eight known areas of significant copper-molybdenum mineralization on the Okeover property, which encompasses 3,900 hectares (15 square miles) of mineral claims centered on the Bunster Hills, east of Okeover Inlet, and located on tidewater 25 km north of Powell River.\n\nProphecy believes that well a situated copper-molybdenum project, such as Okeover, constitutes a high potential investment opportunity with copper and molybdenum both at record prices (Copper price is approximately $3.75 a pound and molybdenum is approximately $32 a pound). Moreover, many of the recent completed or proposed takeovers of resource exploration companies, such as Northern Peru Copper Corp. in December 2007, Tyler Resources Inc. in January 2008 and Global Copper Corp. in April 2008 all occurred as a consequence of these companies developing lesser-known copper-molybdenum resources to critical sizes.\n\nProphecy is earning a 60% interest in the OK property from Eastfield by incurring $1,000,000 of mineral exploration expenditures on the property and making cash and/or share payments totaling $110,000. On completion of the current drill program, Prophecy will have satisfied...