Business
Starfire Minerals Inc. signs Memorandum of Understanding (MOU) for $9 million investment in Porphyry Pearl Property
Starfire Minerals Inc. signs Memorandum of Understanding (MOU) for $9 million investment in Porph...
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n Dec. 20, 2010 (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, Dec. 20 /CNW/ - Starfire Minerals Inc. ("Starfire") announces\n that it has signed an MOU with Liaoning Eden Venture Investments Inc.\n ("Liaoning"), a Canadian resource/investment company. The majority\n Liaoning shareholder is Liaoning Non-Ferrous Geological Research and\n Exploration Institute of Liaoning, PRC. ("Liaoning China") Together\n they will jointly explore and develop Starfire's Porphyry Pearl\n property located in the Toodoggone District of British Columbia.\n\n\nThe parties propose to incorporate a joint venture company ("NEWCO") to\n facilitate this arrangement and Starfire will then transfer, at its own\n cost, the Porphyry Pearl property to NEWCO in exchange for shares in\n NEWCO. Liaoning will be able to earn up to a 51% interest in NEWCO\n through an investment of up to $9,000,000 over 36 months, which funds\n will be used exclusively for exploration and development work on the\n Porphyry Pearl property. In the event that Liaoning funds the full $9\n million then it will acquire a 51% interest in NEWCO and Starfire's\n interest in NEWCO will be diluted to 49%. However, if Liaoning funds\n less than $9 million then it will only be issued that number of shares\n of NEWCO as is proportionate to the amount of funds that it has\n advanced, the result of which will be that Starfire's interest in NEWCO\n will be greater than 49%. Pursu...