TORONTO,
March 7, 2013 /CNW/ - Starfield
Resources Inc. (TSX:SRU) ("Starfield", the "Company") today
announced that, with the authorization and approval of its board of
directors, Starfield has filed a Notice of Intention to Make a
Proposal ("Notice of Intention") pursuant to the provisions of Part
III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice of Intention,
PricewaterhouseCoopers Inc. ("PWC") has been appointed as the
trustee in the Company's proposal proceedings (the "Proposal
Trustee") and in that capacity will monitor and assist the Company
in its restructuring efforts.
As previously announced, PWC has been engaged by
Starfield since November 2012 to
assist management and the board of directors of Starfield in
assessing Starfield's strategic options. In that capacity PWC has
been working with the Company to solicit proposals for an
investment in the Company or an acquisition of the Company or its
assets.
The Company intends to continue that sale or
investment solicitation process ("SISP") and expects to bring an
application to the Ontario
Superior Court of Justice in the near future seeking, among other
relief, authorization to continue the SISP on a defined
timeline.
The filing of the Notice of Intention has the
effect of imposing an automatic stay of proceedings that will
protect the Company and its assets from the claims of creditors and
others while the Company pursues its restructuring efforts.
There can be no guarantee that the Company will
be successful in its restructuring efforts. Failure by the Company
to achieve its restructuring goals will likely result in the
Company becoming bankrupt.
All inquiries regarding the BIA proceedings
should be directed to the Proposal Trustee at 416-687-8080. Court
materials and other information about the BIA proceedings will be
available on the Proposal Trustee's website at
www.pwc.com/car-starfield.
About Starfield
Starfield Resources Inc. is an advanced
exploration and development stage company. The Company's primary
asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada. Additional assets include a
nickel-copper-cobalt-PGE-chrome project in the Stillwater district of Montana with historic copper, nickel, chromite
resources (non 43-101 and not to be relied on) and the Superior
copper project in California with
two significant copper prospects, one of which has a historical
copper resource.
Forward-Looking Statements
This news release may contain certain
information that constitutes forward-looking statements including
delisting on the TSX, listing opportunities on the TSX Venture
Exchange or NEX and the outcome of the assessment of strategic
options. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the ability to meet TSX listing requirements
within the specified time frame, success of completing any
strategic option, the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved
in interpreting drilling results and other geological data,
fluctuating metal prices and other factors described above and in
the Company's most recent annual information form under the heading
"Risk Factors" which has been filed electronically by means of the
Canadian Securities Administrators' website located at
www.sedar.com. The Company disclaims any obligation to update or
revise any forward-looking statements if circumstances or
management's estimates or opinions should change except where
required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Starfield Resources Inc.