Business
Starfire Minerals completes a corporate reorganization
Starfire Minerals completes a corporate reorganization.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Jan. 5 /CNW/ -\n\nTo the Shareholders of Starfire Minerals Inc.\n\nThis past year has been an exciting and productive year for Starfire.\nDuring 2005 the Company has raised a total of $1,785,194 from a\ncombination of private placements as well as the exercise of warrants and\noptions. We have listed the Company for trading in Frankfurt and Berlin.\nNew 43-101 reports have been completed on the Capri and Cross-Structure\nuranium properties in Quebec. We are in the process of preparing a 43-101 for\nthe Langmuir nickel property near Timmins, Ontario. Recent events regarding\nproperties adjacent to the Langmuir property have caused management to enhance\nits focus in this area.\nOn the basis of the information, reports and exploration undertaken\nduring this year, the Company has plans in place for over $3 million of work\non our various projects for 2006 subject to available financing.\nWith the dramatic increase during 2005 in commodity prices including\nuranium, nickel and precious metals, Starfire has undertaken a corporate\nreorganization to effectively separate, develop and profile its properties\nmore efficiently.\nThree new companies; \"Starfire Uranium Inc.\", \"Starfire Nickel Inc.\", and\n\"Starfire Precious Metals Inc.\" are 100% owned subsidiaries of Starfire\nMinerals Inc and were structured to allow for effective development, joint\nventure partnerships and other financing opportunities in the near future.\nEach of our current and future properties will be eventually transferred\nto one of the three new companies, according to their mineral type. Ownership\nof the Capri, Cross Structure, Stobie Lake and any future uranium properties\nwill be transferred to Starfire Uranium Inc. The Langmuir, Eldorado, Carmen\nand Black properties will become part of Starfire Nickel Inc. Future gold,\nsilver or precious metals properties would become part of Starfire Precious\nMetals Inc. The chart (fig.1) shows the details of this reorganization. All of\nthe proposed restructuring and transfers are subject to any governmental,\nregulatory and/or other approvals that may be required.\n2006 promises to be an exciting year in our industry. The management,\noperational and exploration teams of Starfire will continue to work diligently\nat expanding our firm and maximizing the value of our current and fu...