Vancouver, BC - June 13, 2008 - Eastfield Resources Ltd. (“Eastfield”) (TSX-V: ETF) is pleased to announce that Cobre Exploration Corp. (“Cobre”) (TSX-V: CXV-H) has signed an agreement to explore and develop the Iron Lake copper-gold-nickel-platinum group metals and magnetite project located in southcentral British Columbia.
Eastfield has granted Cobre an option which will allow Cobre to earn a 60% interest in the 7,116 hectare Iron Lake project by incurring $1,500,000 in exploration, making $165,000 in option payments, making $130,000 in cash payments and/or equivalent in share issuances and issuing 500,000 shares before June 1, 2012. The Iron Lake property is located 45 kilometres northeast of 100 Mile House, BC and has been owned outright by Eastfield, subject to a 1.5% NSR royalty, since 2000.
The Iron Lake property is underlain by a 5.0 by 7.0 km magnetic high that is interpreted as outlining a large multiphase ultramafic intrusive complex. Mapping of the limited outcrop has shown to include olivine pyroxenite, diorite, peridotite and pegmatitic phases. Geochemical sampling to date has covered less than half of this complex and has outlined several large anomalies for copper, platinum and palladium. At least three of these anomalies are 1.0 km in length and follow-up exploration by drilling has only been carried out on the most southeasterly anomaly where a massive sulphide body has been discovered coincident with an airborne EM anomaly.
In 2000, disseminated copper-gold-platinum group metals mineralization hosted in an average of seven samples of the mineralized olivine pyroxenite rubble returned a value of 0.72% copper, 0.68g/t gold, 0.31 g/t Pd+Pt along with anomalous values in nickel. The source of the mineralized olivine pyroxenite, which is a common rock type on the property, has not yet been located but will be an important objective of the 2008 program.
In 2004, the Iron Lake property was flown with high resolution magnetic and multi-channel electromagnetic instruments resulting in the identification of a number of conductive anomalies. In 2005, diamond drill testing of two of these conductors intersected massive sulphides in two of four holes with hole 05-I-02 returning six metres of massive sulphide mineralization. The pyrrhotite-dominant massive sulphide contained lesser chalcopyrite and is highly anomalous in nickel and cobalt (± 0.1% Ni and 0.12% Co in a number of samples). With the confirmation that Iron Lake hosts magmatic sulphide mineralization, further drilling is warranted. Additional conductors detected in the 2004 survey remain to be evaluated and will be targeted in the 2008 program.
The Cobre-Eastfield agreement requires a 2008 program of at least $350,000. Cobre has indicated that it is anticipating a program considerably larger than this, perhaps in the $700,000 range. A permit to initiate the program with an excavator trenching component is in hand with drilling anticipated later in the program following additional ground based geochemical and geophysical surveys.
It is believed that continued exploration of this large system will develop several new targets while continuing to evaluate known anomalies.
J.W. (Bill) Morton, P. Geo
President and CEO
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 Zymo, optioned to Canadian Gold Hunter (TSX: CGH); Okeover, optioned to Prophecy Resource Corp. (TSX-V: PCY); Indata and Howell, optioned to MAX Resource Corp. (TSX.V: MXR); and Iron Lake, optioned to Cobre Exploration Corp. (TSX-V: CXV-H). 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.