TSXV: SFR
VANCOUVER, Oct. 17 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased
to announce a non-brokered private placement of 180,000 Units at $0.25 per
Unit ($45,000). Each Unit will consist of one share and one share purchase
warrant. Each warrant will entitle the holder to acquire one additional share
for a period of 2 years from the date of issue at an exercise price of $0.45
in the first year and $0.60 in the second year. A restriction on the warrants
provides that if the Company's shares trade at $0.60 or higher in the first
year and $0.85 or higher in the second year on the TSX Venture Exchange for
20 consecutive trading days, then the warrants must be exercised within
30 calendar days of express written notice to the subscriber or they will be
cancelled. A finder's fee of a combination of cash, shares and/or warrants may
be paid in relation to this portion of the financing, all in accordance with
regulatory policies.
Proceeds of this financing will be used for general working capital.
The above financing is subject to regulatory approval.
About Starfire:
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Starfire Minerals Inc. includes uranium, nickel and precious & base metal
divisions with ten Canadian properties in Ontario, Quebec and British
Columbia.
A field program has been completed on the Company's Porphyry Pearl Gold
Copper Property in the Toodoggone region of North-Central B.C. The Toodoggone
Mineral Belt hosts several large Porphyry copper/gold reserves and has several
epithermal high grade Gold silver deposits that have been mined or are being
mined. We are awaiting geophysical reports on this property.
A further program has been completed on the Company's Cross-Structure
Uranium Property 700 miles east of MontrDeal, Que. Follow up exploration is
planned on this property as a result of encouraging Uranium showings
delineated from its Airborne Radiometric and Magnetic survey and a limited
ground work completed in the fall of 2005. Recent uranium exploration results
from an adjacent property owned by Entourage Mining Ltd, (ETGMF) has
encouraged Starfire to prioritize the work on this project. (See Entourage
Mining Ltd. news releases August 30, 2006 and September 5, 2006).
The Company has also commenced an Airborne Radiometric and Magnetic
Survey, to be flown on 3 of its 4 Uranium Properties by Terraquest Ltd.
(www.terraquest.ca). (The Cross-Structure airborne survey was completed last
year). Results from these surveys will allow the Company to prioritize
prospective targets on these properties.
All exploration work is being subcontracted to experienced contractors
with proven track records, the necessary equipment and qualified personnel.
The Company plans to continue work throughout the fall and will disseminate
results from operations as they become available.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
<<
"Dan Mosher"
-------------------------
Dan Mosher
President/CEO
>>
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