SFX Sphinx Resources Ltd

Silvore Fox Minerals Corp. (the "Corporation")(TSX VENTURE:SFX) is pleased to
announce that, further to its new release issued May 22, 2012, it has closed the
first tranche of its non-brokered private placement financing in the amount of
$1,450,000, subject to the final acceptance by the TSX Venture Exchange.
Pursuant to the financing, the Corporation has issued 16,111,111 units ("Units")
at a price of $0.09 per Unit to Beijing Donia Resources Co. Ltd ("Bejing
Donia"). Each Unit consists of one common share and one-half of one common share
purchase warrant (each whole common share purchase warrant a "Warrant"). Each
Warrant entitles the holder to purchase until June 28, 2014 an additional common
share of the Corporation at a price of $0.12 per share prior to June 29, 2013
and at a price of $0.15 per share from June 29, 2013 until June 28, 2014. All
common shares, Warrants, and common shares issuable upon the exercise of the
Warrants are restricted from trading until October 30, 2012. 


The proceeds of the sale of the Units will be used to fund the acquisition cost
of two Chilean properties (the Totoral Project and the Harvest Project) which
will be purchased from Sinotech Mineral Exploration Chile Limitada ("Sinotech
Chile") by Golden Fox Resources SpA and Golden Eagle Resources SpA, the
indirectly wholly-owned subsidiaries of the Corporation, for the purchase price
of $1,000,000 and the balance will be used to fund work programs in Chile and
Canada and to provide general working capital.


Sinotech Chile is a subsidiary of Sinotech Mineral Exploration Co. Ltd. of China
which is the parent company of Beijing Donia. Prior to the acquisition of the
Units referred to above, Beijing Donia owned and controlled 49,067,661 common
shares of the Corporation, which represented 29.98% of the Corporation's issued
and outstanding common shares. Immediately after the acquisition of the Units
referred to above, Beijing Donia owns and controls 65,178,772 common shares of
the Corporation, which represents 36.25% of the Corporation's issued and
outstanding common shares.


The Corporation incurred no finder`s fees in the placing of these units.

Staking of New Ground at Winston / Pick Lake 

Silvore Fox has successfully completed staking operations in the Schreiber area
of Ontario to protect high priority geophysical targets located during the VTEM
airborne survey announced January 20, 2012.


Silvore Fox now controls 610 claim units, totaling 9,760 hectares, in this
favourable area covering the strike extensions of three past producing high
grade VMS zinc deposits. The Corporation's claim area includes one of these, the
Pick Lake deposit which has a deeply buried historical resource (1998) of
600,000 tonnes of 21% Zinc, 1% Copper along with associated minor gold and
silver values. While non-compliant with current 43-101 requirements, these
figures were prepared by a respected Canadian major producer who ran the Winston
and Pick Lake mines from 1988 through 1997. 


Reduction of land position at Harvest Property in Chile 

In other corporate news Silvore Fox Minerals Corp has been informed that one
small license (4% of the total claim area) at the extreme North-East of the
property was mistakenly relinquished and will no longer be considered part of
the Harvest property.


Fortunately, the land in question, indicated on the map below in Green, was a
marginal acquisition and not totally contiguous with the other Harvest claims.
The area in Red was always unavailable and essentially cut this parcel off from
the main Harvest claims. No drill targets were planned for this area and the
2012 Chile exploration plan requires no adjustments as a result of this event. 


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.


Harold Cabrita 

President and CEO

This announcement contains forward-looking information and forward-looking
statements (collectively "forward-looking information") under applicable
securities laws, relating, but not limited to the Corporation's expectations,
intensions, plans and beliefs. Forward-looking information can often be
identified by forward-looking words such as 'anticipate', 'believe', 'expect',
'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words
suggesting future outcomes or other expectations including future operations and
relations to Winston lake and Pick lake properties and future Chilean
operations. 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,
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.


A map is available at the following link:
http://media3.marketwire.com/docs/silvore_map0703.pdf

Sphinx Resources (TSXV:SFX)
過去 株価チャート
から 5 2024 まで 6 2024

Sphinx Resources (TSXV:SFX)
過去 株価チャート
から 6 2023 まで 6 2024