Starfield Reports Results for Third Quarter ended November 30, 2008
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
TORONTO, Jan. 9, 2009 /CNW/ - Starfield Resources Inc. (TSX: SRU/OTCBB:
SRFDF) today announced its financial results for the third quarter ended
November 30, 2008 have been filed on SEDAR.
For the three and nine month periods ended November 30, 2008, Starfield
incurred costs for exploration and related equipment totaling $8.3 million and
$26.8 million, respectively. The expenditures were directed toward the
continued advancement of the Company's Ferguson Lake project in Nunavut,
including its grassroots diamond exploration program. Administrative
expenditures amounted to $0.8 million and $2.0 million for the three and nine
months ended November 30, 2008, respectively.
During the nine month period ended November 30, 2008, Starfield raised
$20.0 million through a private placement, and at November 30, 2008, the
Company had approximately $7.2 million of cash on hand.
The quarterly financial statements, management's discussion and analysis
and additional information are available on the Company's website and on
SEDAR.
About Starfield
Starfield Resources Inc. is an advanced exploration and development stage
company focused on its Ferguson Lake nickel-copper-cobalt-platinum-palladium
property in Nunavut, Canada. The property is emerging as Nunavut's largest
base and precious metal project. Starfield has funded the development of a
novel, environmentally friendly and energy-efficient hydrometallurgical flow
sheet to recover metals from its Ferguson Lake massive sulphides. The Company
has also embarked on a diamond exploration program on its property and
recently discovered a diamond.
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 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. The reader is cautioned not to place undue reliance on forward-looking
statements.
Starfield Resources Inc. investors may also participate in the Company's
online community at http://www.agoracom.com/ir/Starfield.
www.starfieldres.com
%SEDAR: 00009374E
%CIK: 0001074795
For further information: Connie Anderson, Investor Relations, Starfield
Resources Inc., (416) 860-0400 ext. 228, canderson@starfieldres.com; André
J. Douchane, President and CEO, Starfield Resources Inc., (416) 860-0400 ext.
222, adouchane@starfieldres.com; Greg Van Staveren, Chief Financial
Officer, Starfield Resources Inc., (416) 860-0400,
gvanstaveren@starfieldres.com
