Business

Starfire Minerals Inc. signs Joint Venture Agreement (JV) for $9 million investment in Porphyry Pearl Property

Apr. 18, 2011 (Canada NewsWire Group) -- TSXV: SFR VANCOUVER, April 18 /CNW/ - Starfire M...

articleSandfire Resources America Inc.April 18, 20115/company/sandfire-resources-america-inc/news/starfire-minerals-inc-signs-joint-venture-agreement-jv-for-dollar9-million-investment-in-porphyry-pearl-property
Starfire Minerals Inc. signs Joint Venture Agreement (JV) for $9 million investment in Porphyry Pearl Property

About this update from Sandfire Resources America Inc.

[{"type":"text","content":"\n\n\n Apr. 18, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSXV: SFR\n\n\nVANCOUVER, April 18 /CNW/ - Starfire Minerals Inc. ("Starfire")\n announces that it has signed a joint venture agreement with Liaoning\n Eden Venture Investments Ltd. ("Liaoning"), a Canadian\n resource/investment company. The majority Liaoning shareholder is\n Liaoning Non-Ferrous Geological Research and Exploration Institute of\n Liaoning, PRC. ("Liaoning China") Pursuant to this agreement, Starfire\n and Liaoning will jointly explore and develop Starfire's Porphyry Pearl\n property located in the Toodoggone District of British Columbia.\n\n\nThe parties have agreed to incorporate a company ("NEWCO") to facilitate\n this arrangement and Starfire will then transfer, at its own cost, its\n interest in the Porphyry Pearl property to NEWCO in exchange for shares\n in NEWCO. Liaoning will be able to earn up to a 51% interest in NEWCO\n through an investment of up to $9 million over 36 months, which funds\n will be used exclusively for exploration and development work on the\n Porphyry Pearl property. The minimum required annual investment by\n Liaoning is $3 million.\n\n\nUpon funding the full $9 million Liaoning will acquire a 51% interest in\n NEWCO and Starfire's interest in NEWCO will be diluted to 49%. However,\n if Liaoning funds less than $9 million, then it will only be issued\n that number of shares of NEWCO as is proportionate to the amount of\n funds th...

More updates from Sandfire Resources America Inc.