Eastfield Resources Provides Update on Drilling and Sale of Kilometre 26

About this update from Eastfield Resources Ltd.

[{"type":"text","content":"\nEastfield Resources Provides Update on Drilling and Sale of Kilometre 26\n\n(via Thenewswire.ca)\n\n \nVancouver, BC, November 30, 2011, Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is pleased to provide an exploration update on the Kilometre 26 project. The TSX Venture Exchange has accepted for filing the mineral claim purchase agreement dated Sept. 9, 2011, whereby Oroandes Resource Corp. (TSX-V: OAR) (\"Oroandes\") will acquire a 100-per-cent interest in the Kilometre 26 property, located in the Omineca mining division, British Columbia, from Eastfield. Eastfield and Oroandes are currently parties to an option agreement dated Sept. 28, 2009, whereby the Oroandes has an option to acquire 60 per cent of the property. The purchase agreement provides that the existing option agreement, and all obligations on the part of Eastfield and Oroandes under the option, will terminate upon closing of the purchase agreement.\n\n\n \nIn consideration of the purchase, the Eastfield will receive 20 million shares of Oroandes. Eastfield will, after the expiration of the four-month-and-one-day hold period, distribute the payment shares to Eastfield shareholders pro rata in accordance with the number of common shares of Eastfield held by each shareholder. The distribution schedule will be announced at a late date.\n\n\n \nOroandes is currently drilling at Kilometre 26. It is expected that up to 12 drill holes totaling 2,000 metres will be completed. Due to the relatively low elevation of the Kilometre 26 property and its excellent access, exploration programs can be carried out year-round. Kilometre 26 is accessed by an all-season arterial logging road.\n\n\n \nThe Kilometre 26 project encompasses 9,819 hectares (24,263 acres). It is centred on a strong magnetic anomaly indicated on the Quest West helicopter-borne magnetic and electromagnetic survey flown for the British Columbia government (Geoscience B.C.) and published January, 2009. The magnetic anomaly is circular in feature and is more than five kilometres in diameter, suggesting a large ultramafic body. Geological reconnaissance and prospecting over the last two summers have discovered an area of nickel mineralized serpentinite over an area of five kilometres by three kilometres (outcrop, subcrop and rubble) within this feature. Drill targets were established following the compl...

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