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TORONTO, May 7, 2012 /CNW/ - Starfield Resources Inc. (TSX: SRU) ("Starfield", "the Company") is pleased to announce it has completed the sale of 179 mining claims in the Stillwater District of Montana to Stillwater Mining Company ("SMC").
The transaction was completed on a private basis between the two companies and is worth approximately US$2 million. The funds will be used for working capital and exploration in Canada and the United States.
The claims, which are at the eastern end of the Stillwater Complex, were deemed to be non-core to the Company, which is focusing exploration efforts on the western end of the district. The purchase will provide SMC with greater access to its new Blitz Project.
The Company has also relinquished its long term holding on the Benbow Chromite mining leases. This leaves Starfield with approximately 600 claims in the Stillwater district as well as several significant exploration targets.
Starfield reported on its 2011 exploration program at Stillwater in a separate press release dated May 3, 2012. The Company continues to seek exploration joint venture partners for the Stillwater Project, which it believes has long term economic potential.
Starfield is also pleased to announce that Wayne Fraser has been appointed Interim Chief Financial Officer. Mr. Fraser has extensive financial and mining industry experience in the private and public sectors and is a Certified Management