Business
Starfire signs Option and Exploration Agreements
Starfire signs Option and Exploration Agreements.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SFR: TSX-Venture\n\nVANCOUVER, March 20 /CNW/ - Starfire Minerals Inc. and Starfire Precious\nMetals Inc., a division of Starfire Minerals Inc., have formally signed an\noption agreement with Mr. Arne Birkeland to earn a 100% interest in the\nPorphyry Pearl property.\nThe property, which is situated in the Toodoggone mining district in\nnorthern British Columbia, consists of 6000 hectares between 6 and 14\nkilometres north of Toodoggone River some 300 kilometres north of Smithers and\n55 km northwest of the Kemess South Mine.\nThe Porphyry Pearl property consists of a large mineral claim holding\nlocated 45 km north of the Kemess Mine in the heart of the prolific Toodoggone\nMining District in north-central British Columbia. Several exploration\nprograms, including six generations of diamond drilling, have been conducted\non the property during the early 1970's to early 1990's. Despite encouraging\nresults, the property was not developed due to low metal prices and a\ndepressed mining exploration environment in British Columbia during the\n1990's. With the recognition of the economic significance of the Kemess Mine,\ncoupled with the improving infrastructure that now exists in the region,\ncombined with a favourable climate for exploration in British Columbia and\nhigh metal prices, the Porphyry Pearl property is now poised for development.\nA modern day GIS database and 3D model have been compiled for the most\nsignificant mineralized zones found so far on the property. Using the Kemess\nMine analogue, Starfire management and engineering consultants have identified\nseveral target areas prospective for the discovery of large-tonnage gold\nbearing copper porphyry deposits. An extensive exploration program, including\na sophisticated 3D IP survey, is planned for the 2006 field season. A large\nscale diamond drill program, including deep drilling, is planned on the\nhighest priority targets identified by the 2006 program.\n\nTerms of the option agreement include:\n\n1. The issuance of 400,000 common shares on regulatory approval and\n 800,000 shares on the anniversary of the signing of the agreement for\n the subsequent 4 years (for a total of 3,600,000 shares);\n2. Cash payments of $15,000 on signing, $65,000 on August 15, 2006,\n $50,000 on October 15, 2007, $150,000 on October 15, 2008, and\n $250,000 ...