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Wednesday, November 30, 2011
Eastfield Resources Provides Update on Drilling and Sale of Kilometre 26
Vancouver, BC, November 30, 2011, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to provide an exploration update on the Kilometre 26 project. The TSX Venture Exchange has accepted for filing the mineral claim purchase agreement dated Sept. 9, 2011, whereby Oroandes Resource Corp. (TSX-V: OAR) ("Oroandes") will acquire a 100-per-cent interest in the Kilometre 26 property, located in the Omineca mining division, British Columbia, from Eastfield. Eastfield and Oroandes are currently parties to an option agreement dated Sept. 28, 2009, whereby the Oroandes has an option to acquire 60 per cent of the property. The purchase agreement provides that the existing option agreement, and all obligations on the part of Eastfield and Oroandes under the option, will terminate upon closing of the purchase agreement.
In consideration of the purchase, the Eastfield will receive 20 million shares of Oroandes. Eastfield will, after the expiration of the four-month-and-one-day hold period, distribute the payment shares to Eastfield shareholders pro rata in accordance with the number of common shares of Eastfield held by each shareholder. The distribution schedule will be announced at a late date.
Oroandes is currently drilling at Kilometre 26. It is expected that up to 12 drill holes totaling 2,000 metres will be completed. Due to the relatively low elevation of the Kilometre 26 property and its excellent access, exploration programs can be carried out year-round. Kilometre 26 is accessed by an all-season arterial logging road.
The Kilometre 26 project encompasses 9,819 hectares (24,263 acres). It is centred on a strong magnetic anomaly indicated on the Quest West helicopter-borne magnetic and electromagnetic survey flown for the British Columbia government (Geoscience B.C.) and published January, 2009. The magnetic anomaly is circular in feature and is more than five kilometres in diameter, suggesting a large ultramafic body. Geological reconnaissance and prospecting over the last two summers have discovered an area of nickel mineralized serpentinite over an area of five kilometres by three kilometres (outcrop, subcrop and rubble) within this feature. Drill targets were established following the completion of approximately 65 line kilometres of ground-based geophysical surveys (particularly magnetic and induced polarization). The setting and nature of the nickel mineralization are believed to be similar to what occurs at the Decar project (First Pont Minerals Corp. and Cliffs Natural Resources Inc.), located 30 kilometres to the west.
J.W. (Bill) Morton P.Geo, a Qualified Person for the purposes of National instrument 43-101, has read and taken responsibility for this news release.
Bill Morton, P.Geo.
CEO and Director
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has seven projects in British Columbia and one in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Zymo, optioned to Bearing Resources Ltd. (TSX-V: BRZ); Kilometre 26, with an agreement to sell to Oroandes Resource Corp. (TSX-V: OAR); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); Iron Lake, optioned to Calico Exploration Corp. (TSX-V: CKB). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=493837 |