Business
Starfire Minerals Inc. - Porphyry Pearl option agreement amended
Starfire Minerals Inc. - Porphyry Pearl option agreement amended
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\nSep. 15, 2009 (Canada NewsWire Group) -- VANCOUVER, Sept. 15 /CNW/ -- Management of Starfire Minerals Inc. (the \"Company\") is pleased to report that it has negotiated an amendment to the Company's Porphyry Pearl property option agreement by increasing the cash payments due under the agreement and extending the dates by which cash payments and work programs are required to be completed.Under the amended agreement, in order to maintain the option the Company is required to make additional cash payments to the vendor of $75,000 by October 30, 2009 and $125,000 by October 15, 2011. A payment of $250,000 that formerly was due on October 15, 2009 is now due on October 15, 2010.Previous work program commitment dates have also been modified as follows: the required expenditure of $1,100,000 on the property by February 21, 2010 (of which $717,145 has been completed) has been extended to February 21, 2011 and an additional $1,500,000 in expenditures due by February 21, 2011 has been extended to February 21, 2012. Upon completing these cash payments and work expenditures the Company will acquire a 100% interest in the Porphyry Pearl property, subject to a 3% NSR, half of which may be re-purchased by the Company for $3,000,000.As disclosed in the Company's news release of August 27, 2009 which discusses the preliminary results of the Titan 24 DC/IP survey conducted by Quantec, \"Drilling to date on the Porphyry Pearl Zone has indicated a mineralized body over a strike of 240 meters and a width of at least 70 meters to a depth of 350 meters below the bedrock/overburden interface, the average depth of the overburden being 34 meters (see Company release of August 4th, 2009). The mineralized body as interpreted by drill results lies both within and adjacent to the chargeability anomaly and is open to the north, south and west, as well as to depth.The Company is extremely encouraged by these preliminary results as they support a minimum target size of 250 million tonnes. The reader is cautioned that this is not a mineral resource or reserve estimate and it is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain that further exploration will result in the discovery of a mineral resource.\"Management is continuing discussions with respect to joint venture partnerships on this proj...