Business
Starfield Resources Announces Joint Venture Agreement For Diamond Exploration And Provides Update On Nevoro Purchase
Starfield Resources Announces Joint Venture Agreement For Diamond Exploration And Provides Update...
About this update from North Valley Resources Ltd.
[{"type":"text","content":"\n\n\n\nOct. 5, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 5, 2009 /CNW/ -- Starfield Resources Inc. (TSX: SRU / OTCBB: SRFDF) today announced it has signed a joint venture agreement with Thanda Resources Inc. (\"Thanda\") to develop Starfield's previously identified diamond potential at the Company's Ferguson Lake Project in Nunavut.\"Based on our recently identified opportunities for diamond exploration in Nunavut, we were looking for a partner that was financially able and committed to commence exploration work in Nunavut this fall,\" said Andre Douchane, President and CEO of Starfield Resources. \"The opportunity to retain an ownership interest in the diamond project was also a requirement. We believe that we have met our primary objectives in partnering with Thanda Resources. Thanda has an expert diamond team that has the knowledge and experience to quickly advance this project.\"The agreement gives Thanda the right to earn an initial 50% participating interest in a joint venture that will focus on the exploration and development of the diamond potential at the Ferguson Lake property by incurring cumulative exploration expenses of $6.5 million over a three year period. After the initial $6.5 million investment by Thanda, it may choose to commence a prefeasibility study. Upon completion of a prefeasibility study, Starfield may choose to either retain a 30% interest in the project by paying its pro-rata share of the costs of the prefeasibility study and future development, or convert to a 3% gross revenue royalty.\"We are very enthusiastic about working with Starfield on an aggressive diamond exploration program at the Ferguson Lake property,\" said Sheila Ogilvie-Harris, President of Thanda Resources Inc. \"We have already identified multiple targets and will start the initial drilling program this month.\"The Thanda team is led by Dr. Matthew Field, a world class diamond resource geologist and recognized expert in kimberlite geology. Dr. Field has over 23 years of wide-ranging experience with De Beers in diamond exploration and mining in many countries. He has experience in many facets of the industry including target selection, exploration, production monitoring, resource reconciliation, project development and research. He has managed ore-body delineation and sampling programs and has provided geological models and min...