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TORONTO, Oct. 14, 2011 /CNW/ - Starfield Resources Inc. (TSX: SRU) ("Starfield", "the Company") today announced its financial results for the first six months ended August 31, 2011 have been filed on SEDAR.
During the six-month period, Starfield incurred costs for exploration and related equipment totaling $3.9 million. The expenditures were directed toward this year's exploration drilling program at its Ferguson Lake and Stillwater properties, advancement of the Hydromet project, and property maintenance. The drilling programs were completed in September 2011 and assay results are currently expected by mid November 2011. Administrative expenditures amounted to $0.8 million.
During the six months ended August 31, 2011 Starfield raised $5.2 million through private placements, and at August 31, 2011, the Company had approximately $4.0 million of cash on hand.
The interim unaudited financial statements, management's discussion and analysis and additional information are available on the Company's website and on SEDAR.
About Starfield
Starfield Resources Inc. is an advanced exploration and development
stage company. The Company's primary asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada.
Additional assets include a nickel-copper-cobalt-PGE-chrome project in
the Stillwater district of Montana with historic copper, nickel,
chromite resources (non 43-101 and not to be relied on); the Moonlight
copper project in California with two significant copper prospects, one
of which has a historical copper resource; and one gold property in
Nevada that is under option to another company.
Starfield has also funded the development of a novel, environmentally friendly and energy efficient hydrometallurgical flow sheet to recover metals from massive sulphides.
Forward-Looking Statements
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks
involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors described
above and in the Company's most recent annual information form under
the heading "Risk Factors" which has been filed electronically by means
of the Canadian Securities Administrators' website located at
www.sedar.com. The Company disclaims any obligation to update or revise
any forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.