Business
Starfield Reports Results For The Second Quarter Ended August 31, 2009 And Announces Director Changes
Starfield Reports Results For The Second Quarter Ended August 31, 2009 And Announces Director Cha...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nOct. 13, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 13, 2009 /CNW/ -- Starfield Resources Inc. (TSX: SRU / OTCBB: SRFDF) today announced its financial results for the second quarter ended August 31, 2009 have been filed on SEDAR.For the three and six month periods ended August 31, 2009, Starfield incurred costs for exploration and related equipment totaling $0.6 million and $2.5 million, respectively. The exploration expenditures were directed toward continued advancement of the Company's Ferguson Lake project in Nunavut, including its grassroots diamond and gold exploration programs on the surrounding area. Administrative expenditures amounted to $0.4 million and $0.9 million for the three and six month periods, respectively.As previously announced, on October 8, 2009 the Company completed the acquisition of Nevoro Inc. (\"Nevoro\"). Accordingly, the notes to the August 31, 2009 unaudited financial statements have been expanded to include the pro forma impact of the Nevoro acquisition. Joining the board will be two former directors of Nevoro, Timothy Read and Philip Martin. In addition, André Douchane, President and CEO of Starfield, will be joining the board. Henry Giegerich and Ulrich Rath have been on the board of Starfield for a number of years and both have resigned. Norm Betts, Chairman said, \"Starfield has been very fortunate to have had the opportunity to benefit from the wisdom, experience and stewardship of Hank and Ulli during their tenure with the Company. We are very appreciative of their efforts and dedication. With the closing of Starfield's acquisition of Nevoro, we're pleased to have the opportunity to add Tim, Phil, and André to Starfield's Board.\"Mr. Read was recently the Chairman of the Board of Directors of Nevoro Inc. (TSX: NVR). An independent director, he was a member of Nevoro's Audit Committee, its Nominating and Corporate Governance Committee and its Compensation Committee. Mr. Read was the President and Chief Executive Officer of Adastra Inc. until 2006, when it was acquired by First Quantum Minerals Inc. Prior to this, he was a Managing Director of Investment Banking for Merrill Lynch (UK) and the Head of Investment Banking of the Mining Group at London-based Smith New Court PLC (acquired by Merrill Lynch in 1995). Mr. Read is a graduate of economics from the University of Str...