Eastfield Resources Update
Vancouver, BC / TheNewswire / September 29 2015, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) would like to report that recent market activity has resulted in a number of inquiries regarding the activities of the company. Although no reason is known by management to specifically explain this market activity a brief summary of the status and activities of the company is included.
Eastfield remains financially strong with approximately $1,000,000 in cash and receivables and a further $250,000 in marketable securities and no debt. The company owns a number of mineral projects in British Columbia and a number of patented mining claims in Nevada. For the last three months field work has been occurring at the 100% owned Big Valley gold copper project located immediately north of Wells/Barkerville. Work has also been occurring at the 100% owned Iron Lake copper, gold and PGM (nickel+platinum+palladium) project located 40 kilometers northeast of 100 Mile House.
Eastfield hopes to initiate fieldwork on the Indata gold-copper project locate north of Fort St. James in approximately two weeks. Indata is 91% owned by Eastfield and subject to a 60% option granted earlier in 2015 to Rise Resources Inc. who may earn the interest by making aggregate payments of $350,000 and incurring $2,000,000 in exploration expenditures over a four year term.
At this time, no work is planned for 2015 on either the 100% owned Zymo copper-gold porphyry project located between Smithers and Terrace or the 40% owned Ok copper-molybdenum project located immediately north of Powell River. Claims on both of these projects will remain in good standing until at least 2017 and in many cases 2022.
Eastfield's management continues to evaluate additional opportunities while defining exploration targets at low cost to the company with significant upside exploration potential.
J.W. Morton, P. Geo.
President and CEO
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
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 news release.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of large gold and copper deposits with several highly prospective projects in British Columbia and in Nevada. Eastfield owns a 100% interest in five mineral projects in British Columbia and one in the state of Nevada. The British Columbia projects are significant for copper with accessory precious metals while the Nevada project is specifically significant for gold and silver. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
Copyright (c) 2015 TheNewswire - All rights reserved.