Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut,
Canada
SRU - TSX.V
SRFDF - OTC BB
VANCOUVER, May 25 /CNW/ - Starfield Resources Inc. (TSX.V: SRU and OTC
BB:SRFDF) ("Starfield" or the "Company") is pleased to announce that it has
completed the second closing of its previously announced private placement
offering of up to $16,566,653 (the "Offering"). Starfield completed the
offering of an additional 4,349,060 units of the Company at a price of $0.53
per unit for aggregate proceeds of $2,305,000. Each unit consists of one
common share and one-half of one transferable common share purchase warrant of
the Company. Each whole warrant entitles the holder to acquire one common
share of the Company at an exercise price of $0.75 per common share during the
period ending one year from May 23, 2006. This closing together with the first
closing of $14,261,652 announced on May 11, 2006 results in gross proceeds of
approximately $16,566,653 received by the Company.
Max Capital Markets Ltd. received a further finder's of $18,550 and
143,165 compensation options. The compensation options may be exercised at a
price of $0.65 per common share during the period ending one year from
May 23, 2006.
The shares, warrants and any shares acquired on the exercise of warrants
will be subject to a four month hold period expiring September 24, 2006.
About Starfield
Starfield Resources Inc. is an advanced exploration and development
company focused on its Ferguson Lake Copper-Nickel-Cobalt-Palladium-Platinum
property located in Nunavut, Canada. The Ferguson Lake property covers more
than 1.3 million acres and is 100% owned by the Company. Since 1999, Starfield
has completed more than 100,000 metres of diamond drilling in 243 holes. In
addition to the NI 43-101 technical report dated May 15, 2006 by N.C. Carter
PhD. P.ENG which was filed on Starfield's SEDAR website on May 25, 2006, the
Company expects to announce the results of geostatistical evaluations and a
scoping study in 2006. A developing feature of this mineral district is the
significant discovery of high grade platinum and palladium mineralization
found in the footwall to the massive sulphide deposit. Starfield's Ferguson
Lake Project is unfolding as Nunavut's largest ongoing base and precious metal
project.
On behalf of the Board of Directors,
"Glen C. Macdonald"
Glen C. Macdonald, P.Geo., Director
(Glen Macdonald is the Qualified Person under National Instrument 43-101
responsible for preparing the technical disclosure in this news release)
Caution concerning forward-looking statements
---------------------------------------------
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, 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. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act of
1993, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable securities laws or an
exemption from such registration is available.
For further information contact:
Starfield completes private placement
Starfield Resources Inc on 6ix
Story so far
Earlier from Starfield Resources
- 2006 development and exploration update
- Starfield completes first closing ($14,261,652) of private placement
- Starfield announces increase in private placement
- Starfield announces private placement financing of up to $11,080,000
- Starfield increases inferred resource by 20% and indicated resource by 19%
Later from Starfield Resources
- Starfield appoints Chief Financial Officer
- Geostatistical analyses estimates measured resources at Ferguson Lake
- Starfield Resources completes first 47 drill holes of its 2006 program
- Starfield Resources provides development and exploration update
- Starfield Resources achieves positive recoveries from the hydrometallurgical test processing of Ferguson Lake massive sulphides
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