Starfire Minerals Inc. signs Memorandum of Understanding (MOU) for $9 million investment in Porphyry Pearl Property
21 Dezember 2010 - 12:22AM
PR Newswire (Canada)
VANCOUVER, Dec. 20 /CNW/ -- TSXV: SFR VANCOUVER, Dec. 20 /CNW/ -
Starfire Minerals Inc. ("Starfire") announces that it has signed an
MOU with Liaoning Eden Venture Investments Inc. ("Liaoning"), a
Canadian resource/investment company. The majority Liaoning
shareholder is Liaoning Non-Ferrous Geological Research and
Exploration Institute of Liaoning, PRC. ("Liaoning China") Together
they will jointly explore and develop Starfire's Porphyry Pearl
property located in the Toodoggone District of British Columbia.
The parties propose to incorporate a joint venture company
("NEWCO") to facilitate this arrangement and Starfire will then
transfer, at its own cost, the Porphyry Pearl property to NEWCO in
exchange for shares in NEWCO. Liaoning will be able to earn up to a
51% interest in NEWCO through an investment of up to $9,000,000
over 36 months, which funds will be used exclusively for
exploration and development work on the Porphyry Pearl property. In
the event that Liaoning funds the full $9 million then it will
acquire a 51% interest in NEWCO and Starfire's interest in NEWCO
will be diluted to 49%. However, if Liaoning funds less than $9
million then it will only be issued that number of shares of NEWCO
as is proportionate to the amount of funds that it has advanced,
the result of which will be that Starfire's interest in NEWCO will
be greater than 49%. Pursuant to the terms of the MOU, the parties
will form a committee comprised of representatives of both parties
to approve future exploration programs and budgets. In addition,
further development costs will be shared by the parties in
proportion to their shareholdings in NEWCO. The parties are working
towards formalizing this initiative as soon as is reasonably
possible. The formal agreement will be subject to all necessary
regulatory and/or shareholder approvals. ON BEHALF OF THE BOARD OF
DIRECTORS OF STARFIRE MINERALS INC. "Dan Mosher"
_______________________________ Dan Mosher, President & CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. NEITHER THE TSX VENTURE EXCHANGE
NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward Looking
Information Certain information regarding the Company set forth in
this press release, including the re-structuring of a joint venture
company, the proposed amount of financing, the proposed use of
proceeds and management's assessment of the Company's future plans
and operations contain forward looking information that involve
substantial known and unknown risks and uncertainties. This forward
looking information is subject to, but not limited to, factors such
as the actions of third parties, the impact of general economic
conditions, industry conditions, results from future work programs;
fluctuations of commodity prices, availability of qualified
personnel and management and/or timely and cost effective access to
sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ
materially from those expressed in or implied by the forward
looking information and accordingly, no assurance can be given that
any of the events anticipated to occur or transpire from the
forward looking information will provide any benefits to the
Company. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/December2010/20/c6859.html
pFor further information:/p pStarfire Minerals Inc.br/ 3B - 19299
94th Avenuebr/ Surrey, BC V4N 4E6/p p/p table valign="top"
border="0"trtdTelephone:br/ Fax:/td td604.455.0484br/
604.455.0784/td/tr/table
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