Silvore Fox Minerals Corp. Signs Formal Agreement on High Grade Zinc Property
June 29 2011 - 3:45PM
Marketwired
Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX
VENTURE: SFX) is pleased to announce that it has signed an
exploration & option agreement (the "Formal Agreement") with
Orebot Inc. ("Orebot") as set forth in the Letter of Intent signed
between the two companies on February 8, 2011 and as extended by
both parties on June 14, 2011.
The signing of the Formal Agreement marks a shift in Silvore
Fox's focus from due diligence to exploration. This property
historically contains the Pick Lake zinc deposit, which is reported
to contain 600,000 tonnes of 21.2% zinc, 1% copper (Inmet Mining,
1998) which would make it the highest grade zinc deposit known to
exist in Ontario. This tonnage and grade was not verified by the
Corporation and cannot be relied upon as a current resource. The
Corporation believes that the surrounding Winston Lake area has
potential for further discoveries in addition to the 3 historical
deposits.
In early June Silvore Fox acquired 4 new additional claims that
became available in the area. After consolidating all its holdings
Silvore Fox now controls 9,600 Hectares (600 total claims) of
potentially favorable geology in the area, all with 100% interest
and no NSR (net smelter royalty).
To view the map of the Winston Lake Property, please visit the
following link:
http://media3.marketwire.com/docs/Winston_Lake0629.jpg
The President of Silvore Fox, Mr. Harold J. Cabrita, made the
following statement about the Corporation's plans for the
property:
"Having completed the due diligence phase, and signing this
agreement today with Orebot, Silvore Fox can now initiate our
exploration plan for the area. Following my visit to the property
in May along with our consulting geologist Mr. Ian Chisholm, and
Mr. Kevin Kivi (of Orebot), Silvore Fox expanded our compilation of
all available historical exploration work including geological,
geophysical, drilling and geochemical work performed over the area
of our consolidated holdings. Utilizing people familiar with the
region we have commenced an investigation to determine which of the
modern geophysical technologies and techniques will be most
appropriate for this area and type of deposit. We expect the
results of the new planned geophysical work, combined with the
historical database we are currently constructing, will yield new,
high confidence, drill targets. We believe the land to be
accessible for drilling year round."
The Formal Agreement sets out a schedule of payments to Orebot,
over a 48 month period, totaling Cdn$1,200,000. Silvore Fox paid
$5,000 in cash to Orebot on the signing of the Letter of Intent
("LOI") and an additional $5,000 upon signing of the extension of
the LOI, and has now paid a further $20,000 in cash to Orebot on
the signing of this Formal Agreement. The remaining payments are:
$70,000 due twelve months from the date of signing of the Formal
Agreement (the "Effective Date"), $300,000 due twenty-four months
from the Effective Date, another $300,000 due thirty-six months
from the Effective Date, and a final payment of $500,000 due
forty-eight months from the Effective Date. At that time Orebot
will not retain any further interest in the optioned claims or any
net smelter royalty.
An 'Exploration Update' and immediate future plans for the
Winston Lake claims will be released in the coming weeks. Silvore
Fox has previously provided updates with respect to the Winston
Lake Property on February 8, 2011, March 3, 2011 and April 11,
2011.
Ian Chisholm, PEng, a qualified person as defined by National
Instrument 43-101, has reviewed and approved the technical
information contained in this news release.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based
public mineral exploration company with three base metal properties
located in Canada and in Africa. We are focused on high tonne
potential base metal exploration projects within a diversified
portfolio of properties that attempts to minimize political risk
without limiting potential returns for our shareholders.
On November 17th, 2010, Silvore Fox entered into a Strategic
Agreement with Beijing Donia Resources Co. Ltd ("Donia") at the
China International Mining Conference, 2010. Donia is the single
largest shareholder of Silvore Fox currently holding approximately
30% of the Corporation's outstanding shares. This strategic
partnership provides the Corporation with a strong platform for
growth through mineral exploration expertise, funding and strategic
acquisitions. SFX has an experienced management and geological
team.
Harry Cabrita, President and CEO
Dr. Jingbin Wang, Chairman
This press release contains "forward-looking information" within
the meaning of applicable securities laws relating to the intention
of the Corporation to begin exploration activities on the
properties being discussed. Readers are cautioned not to place
undue reliance on the forward-looking information. Actual results
and developments may differ materially from those contemplated by
this forward-looking information depending on, among other things,
the risks the funding by the Corporation of the exploration and
development on the properties. Such forward-looking information is
based on current expectations that involve a number of known and
unknown risks and uncertainties that may cause actual results to
differ materially from those expressed or implied by the
forward-looking information. Factors that could cause actual
results to differ materially from any forward-looking information
include, but are not limited to, the risks of capital and operating
costs varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, delays in the development of
projects, uncertainties relating to the interpretation of the
geology, and unanticipated operational or technical difficulties
and other factors. Such forward-looking information is based on a
number of assumptions, including but not limited to, the ability of
the Corporation to raise sufficient capital to pay the exploration
and development costs on the properties, the availability of
skilled labour, availability of equipment, and future capital and
operating costs. Should one or more risks and uncertainties
materialize or should any assumptions prove incorrect, then actual
results could vary materially from those expressed or implied in
the forward-looking information and accordingly, readers are
cautioned not to place undue reliance on this forward-looking
information. The Corporation does not assume the obligation to
revise or update this forward-looking information after the date of
this announcement or to revise such information to reflect the
occurrence of future unanticipated events, except as may be
required under applicable securities laws.
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.
Contacts: Harry Cabrita, President & CEO (902) 832-1060
(905) 847-0157 (FAX) info@silvorefox.com
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