Starfield Reports Canadian Exploration Expense Shortfall and
Extended Engagement of Philip Martin to Steward Company Through
Asset Sale Process
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./
TORONTO, Dec. 20, 2012 /CNW/ - Starfield Resources
Inc. (TSX: SRU) ("Starfield", "the Company") has confirmed that
it will fall $2,888,000 short with
respect to its obligation to incur aggregate Canadian Exploration
Expenses ("CEEs") of $3,789,000 by
December 31, 2012.
Such shortfall will adversely impact all
shareholders of the Company who acquired flow-through shares of the
Company in 2011. The Company has prepared and is filing with the
Canada Revenue Agency (the "CRA") the requisite T101B and amended
T101's to notify the CRA of the $2,888,000 reduction of previously renounced
CEEs. Copies of same will be forwarded to all impacted shareholders
so that they can determine their potential reassessment
exposure.
As previously disclosed, the Company has engaged
PricewaterhouseCoopers Inc. ("PwC") to assist management and the
board of directors in assessing its strategic options. Since being
engaged, PwC has undertaken a global effort to showcase the
Company's mineral assets and solicit the interest of potential
buyers. PwC anticipates completing the interest solicitation
process in the first quarter of 2013.
The Company is pleased to announce that
Philip Martin has extended his
contract position with Starfield as its President and Chief
Executive Officer until May 31, 2013.
The Board of Directors is delighted to have Mr. Martin's continued
service and leadership as the Company continues to undertake steps
to maximize the potential value of the business for its
stakeholders.
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);
the Moonlight copper project in California with two significant copper
prospects, one of which has a historical copper resource; and one
gold property in Nevada that is
under option to another company.
Starfield has also funded the development of a
novel, environmentally friendly and energy efficient
hydrometallurgical flow sheet to recover metals from massive
sulphides.
Forward-Looking Statements
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. 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 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
from 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.
The reader is cautioned not to place undue reliance on
forward-looking statements.
www.starfieldres.com
SOURCE Starfield Resources Inc.