Starfire acquiring Timmins nickel prospect
2006-03-30 20:31 ET - News Release
Mr. Dan Mosher reports
STARFIRE MINERALS INC. ACQUIRES ADDITIONAL NICKEL PROSPECT, TIMMINS AREA, ONTARIO, CANADA
Starfire Minerals Inc. has acquired a nickel prospect located in Shaw township a few miles southeast of Timmins, Ont. The property contains multiple airborne and ground-delineated electromagnetic conductors lying within a zone of ultramafic rocks, as interpreted from regional airborne and ground magnetic surveys.
The property was acquired as part of Starfire's renewed activity in the Shaw Dome area of the nickel-hosting Abitibi Peridotite belt. It lies to the west of the company's Carman township nickel prospect. (For further details on the Carmen property refer to the company's news in Stockwatch on March 7, 2006.)
In Langmuir township, to the southeast, Starfire also holds the Langmuir South nickel prospect, the subject of a current geophysical program and proposed drilling program as recommended by G.A. Harron and Associates in a recently filed National Instrument 43-101 compliant report. Starfire's Langmuir South property lies adjacent to, and south of, Inspiration Mining Company's current intensive drilling program on the Langmuir North prospect extending from the original Langmuir No. 1 and Langmuir No. 2 mines which were former producers in the region. (For further details on the Langmuir property refer to the company's news in Stockwatch of Feb. 8, 2006, and Feb. 17, 2006).
Terms of the agreement include acquisition of a 100-per-cent interest in the property by a minimum work expenditure on the property of $25,000 by May 30, 2006, and the issuance of 200,000 shares of Starfire Minerals to the vendor as follows: 100,000 shares upon approval by the TSX-V and a further 100,000 shares on the anniversary date of the agreement. A 2-per-cent net smelter royalty can be reduced to 0.5 per cent for $1.5-million.
This acquisition is subject to regulatory approvals.
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