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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (2807)	7/7/1999 11:51:00 PM
From: CIMA	Respond to of 150070

STARFIELD RESOURCES INC. Starfield to begin summer drilling on Ferguson Lake Starfield Resources Inc SRU Shares issued 11,378,000 Jul 7 close $1.03 Wed 7 Jul 99 News Release Mr. Glen Macdonald reports Following a detailed review and interpretation of the results of recently completed geophysical surveys and diamond drilling on the Ferguson Lake property, the company has received a recommendation from its independent consultant, N.C. Carter, to proceed with a phase two program of additional exploratory work totalling $1.2-million (see the company's June 16, 1999, (Stockwatch, June 17), news release for diamond drilling results). The summer stage of the phase two program is scheduled to commence, with crew mobilization, on July 15, 1999. The summer portion is budgeted at approximately $700,000 and will consist of geological mapping of the known mineralization and geophysical surveying to extend the current nine-kilometre zone along strike to both the east and west (where it is open) and down dip. A minimum of 3,000 metres of core drilling is included to test the known zone at depth and to test new geophysical targets. Additional drilling to complete the $1.2-million phase two program will be undertaken if weather conditions permit during this field season. A total of $800,000 has been committed to finance the summer exploration program and provide working capital. Existing special warrant holders have agreed to exercise warrants to generate a total of $500,000. A flow-through private placement for a minimum of $300,000 has been committed. The flow-through private placement consists of 335,000 special warrant units at 90 cents per unit. Each unit consists of one share and one-half of one share purchase warrant. Each warrant entitles the holder to purchase a further share for one year at 99 cents. The price has been calculated with an appropriate discount to the market price for the shares of the company as of July 6, 1999, subject to regulatory approval, which will be applied for within 14 calendar days of this news release. A finder's fee is applicable to $200,000 of the private placement.