Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

October 07, 2009 13:26 ET

Silvore Fox Minerals Corp.: Announces Closing of Non-Brokered Private Placement of Units

HALIFAX, NOVA SCOTIA--(Marketwire - Oct. 7, 2009) - Silvore Fox Minerals Corp. (the "Corporation") (TSX VENTURE:SFX) is pleased to announce that, further to its press release issued September 8th, 2009, it has closed its non-brokered private placement (the "Private Placement") of 10,000,000 units ("Units") at a price of $0.04 per Unit for gross proceeds of $400,000. Each Unit consists of one common share and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Corporation on a flow-through basis under the Income Tax Act (Canada) (the "Warrant Flow-Through Share") at a price of $0.06 per Warrant Flow-Through Share at any time until 4:30 p.m. (Halifax time) on September 30, 2010. Finders' fees in the aggregate amount of $37,000 have been paid.

The net proceeds of the Private Placement will be used for carrying out exploration activities on the Corporation's mineral properties located in Atlantic Canada and general corporate purposes.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company. On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.

The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.

Silvore Fox Minerals further recent acquisition agreement of the 'Oceanview' property, strengthens SFX's position as a regional mineral exploration company. It is a complimentary prospect to the multi-element Coxheath deposit.

Please visit our website; www.silvorefox.com for further details.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDED (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Silvore Fox Minerals Corp.
    Harry Cabrita
    President & CEO
    (902) 832-1060
    (902) 422-9208 (FAX)
    info@silvorefox.com