Silvor Foxx Capital Corp.
TSX VENTURE : SFX.P

Silvor Foxx Capital Corp.

April 18, 2008 13:02 ET

Silvor Foxx Capital Corp.: News Release

CALGARY, ALBERTA--(Marketwire - April 18, 2008) - Silvor Foxx Capital Corp. (the "Corporation") (TSX VENTURE:SFX.P), a capital pool company, announces that further to its press release of August 7, 2007 announcing its proposed Qualifying Transaction (the "Proposed Qualifying Transaction") with 3214399 Nova Scotia Limited ("Nova Scotia Co"), the Corporation has filed a filing statement dated April 3, 2008 (the "Filing Statement") with the TSX Venture Exchange and the up-dated National Instrument 43-101 technical report (the "Technical Report") dated October 3, 2007, as required, has now been provided to the Corporation and filed on SEDAR (www.sedar.com ). Pursuant to the Proposed Qualifying Transaction, the Corporation has agreed to issue 40,000,000 Common Shares in exchange for all of the issued shares of Nova Scotia Co.

Minetech International Limited was engaged by the Corporation to prepare the Technical Report on the Coxheath Copper-Gold Property in Cape Breton County, Cape Breton, Nova Scotia. The primary author of the Technical Report is John O'Sullivan P.Eng. Mr. O'Sullivan has reviewed and approved the following disclosure as it relates to the Technical Report.

The Coxheath Copper-Gold Property (the "Coxheath Property") is comprised of six continguous licenses consisting of a total of 118 minerals claims (the "Claims"), each Claim approximately 40 acres (16.19 ha) giving an overall area of 4,720 acres (1,910 ha). The licenses, in good standing until June, 2008 and March, 2009, are currently held in the name of Burnt Point Resources Inc. and were under option to Coxheath Resources Limited ("Coxheath"), which option was assigned by Coxheath to Nova Scotia Co as to the base and precious metal rights.

The area is mostly underlain by Precambrian rocks consisting of late Hadrynian (approximately 620 Ma) volcanic suite of rhyolite, andesite, basalt flows, tuffs and minor volcaniclastics intruded by a large coeval composite pluton (in the eastern portion of the property) of dioritic to granitic composition. The Precambrian have been metamorphosed to greenschist or sub-greenschist facies and have a weak northeast trending fabric and form topographic ridges that are surrounded by younger Cambrian to Carboniferous age sediments.

The entire belt has undergone upright folding and minor tilting during the Middle Paleozoic.

Mineralization on the Coxheath Property is primarily chalcopyrite and pyrite associated with shear zones in diorites, in a mixed sequence of intrusive rocks in a volcanic country rock sequence. There is intense evidence of east-northeast shear zones and the mineralization occurs as steeply dipping chalcopyrite-quartz-chlorite veins with tourmaline development in the Copper Brook Area.

The Copper Brook Area and the Mountain Zone were worked to a limited extent for copper in the late 1800's and early 1900's. A 145 metre shaft with development on 5 levels is located on the Copper Brook Area.

There have been various phases of exploration on the property in recent years. This has shown potential for shear hosted copper/gold deposits at the Copper Brook Area and Mountain Zone.

The Argyle, Central and Deep Pit Zones are located about two kilometres southwest of the Copper Brook Area and show potential for copper-molybdenum deposits, in diorite and monzonite.

There are other showings in the east of the property with intense sulphide and sericite alteration in felsic volcanics which show potential for Volcanogenic Massive Sulphide deposits. These are relatively new targets and have not received any systematic testing.

In July 2006, Coxheath carried out an Enzyme Leach Geochemical survey, Diamond Drilling of 28 holes totaling 3,753 metres, and Metallurgical Bulk sampling testing on the Copper Brook Area mineralization. The Technical Report stated that these surveys provided positive results and confirmed that the property is one of merit and warrants further exploration, with proposed work to include a digital compilation of all data, diamond drilling of the major targets, and de-watering and underground sampling of the Copper Brook Shaft 2 and calculation of a resource compliant with NI43-101 requirements. Currently no mineral resource estimates and/or reserves have been calculated for the Copper Brook property.

Coxheath, on behalf of Nova Scotia Co, and as part of Phase 1 of the program ("Exploration Program") recommended in the Technical Report, commenced and completed a drill program of 3,343 metres of NQ drilling in 22 holes to test the Copper Brook Zone. As well, a 39 line kilometre Reconnaissance Gradient Induced Polarization and Apparent Resistivity and Magnetic Survey was completed.

Nova Scotia Co has earned a 100% interest in the base and precious metal rights in the Coxheath Property as a result of Coxheath expending on behalf of Nova Scotia Co the amount of $1,200,000 (the "Earn-In Amount"). See "Information Concerning Nova Scotia Co - General Development of the Business - Asset Purchase Agreement - Burnt Point Agreement" in the Filing Statement. The foregoing amount was expended as part of Phase 1 of the Exploration Program. The total budget for Phase 1 is $1,750,000. Of this amount $1,117,000, which is part of the Earn-In Amount, has been expended on Phase 1, leaving a balance of $633,000 to be expended. Nova Scotia Co proposes to expend the $633,000 on additional diamond drilling at a cost of approximately $440,000; on additional geophysics at a cost of $20,000; and $173,000 for geologists, site management, consultants, site employees, core assays, roads, supplies and equipment. It is expected that Phase 1 will be completed within six months following the closing of the Proposed Qualifying Transaction.

The audited balance sheet of Nova Scotia Co as at December 31, 2007 indicates that Nova Scotia Co had total assets of $2,980,655, total liabilities of $1,514,755, and net shareholders' equity of $1,465,900.

Completion of the Proposed Qualifying Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the Proposed Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

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

Contact Information

  • Silvor Foxx Capital Corp.
    Francis Leong
    President and Chief Executive Officer
    (403) 861-5618
    (403) 532-0847 (FAX)
    Email: Francis@SungaiRiver.com
    or
    3214399 Nova Scotia Limited
    Harold J. Cabrita
    (902) 880-7888
    (902) 422-9208 (FAX)
    Email: info@coxheath.ca