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This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
Vancouver, BC, December 2, 2011, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) of Suite 110, 325 Howe Street, Vancouver, British Columbia, has acquired ownership of 20,000,000 common shares (the "Payment Shares") in the capital of Fort St. James Nickel Corp. (formerly OroAndes Resource Corp.) (the "Issuer"), representing approximately 30.13% of the Issuer's issued and outstanding common shares. Following this acquisition, Eastfield owns 20,075,000 common shares in the capital of the Issuer representing approximately 30.25% of the issued and outstanding common shares of the Issuer.
The Payment Shares were issued at a deemed per share price of $0.10 from the Issuer's treasury pursuant to the terms of a mineral claim purchase agreement (the "Purchase Agreement") as consideration for the acquisition by the Issuer from Eastfield of a mineral property interest. The Payment Shares are subject to a hold period (the "Hold Period") of four months and one day until April 2, 2012, imposed by applicable securities legislation and the policies of the TSX Venture Exchange. Under the terms of the Purchase Agreement, Eastfield has covenanted and agreed that forthwith upon expiration of the Hold Period it will distribute the Payment Shares to the holders (the "Eastfield Shareholders") of its common shares, pro-rata in accordance with the number of common shares of Eastfield held by each such Eastfield Shareholder. As of the date of this release, Eastfield has no intention to acquire ownership of, or control over, additional securities of the Issuer.
A report respecting this acquisition will be filed electronically with the Securities Commission in each jurisdiction where the Issuer is reporting and will be available for viewing through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Bill Morton
Authorized Signatory
CEO and Director
Eastfield Resources Ltd.
J.W. (Bill) Morton
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has six projects in British Columbia and one in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Zymo, optioned to Bearing Resources Ltd. (TSX-V: BRZ); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); and Iron Lake, optioned to Calico Exploration Corp. (TSX-V: CKB). Eastfield holds 20,000,000 shares of Fort St. James Nickel (TSX-V: FTJ) which will be distributed to shareholders pro-rata in accordance with the number of common shares of Eastfield they hold. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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