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Wednesday, May 28, 2008
Drilling Targeted at Expanding Copper-Molybdenum Resource Resumes at Okeover Project in Southwestern British Columbia
Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce that on May 22 2008, Prophecy Resource Corp. ("Prophecy") (TSX-V: PCY) commenced initiated its latest drilling program at the Okeover property in southwestern British Columbia. The purpose of the current program is to significantly expand the known mineral resource at the North Lake Zone. The most recent NI 43-101 inferred resource estimate of 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 was evaluated in late 2006 by N.C. Carter, Ph.D., P.Eng. Since the completion of this resource calculation, four additional holes reported in 2007, three stepping to the east and one beneath the resource, have confirmed that the North Lake Zone is open for extension.
The resource at the North Lake Zone has a copper equivalent grade of 0.40% with 22% of the value derived from molybdenum (calculated at $1.00 a pound for copper and $10 a pound for molybdenum).
Note: Copper equivalent has not been adjusted for metallurgical recoveries which will depend on the completion of metallurgical testing not yet initiated. CuEQ equals Cu % + (Mo% x (Price per pound for Mo/ Price per pound for Cu.)). Mo is calculated at 0.60 x MoS2%.
Six to eight holes totaling 1,500 metres are planned for this current drill program. The North Lake Zone is one of eight known areas of significant copper-molybdenum mineralization on the Okeover property, which encompasses 3,900 hectares (15 square miles) of mineral claims centered on the Bunster Hills, east of Okeover Inlet, and located near tidewater 25 km north of Powell River.
Prophecy is earning a 60% interest in the OK property from Eastfield by incurring $1,000,000 of mineral exploration expenditures on the property and making cash and/or share payments totaling $110,000. On completion of the current drill program, Prophecy will have satisfied its work obligations to earn its 60% interest.
J.W. (Bill) Morton P.Geo is the qualified person pursuant to National Instrument 43-101 guidelines who takes responsibility for this news release.
Bill Morton
J.W. (Bill) Morton, P. Geo
President
Eastfield Resources Ltd.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Since its inception in 1987, Eastfield has utilized a successful business strategy that involves securing third party exploration financing on its projects. Eastfield has six projects located in British Columbia and one in Nevada. Currently optioned projects include Okeover, optioned by Prophecy Resource Corp. (TSX-V: PCY) and Zymo optioned by Canadian Gold Hunter (TSX: CGH). Wildrose Resources (TSX-V: WRS), Cariboo Rose Resources (TSX-V: CRB) and Lorraine Copper (TSX-V: LLC) all have their origins in Eastfield, demonstrating the success of the business model.
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. |