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Friday, June 13, 2008
Eastfield Resources Options Iron Lake Project
Vancouver, BC - June 13, 2008 - Eastfield Resources Ltd.
("Eastfield") (TSX-V: ETF) is pleased to announce that Cobre
Exploration Corp. ("Cobre") (TSX-V: CXV-H) has signed an agreement
to explore and develop the Iron Lake copper-gold-nickel-platinum group metals
and magnetite project located in southcentral British Columbia.
Eastfield has granted Cobre an option which will allow Cobre to earn a 60% interest
in the 7,116 hectare Iron Lake project by incurring $1,500,000 in
exploration, making $165,000 in option payments, making $130,000 in cash
payments and/or equivalent in share issuances and issuing 500,000 shares
before June 1, 2012. The Iron Lake property is located 45 kilometres
northeast of 100 Mile House, BC and has been owned outright by Eastfield,
subject to a 1.5% NSR royalty, since 2000.
The Iron Lake property is underlain by a 5.0 by 7.0 km magnetic high that is
interpreted as outlining a large multiphase ultramafic intrusive complex.
Mapping of the limited outcrop has shown to include olivine pyroxenite,
diorite, peridotite and pegmatitic phases. Geochemical sampling to date has
covered less than half of this complex and has outlined several large
anomalies for copper, platinum and palladium. At least three of these
anomalies are 1.0 km in length and follow-up exploration by drilling has only
been carried out on the most southeasterly anomaly where a massive sulphide
body has been discovered coincident with an airborne EM anomaly.
In 2000, disseminated copper-gold-platinum group metals mineralization hosted
in an average of seven samples of the mineralized olivine pyroxenite rubble
returned a value of 0.72% copper, 0.68g/t gold, 0.31 g/t Pd+Pt along with
anomalous values in nickel. The source of the mineralized olivine pyroxenite,
which is a common rock type on the property, has not yet been located but
will be an important objective of the 2008 program.
In 2004, the Iron Lake property was flown with high resolution magnetic and
multi-channel electromagnetic instruments resulting in the identification of
a number of conductive anomalies. In 2005, diamond drill testing of two of
these conductors intersected massive sulphides in two of four holes with hole
05-I-02 returning six metres of massive sulphide mineralization. The
pyrrhotite-dominant massive sulphide contained lesser chalcopyrite and is
highly anomalous in nickel and cobalt (� 0.1% Ni and 0.12% Co in a number of
samples). With the confirmation that Iron Lake hosts magmatic sulphide
mineralization, further drilling is warranted. Additional conductors detected
in the 2004 survey remain to be evaluated and will be targeted in the 2008
program.
The Cobre-Eastfield agreement requires a 2008 program of at least $350,000.
Cobre has indicated that it is anticipating a program considerably larger
than this, perhaps in the $700,000 range. A permit to initiate the program
with an excavator trenching component is in hand with drilling anticipated
later in the program following additional ground based geochemical and
geophysical surveys.
It is believed that continued exploration of this large system will develop
several new targets while continuing to evaluate known anomalies.
Bill Morton
J.W. (Bill) Morton, P. Geo
President and CEO
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Since its inception in 1987, Eastfield has utilized a successful business
strategy that involves securing third party exploration financing on its
projects. Eastfield has six projects located in British Columbia and one in
Nevada. Currently optioned projects include Zymo, optioned to Canadian Gold
Hunter (TSX: CGH); Okeover, optioned to Prophecy Resource Corp. (TSX-V: PCY);
Indata and Howell, optioned to MAX Resource Corp. (TSX.V: MXR); and Iron
Lake, optioned to Cobre Exploration Corp. (TSX-V: CXV-H). Wildrose Resources
(TSX-V: WRS), Cariboo Rose Resources (TSX-V: CRB) and Lorraine Copper (TSX-V:
LLC) all have their origins in Eastfield, demonstrating the success of the
business model.
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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