Silver Fields Resources Receives Letter of Comfort on Saskatchewan Coal Permits
Silver Fields Resources Inc., (SF.TSX.V) (“Silver Fields”) (“the Company”) is pleased to announce that a “Letter of Comfort” has been received from the Saskatchewan Ministry of Energy and Resources in regard to coal permit applications submitted on behalf of the Company.
Silver Fields submitted the applications for permits approximately 70 KM northwest of the Goldsource Mines Inc. discovery, in East-Central Saskatchewan, on May 23th, 2008. Goldsource believes the coal it encountered is from the Mannville/Swan River group of Creataceous age (Goldsource Mines Inc. news release in Stockwatch on May 5, 2008). Coal structures of the Creataceous age are generally stratigraphic and can encompass several thousand square kilometres.
The “Comfort Letter” includes a list of dispositions applied for, the dates of the submissions, land description, boundary plan, affirmation of fee payment and first-year rent, the allocated Coal Prospecting Permit (CPP) numbers, and if the submission has priority over other applications. The “Comfort Letter” received by Silver Fields confirms the permits applied for are “first in line” and will be given priority sequence.
The final granting of the coal permits is dependent upon government regulatory approval and time required to process the applications, which is at the discretion of the Government of Saskatchewan. Granting of coal permits is subject to a final review of each application, indicating the nature of the work and money to be expended. The “Comfort Letter” is not a guarantee that all or any of the permits will be issued to Silver Fields, only whether or not the Company is first in line for the permits.
Dr. K. Warren Geiger, Ph.D., P. Eng., P. Geo., a director of the Company, is the Qualified Person for Silver Fields, as defined by NI 43-101. He is currently co-ordinating the research of the development in Saskatchewan Subject to final permitting , the Company is preparing a preliminary exploration program for the summer field season.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time. The Company’s actual results may differ materially from the expected results.
We seek Safe Harbor.