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Sheffield Resources Ltd. Profile

Other key criteria involve the development of such well-established mineral projects in politically stable jurisdictions, where the projects also benefit from robust infrastructure.

The Company’s primary asset is the wholly-owned, advanced-stage Moonlight Copper Deposit in north-eastern California, which is the centerpiece of Sheffield’s more than 9,000 acre - mineral-rich Moonlight Property.

The Company’s land holdings strategically encompass not only the Moonlight Deposit but also two adjacent historic copper mines that still host valuable polymetallic mineral inventories. Sheffield has an option to earn up to a 100% interest in both deposits, namely the Engels and Superior mines (1914-1930). Other well-mineralized targets are also known to exist within this historic mining camp.

Gold is not the only other metal that is known to exist on the Moonlight Property. Extensive historic drilling on the property has also revealed the presence of silver credits. Notably, all of these metals are trading at or near their 30-year highs.

In particular, the Moonlight Deposit is shaping up to be a prospective “company maker” large tonnage polymetallic mineral asset. This is where nearly 100,000 feet of historic drilling spanning 199 holes, as well as Sheffield’s more recent drilling efforts, have demonstrated that copper, silver and minor gold are all present to considerable depths, beginning near surface. Gold is present in significant quantities in the several mineralized areas comprising the Moonlight South early stage exploration target.

The Moonlight Property also benefits from robust infrastructure by way of proximal water supplies and a power grid that extends to within 5 miles of the property. Also, the property is intersected by a network of paved road and industrial roads that connect to a nearby highway. A major service centre, the city of Reno, is also situated a mere 85 miles to the southeast.

Sheffield’s near-term mandate is the development of near-surface oxide copper mineralization at the Moonlight Property, starting with the former Engels mine. This is where there exists an oxide copper target of up to several million tonnes, wherein a number of intersections grade in excess of 1.5% copper. The current drill program will focus on determining the grade and tonnage of this potentially high grade target.

A number of other small, near-surface copper oxide targets are also scheduled for development in due course. At the Moonlight Deposit, a 12.2-million ton historical copper oxide resource, averaging an estimated 0.54% copper shows considerable promise for near term development, but only if the historical resource can be verified by modern exploration..

In the event Sheffield can prove new high-grade copper oxide resources at the Engel Mine and convert historical oxide copper resources at the Moonlight Deposit into NI43-101 compliant resources, the advent of a modest sized cost-efficient open pit, bulk tonnage oxide copper heap leach mining operations at the Moonlight Property have potential to provide Sheffield with near-term cash flow. These funds might be expected to defray the considerable costs involved in the further development of the deeper, much more prolifically mineralized copper sulphide resources – which represents a 400-million-tonne target at the Mooonlight Project.

Sheffield is also evaluating the acquisition of other undervalued and underdeveloped North American prospects that exhibit excellent early-stage potential for economic commercialization.

The first such opportunity involves the recent signing of an option agreement to acquire up to a 100% interest in the Golden Loon nickel/cobalt property near the city of Kamloops, British Columbia. This property benefits from excellent infrastructure.

Last changed at 22-Jun-2008 04:00PM by Red Mars