Silvore Fox Minerals Corp. (the “Corporation” or “Silvore Fox”– TSX Venture – “SFX”) is pleased to update shareholders on the status of its 3 projects: Madagascar, Winston Lake, and Coxheath.
Coxheath, Nova Scotia (Copper Porphyry system, 100% owned)
At the company’s 100% owned Coxheath claims Quantec Geoscience has completed a 10-line (approximately 24 km) Titan 24 Deep Earth Imaging survey utilizing both DCIP & MT technologies.
The multi-parameter data, from depths of up to 1.5 km, is now being interpreted by Quantec, and Silvore Fox project advisor Dr. Yang of Beijing Donia. in order to determine valid drill targets. The potential here is for a large porphyry system buried under a veneer of younger rocks.
This geophysical survey will provide a high resolution view of specific, high priority, target areas with known copper, gold, and moly mineralization. Initial interpretation results are already being delivered and analyzed. A further update will be released once a new working plan for Coxheath, likely to include a drilling program, has been developed.
Winston Lake, Ontario (high grade VMS Copper - Zinc property, 100% owned, no NSR)
Geotech Ltd. has completed a 1,061 line kilometer helicopter borne geophysical survey covering Silvore Fox’s 9,600 hectares of claims in the Winston and Pick Lake region near Schreiber in North Western Ontario.
Interpretation of the data collected is being conducted by SFX project leader Mr. Ian Chisholm P.Eng and JVX Ltd. a geophysical consulting company, who are combining this new data with pertinent historical data with the goal of providing Silvore Fox with high quality drill targets. Silvore Fox will announce the survey results and provide further exploration updates on the property after completion of the interpretation process.
Madagascar, Africa (potential high grade Copper property, signed LOI stage)
Local partner Gaea Mining has requested additional time from Silvore Fox in order to obtain and provide certain commercial documentation required by Silvore Fox to finalize a formal joint venture agreement on the Madagascar properties. Silvore Fox has agreed to provide GAEA with an extension agreement that will expire on October 31, 2011.
“Work programs on our two Canadian properties are progressing well. Delays with the completion of the joint venture agreement in Madagascar are unfortunate, but necessary for management to protect the interests of Silvore Fox shareholders. Both GAEA and Silvore Fox are making their best efforts to close this deal which is why Silvore Fox has granted GAEA the extension they requested.”
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. We are focused on high tonne potential base and precious 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 of 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 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.