Eastfield Resources Announces 100% Sale of Kilometre 26 Project

About this update from Eastfield Resources Ltd.

[{"type":"text","content":"\nEastfield Resources Announces 100% Sale of Kilometre 26 Project\n\n(via Thenewswire.ca)\n\n \nVancouver, BC, September 12, 2011, Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is pleased to announce that it has entered into an agreement (the \"Purchase Agreement\") with Oroandes Resource Corp. (TSX-V: OAR) (\"Oroandes\") for Oroandes to acquire (the \"Proposed Acquisition\") a 100% interest in the Kilometre 26 Property (the \"Property\"). The Property is comprised of 22 map staked mineral claims covering 9,819 hectares located in the Omineca Mining Division of British Columbia, in which Oroandes has had an option to acquire from the Company a 60% interest since September 2009, when it commenced exploration of the Property. The Purchase Agreement provides that the option agreement between the Company and Oroandes related to the Property and all of the obligations on the part of both the Company and Oroandes under the option will terminate upon closing of the Proposed Acquisition. The parties have also extended OroAndes obligations to make cash and share payments and incur exploration expenditures on the Property from September 21, 2011 to December 21, 2011.\n\n\n \nThe Purchase Agreement provides that Oroandes will, subject to receipt of shareholder approval and acceptance by the TSX Venture Exchange (the \"Exchange\"), issue to the Company 20,000,000 common shares in the capital of Oroandes (the \"Payment Shares\") and the Company has agreed that it will, forthwith upon expiration of the four month and one day hold period from the date of issuance of the Payment Shares, distribute the Payment Shares to the Company's shareholders pro-rata in accordance with the number of common shares of Eastfield held by each such shareholder.\n\n\n \nThe Proposed Acquisition and the creation of Eastfield as a temporary new \"Control Person\" (as that term is defined by the policies of the Exchange) as a result of issuance of the Payment Shares must be approved by the Oroandes shareholders. To that end, Oroandes has called an annual and special shareholder meeting for Friday, October 28, 2011, at which meeting shareholder approval will be sought. Oroandes also intends to seek shareholder approval of the change of its name to \"Fort St. James Nickel Corp.\". There can be no assurance that the Oroandes shareholders will approve the Propos...

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