(via Thenewswire.ca)
Vancouver, BC, July 2, 2008 - Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce that Canadian Gold Hunter ("CGH") (TSX: CGH), part of the Lundin Group, has commenced this year's exploration program at the Zymo property, located 40 km west of Smithers, BC. The 10,250 hectare property is accessed by good quality logging roads from Smithers.
The Zymo property hosts at least two large copper-gold-porphyry, or intrusion-related, mineralized zones, both of which will see detailed exploration in 2008. The program this year will include extensive geochemical sampling, IP geophysical surveying and diamond drilling. The reconnaissance program that led to a new discovery last year (Hobbes Zone) will continue over a number of prospective target areas. More detailed work, followed by diamond-drill testing, will be completed in the Main and Hobbes Zones.
The Main Zone is defined by a large geochemical anomaly measuring approximately 1.0 km by 1.0 km. In 2007 in the Main Zone area, chip sampling along a creek exposure returned 0.13% copper and 0.26 g/t gold. Grab samples in this area have returned up to 1.0% copper. About 800 metres southeast of the Main Zone, prospecting located a new showing, where a grab sample returned a grade of 0.92% copper, 0.26 g/t gold and 4.5 g/t silver. The nearest drill holes to this new showing are over 500 m to the southeast and to the west, respectively.
The Hobbes Zone is a 2007 discovery of porphyry-style mineralization approximately 4.5 km west of the Main Zone. Grab samples returned copper grades to 0.33% and gold grades to 1.13 g/t, indicating a significant copper-gold system associated with a magnetic high that measures 1.0 km in length. The host rocks are intensely altered intrusives. In this area, a soil sample survey on the outer edges of a magnetic high outlined strong copper, gold and molybdenum anomalies over an area of at least 1.0 x 1.0 km.
CGH may earn a 60% interest in the property by completing exploration expenditures of $4 million over five years. CGH may earn an additional 10% interest by completing a feasibility study and an additional 5% by arranging mine financing for Eastfield. A minimum exploration expenditure of $800,000 must be completed in calendar 2008.
G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
G.L.Garratt, P.Geo.
Officer and Director
Eastfield Resources Ltd.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Since its inception in 1987, Eastfield has utilized a successful business strategy that involves securing third party exploration financing on its projects. Eastfield has six projects located in British Columbia and one in Nevada. Currently optioned projects include Zymo, optioned to Canadian Gold Hunter (TSX: CGH); Okeover, optioned to Prophecy Resource Corp. (TSX-V: PCY); Indata and Howell, optioned to MAX Resource Corp. (TSX.V: MXR); and Iron Lake, optioned to Cobre Exploration Corp. (TSX-V: CXV-H). Lorraine Copper (TSX-V: LLC) and Cariboo Rose Resources (TSX-V: CRB) have their origins in Eastfield, demonstrating the success of the business model.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
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