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Tuesday, May 18, 2010
Eastfield Signs Agreement to Option Out Indata Gold-Copper Project, BC
Vancouver, BC, May 18, 2010 - Eastfield Resources Ltd. "Eastfield" (TSX-V: ETF) is pleased to announce that it has signed a letter agreement dated May 14, 2010 with Oceanside Capital Corp. (TSX-V: OCC.P) in which Oceanside has been granted an option to acquire a 60% interest in the Indata property, located in the Omineca Mining Division, British Columbia.
The Indata Property
The Indata property is located in north central British Columbia north of the regional centre of Fort St. James, BC and consists of 15 claims covering 3,060 hectares. The property, with both a lode gold and porphyry copper target, has been owned by Eastfield since 1986 on claims that were staked by Imperial Metals Corp. (TSX-V: III) in 1983 (Imperial retains a 10.1% working interest in the property). Cumulative exploration expenditures completed by Eastfield and its partners in this project since 1987 total $2.3 million dollars, including $351,000 in 2008.
The Indata property is situated in a complex geological setting adjacent to the Pinchi fault. Two styles of mineralization are known to occur on the property:
1.) Lode gold of a "Mother Lode" characteristic (similar to the Mother Lode district in California), probably related to the Pinchi Fault; and
2.) "Porphyry Copper" style mineralization, possibly related to a Cretaceous aged intrusive event or alternatively to Triassic-Jurassic plutonism as is the case at Kwanika Creek located ten kilometers to the north.
Previous drill highlights at Indata include hole 1988-11 which intersected 4.0 metres grading 47.26 g/t gold and hole 1998-4, located 1,500 metres to the west of 1988-11 which intersected 145 metres grading 0.20% copper including 24 metres grading 0.37% copper.
A robust multi-element geochemical anomaly, identified in 2007 on the north-eastern edge of the grid, has a signature which may reflect a precious metal vein or vein system and has not yet been geophysically surveyed or drill tested. A permit has been authorized to complete the line cutting and induced polarization surveying in this area and to complete two reconnaissance lines five kilometers to the south. A "table top" archeological assessment has been requested as a precursor to permitting road construction or drilling and is currently underway. Indata became road accessible in 1994 following the completion of 18 kilometers of all weather access road into the heart of the property.
Terms of Transaction
Under the terms of the letter agreement, Oceanside has been granted the option to earn a 60% interest in the mineral claims by paying to Eastfield the aggregate sum of $160,000, by issuing and allotting to Eastfield an aggregate of $120,000 of fully paid non-assessable shares of Oceanside and by expending an aggregate of $2,000,000 on the Indata Property over a three year period ending on December 31, 2013. The terms of the Transaction are subject to the approval of the TSX Venture Exchange.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. Morton, P.Geo.
CEO and Director
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has seven projects in British Columbia and one in Nevada. Current projects include an option to earn a 100% interest in the Zymo gold-copper project; a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Kilometre 26, optioned to Oroandes Resource Corp. (TSX-V: OAR); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC.P) (subject to TSX Venture Exchange approval); Iron Lake, optioned to Cobre Exploration Corp. (TSX-V: CKB-H) and Crowsnest and Howell, optioned to MAX Resource Corp. (TSX-V: MXR). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=400438 |