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Silver Fields plans financing, Keremeos drilling
2012-09-24 06:51 PT - News Release
Mr. Chris England reports
KEREMEOS PROPERTY UPDATE
Silver Fields Resources Inc. has actively been preparing for a 20-hole drill program (approximately 2,000 metres) on its primary silver property, known as the Keremeos silver project, which is located on Mount Richter, between Keremeos and Osoyoos, in the Similkameen mining district of British Columbia. The property consists of 15 mineral claim tenures and encompasses 2,048 hectares (4,506 acres) including the former Dankoe-Utica silver mine, which, according to B.C. government Minfiles, produced 433,396 tonnes of ore, from which approximately 127 million grams (4,089,409 ounces) of silver, 333,000 grams (10,706 ounces) of gold, and copper, lead and zinc were extracted.
The permitting process was completed in late February, and management anticipated work could begin after the spring thaw in June. The financing climate was poor, and even though the project was drill ready, the required financing was not available. Recent market activity seems to indicate investor interest is more pronounced, and the company will be announcing a financing shortly, with the emphasis on superflow-through shares, for B.C. residents.
Discussions have been carried out with several drilling companies that have made site visits with Silver Fields exploration staff, and the company has been assured equipment is available and a drill program could be initiated within days of the completion of a private placement.
Two thousand eleven saw extensive work being conducted on the project, which has returned significant silver and gold values from several new mineralized areas, namely the Cow Trail vein (3.67 grams per tonne gold and 1,625 g/t silver), the Silver Fields vein (5.69 g/t gold and 956 g/t silver) and the Tire Line vein (54.1 g/t gold). Results from these areas have been described in detail in several news releases during 2011, and are displayed on Silver Fields' website.
We seek Safe Harbor.