Starfire Minerals Inc. - Acquisition of Porphyry Pearl Property

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[{"type":"text","content":"\n\n\n\n\n\nTSX VENTURE EXCHANGE: SFR\n\n\nVANCOUVER, Aug. 16, 2011 /CNW/ - Starfire Minerals Inc. (the \"Company\")\n announces that it negotiated an amendment to its Porphyry Pearl\n Property option agreement such that in lieu of the requirement to\n expend an additional approx. $1.7M in property expenditures, it instead\n paid $200,000 cash to the owner of the property and thus has now\n acquired a 100% interest in the Porphyry Pearl property. The property\n is subject to a 3% NSR in favour of the vendor, half of which may be\n re-purchased by the Company for $3 million within 30 days of the\n property being placed in commercial production. The Company's\n management believes that the removal of the $1.7M commitment to further\n property expenditures now allows the Company to concentrate on\n maximizing the value of this property in a timely manner.\n\n\nIn order to finance this final property payment, the Company obtained a\n $200,000 loan from a private individual, the principal sum of which\n bears interest at a rate of prime + 1% for a term of up to 12 months.\n The principal and interest is repayable upon completion of the\n Company's next private placement. It was a condition of the loan that\n the loan be secured by all of the Company's property and assets. This\n loan is subject to regulatory approval, which the Company received on\n August 13, 2011.\n\n\nON BEHALF OF THE BOARD\n\n\n\"Dan Mosher\"Dan Mosher, President CEO\n\n\nTHIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL\n RESPONSIBILITY FOR ITS CONTENTS. NEITHER THE TSX VENTURE EXCHANGE NOR\n ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE\n POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE\n ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\nForward Looking Information\n\n\nCertain information regarding the Company set forth in this press\n release, including management's assessment of the Company's future\n plans and operations contain forward looking information that involve\n substantial known and unknown risks and uncertainties. This forward\n looking information is subject to, but not limited to, factors such as\n the actions of third parties, the impact of general economic\n conditions, industry conditions, results from future work programs;\n fluctuations of commodity prices, availability of qualified personnel\n an...

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