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Friday, April 11, 2008
Eastfield
Resources Project Update and Plans for 2008
Eastfield Resources Ltd. (TSX-V: ETF)
("Eastfield")
would like to update shareholders about its plans for 2008. Following the
completion of the spin-off of the Lorraine-Jajay-Tam-Misty property to
Lorraine Copper Corp. (TSX-V: LLC), Eastfield will continue with six projects
in British Columbia and one in the state of Nevada and with approximately
$400,000 in working capital. Eastfield expects a busy exploration season in 2008
on its Okeover (Ok) project and other projects.
Eastfield will continue to follow its low risk/high leverage business model
that is based on funding exploration by optioning its properties to other
companies. This business model has been followed successfully since 1987.
Wildrose Resources (TSX-V: WRS), Cariboo Rose Resources (TSX-V: CRB) and
Lorraine Copper all have their origins in Eastfield, demonstrating the
success of this business model.
A summary of the company's continuing projects, on which Eastfield and its
partners to date have completed more than five million dollars in
exploration, is as follows:
Okeover: A copper-molybdenum project over 5,233 hectares in size and
located on the coast near Powell River, BC. In 2006, Dr. Nick Carter authored
a NI 43-101 compliant resource estimate for the North Lake Zone totalling
86.8 million tonnes grading 0.31% copper and 0.014% MoS2 (one of several
zones of mineralization). In 2007, Prophecy Resource Corp. (TSX-V: PCY), who
can earn up to a 60% interest in the Okeover project, completed ten
additional diamond drill holes. Significant new mineralization was found to
the east and at depth in the North Lake Zone area and a significant new area
of mineralization (39.7 metres grading 0.045% MoS2 and 0.27% Cu) was
discovered two kilometres further to the south. Prophecy Resource Corp. has
recently announced that drilling will resume by mid May.
Zymo: A 10,250 hectare property with a copper-gold porphyry system
that has additional potential for high sulphidation gold-silver-zinc
mineralization. Zymo is a relatively recent discovery on which a small drill
program was completed by Freeport McMoran (NYSE: FCX) in 1999. Eastfield
acquired Zymo, located approximately 45 kilometres west Smithers, BC in 2007
by way of an option agreement (option to earn 100%) from a consortium of
private individuals. A surface program completed by Eastfield late in the
season discovered a new area of porphyry style mineralization approximately
4.5 km west of the main showing. Grab samples from this area returned copper
values to 0.33% and gold values to 1.13 g/t indicating a significant
copper-gold system associated with a magnetic high that measures 1.0 km in
length. A new showing was also discovered in the main showing area that
returned 0.92% copper, 0.26 g/t gold and 14.5 g/t silver. Several potential
partners have expressed interest in the Zymo project and the company
anticipates a significant field program in 2008.
Iron Lake: Active in 2007, this 7,116 hectare copper-gold-platinum group
metal project is located approximately 50 kilometres northeast 100 Mile
House, BC. The best drill intercept was 1.23 g/t gold over 57.9 metres.
Indata: Active in 2007, this 3,060 hectare porphyry copper and lode
gold project is located 150 kilometres north of Fort St. James and 10
kilometres south of Serengeti Resource's (TSX-V: SIR) Kwanika project.
Howell: Active in 2006, this 4,374 hectare carbonate hosted
disseminated gold project is located in southeastern BC approximately 50
kilometres south of Fernie, BC.
Crowsnest: Active in 2006, this 2,282 hectare lode gold project is
located in southeastern BC approximately 10 kilometres southeast of the
Howell Project. A trench sample taken in 2000 returned 10.6 g/t gold across
16.0 metres.
Tonopah: A lode gold-silver project consisting
of 25 patented claims located near Tonopah Nevada. Total area 350 acres,
active in 1997.
J.W.Morton
J.W. Morton, President
Eastfield Resources Ltd.
FOR FURTHER INFORMATION REGARDING EASTFIELD PLEASE CONTACT:
Paul Way
(604) 681-7913 or
Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may contain certain "Forward-Looking Statements" within the
meaning of Section 21E of the United States Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the TSX -
Venture Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
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