Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp.

December 01, 2008 19:02 ET

Silvore Fox Minerals Corp. Announces Private Placement of Flow-Through Units With MineralFields

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 1, 2008) - Silvore Fox Minerals Corp. (the "Corporation") (TSX VENTURE:SFX) is pleased to announce that it has entered into an engagement letter with First Canadian Securities ("First Canadian") in relation to an offering (the "Private Placement") of up to 10,000,000 units ("Flow-Through Units") at a price of $0.10 per Unit for gross proceeds of $1,000,000. Of the proposed Private Placement, MineralFields Group will purchase up to 5,000,000 Flow-Through Units and the balance of the Flow-Through Units will be placed on a best efforts basis. Each Flow-Through Unit will consist of one common share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one non-flow-through common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase (for a term of 24 months) one common share of the Corporation (the "Warrant Share") at a price of $0.15 per Warrant Share in the first year and at a price of $0.20 per Warrant Share in the second year. First Canadian will be paid a cash finder's fee equal to 2% of the gross proceeds of the Private Placement, a finder's fee in the form of units ("Finder's Units") equal to 3% of the gross proceeds of the Private Placement, and an option to acquire a number of Finder's Units equal to 10% of the total number of Flow-Through Units sold under the Private Placement. Each Finder's Unit will have an issue price of $0.10 and will consist of one common share and one Warrant on the same terms as the subscriber's Warrants.

The Flow-Through Units and the Finder's Units will be subject to a four month statutory hold period from the date of issuance of the Flow-Through Units and the Finder's Units.

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.

The Private Placement is conditional upon satisfactory completion of due diligence review by First Canadian and receipt of approval by the TSX Venture Exchange.

"The Corporation is very pleased to be commencing its relationship with MineralFields Group", said Harold J. Cabrita, President of the Corporation. "This is an important milestone in the growth of Silvore Fox Minerals Corp. and we look forward to working with MineralFields Group as we develop our holdings in Atlantic Canada."

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information