Bedford, Nova Scotia (April 11, 2011) -- Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox" -- TSX Venture -- "SFX") is pleased to announce that is has successfully completed staking operations in the available areas surrounding, and/or contiguous to, the properties previously optioned from Orebot Inc. ("Orebot") as announced through Stockwatch on February 8, 2011.
At this time Silvore Fox has registered 543 units, or 8,688 hectares, of claims in the Winston Lake area near Schreiber, ON. Some claims were registered directly into Silvore Fox's name while others had to temporarily be registered by a third party on behalf of Silvore Fox prior to the Corporation receiving its own Ontario claims number. Silvore Fox is in the process of having claims for all 543 units registered in its name. Including the 848 ha optioned from Orebot, Silvore Fox now controls 9,536 ha of claims in the area, all with 100% interest and no NSR (net smelter royalty).
(See Map below)
Existing geological and geophysical data was used to determine possible trends and high priority target areas surrounding the optioned Orebot properties over the past two months.
Vice President of Exploration for Silvore Fox Minerals, Dr. "Oliver" Zhenquan Gao described the motivation behind the additional claim staking in the area as follows: "VMS systems such as exists in the Winston Lake area can typically produce clusters of deposits in relatively close proximity to each other. Our goal is to find the primary, or source deposit, for the Pick Lake deposit within our claims area, or to discover other large tonnage deposits of a similarly high grade. Our review of the existing data available identified several high priority claims in the area that have now been staked by Silvore Fox. The size of the land package we have staked is indicative of the potential we see in this area."
Mr. Dave Owens P.Geo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
According to Mr. Cabrita the significance of the Winston Lake transaction goes beyond the land package itself: "The option agreement for Winston Lake is the first transaction we have closed since the signing of a strategic partnership agreement with Beijing Donia Resource Co. Ltd ("Donia") on November 17, 2010. It marks an important time in our company's history as we begin the transition from a provincial organization to what we expect will become a multi-property company with operations in Canada and internationally."
Beijing Donia becomes Largest Single Shareholder of Silvore Fox Minerals
In other corporate news Silvore Fox Minerals Corp has been notified by its largest shareholder, Sino Minerals Corp, that it has distributed all of its shares of Silvore Fox to its shareholders, and that as result Beijing Donia Resources Co. Ltd will take direct ownership of 39,853,772 shares of Silvore Fox currently held by Sino Minerals Corp and will subsequently become the single largest shareholder of Silvore Fox with total holdings of 30.2%.
President and CEO
Dr. Jingbin Wang
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This announcement contains forward-looking information and forward-looking statements (collectively "forward-looking information") under applicable securities laws, relating, but not limited to the Corporation's expectations, intensions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes or other expectations including future operations and relations to Winston lake and Pick lake properties and future international operations. Such forward-looking information is based on current expectations that involve a number of known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, delays in the development of projects, uncertainties relating to the interpretation of the geology, and unanticipated operational or technical difficulties and other factors. Such forward-looking information is based on a number of assumptions, including but not limited to, the availability of skilled labour, availability of equipment, and future capital and operating costs. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Corporation does not assume the obligation to revise or update this forward-looking information after the date of this announcement or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Map: Silvore Fox's new claim area (light blue) surrounds the previously optioned Orebot/SFX claim area (purple) and Inmet Mining's current claims (pink), over which Inmet retains control.