Eastfield Resources Ltd.: Announces Private Placement
The private placement is not subject to any minimum subscriptions and certain insiders of the Company have agreed to participate, with details of such participation to be included in the news release announcing closing of these private placements. The proceeds will be used by Eastfield for general working capital.
The securities issued pursuant to these private placements will be subject to a hold period expiring four months and one day from the date of issuance.
Eastfield currently has six mineral projects located in British Columbia of which three are currently optioned to third parties with work programs anticipated this year. These include: Hedge Hog (copper-gold-cobalt), optioned to Surge Exploration Inc., Indata (copper-gold), optioned to Prophecy Potash Corp. and Iron Lake (copper-gold-cobalt-platinum-palladium) optioned to GK Resources Limited.
Among the remaining 100% owned projects is the 15,719-hectare (38,842 acre) Zymo copper-gold project located near the community of Smithers, BC. Zymo is a calc-alkaline copper-gold porphyry that Eastfield purchased in 2007 and has since been explored extensively by soil and induced polarization surveys and 10,810 metres of drilling (36 diamond drill holes). Several zones of mineralization have been discovered within a strong induced polarization anomaly measuring 8 kilometers by 2 kilometers. Exemplary holes include hole ZY08-09 with 0.44% copper and 0.32 grams gold over 159 meters including 0.72% copper and 0.54 g/t gold over 72 meters (true width indeterminate).
This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for its content.
J.W. Morton, P. Geo.
President and CEO
Contact: (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 precious metal and copper deposits. Eastfield owns a 100% interest in five mineral projects in British Columbia. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com