Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox"-- TSX Venture -- "SFX") is pleased to announce that it has signed an exploration & option agreement (the "Formal Agreement") with Orebot Inc. ("Orebot") as set forth in the Letter of Intent signed between the two companies on February 8, 2011 and as extended by both parties on June 14, 2011.
The signing of the Formal Agreement marks a shift in Silvore Fox's focus from due diligence to exploration. This property historically contains the Pick Lake zinc deposit, which is reported to contain 600,000 tonnes of 21.2% zinc, 1% copper (Inmet Mining, 1998) which would make it the highest grade zinc deposit known to exist in Ontario. This tonnage and grade was not verified by the Corporation and cannot be relied upon as a current resource. The Corporation believes that the surrounding Winston Lake area has potential for further discoveries in addition to the 3 historical deposits.
In early June Silvore Fox acquired 4 new additional claims that became available in the area. After consolidating all its holdings Silvore Fox now controls 9,600 Hectares (600 total claims) of potentially favorable geology in the area, all with 100% interest and no NSR (net smelter royalty).
(See Map below)
The President of Silvore Fox, Mr. Harold J. Cabrita, made the following statement about the Corporation's plans for the property:
"Having completed the due diligence phase, and signing this agreement today with Orebot, Silvore Fox can now initiate our exploration plan for the area. Following my visit to the property in May along with our consulting geologist Mr. Ian Chisholm, and Mr. Kevin Kivi (of Orebot), Silvore Fox expanded our compilation of all available historical exploration work including geological, geophysical, drilling and geochemical work performed over the area of our consolidated holdings. Utilizing people familiar with the region we have commenced an investigation to determine which of the modern geophysical technologies and techniques will be most appropriate for this area and type of deposit. We expect the results of the new planned geophysical work, combined with the historical database we are currently constructing, will yield new, high confidence, drill targets. We believe the land to be accessible for drilling year round."
The Formal Agreement sets out a schedule of payments to Orebot, over a 48 month period, totaling Cdn$1,200,000. Silvore Fox paid $5,000 in cash to Orebot on the signing of the Letter of Intent ("LOI") and an additional $5,000 upon signing of the extension of the LOI, and has now paid a further $20,000 in cash to Orebot on the signing of this Formal Agreement. The remaining payments are: $70,000 due twelve months from the date of signing of the Formal Agreement (the "Effective Date"), $300,000 due twenty-four months from the Effective Date, another $300,000 due thirty-six months from the Effective Date, and a final payment of $500,000 due forty-eight months from the Effective Date. At that time Orebot will not retain any further interest in the optioned claims or any net smelter royalty.
An 'Exploration Update' and immediate future plans for the Winston Lake claims will be released in the coming weeks. Silvore Fox has previously provided updates with respect to the Winston Lake Property on February 8, 2011, March 3, 2011 and April 11, 2011.
Ian Chisholm, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based public mineral exploration company with three base metal properties located in Canada and in Africa. We are focused on high tonne potential base metal exploration projects within a diversified portfolio of properties that attempts to minimize political risk without limiting potential returns for our shareholders.
On November 17th, 2010, Silvore Fox entered into a Strategic Agreement with Beijing Donia Resources Co. Ltd ("Donia") at the China International Mining Conference, 2010. Donia is the single largest shareholder of Silvore Fox currently holding approximately 30% of the Corporation's outstanding shares. This strategic partnership provides the Corporation with a strong platform for growth through mineral exploration expertise, funding and strategic acquisitions. SFX has an experienced management and geological team.
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 press release contains "forward-looking information" within the meaning of applicable securities laws relating to the intention of the Corporation to begin exploration activities on the properties being discussed. Readers are cautioned not to place undue reliance on the forward-looking information. Actual results and developments may differ materially from those contemplated by this forward-looking information depending on, among other things, the risks the funding by the Corporation of the exploration and development on the properties. 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, the risks of 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 ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, 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.