Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

October 05, 2011 16:06 ET

Silvore Fox Begins Test Drilling of Targets in Chile

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2011) - Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX VENTURE:SFX) is pleased to update the geological due diligence program for the Totora and Harvest properties recently optioned in Chile.

On September 15, 2011 Silvore Fox announced the signing of a Letter of Intent ("LOI") with Sinotech Mineral Exploration Chile Limitada ("Sinotech") to acquire a 100% interest in the Totora Gold Property and the Harvest Property, each with no NSR.

Silvore Fox has contracted with Santiago, Chile based drilling company Ingenieria Y Sondajes Limitada, and drilling has commenced on the Totora property located south of Copiapo where a large shear zone containing gold and copper bearing lodes occurs within Paleozoic metamorphic rocks near the contact with a quartz diorite. The planned drill program includes seven test holes (1,050 total meters) of diamond NQ drilling.

Surface mapping and data interpretation by Sinotech, the property vendor, had previously indicated mineralized widths of vein system from 2 to 30m. The drilling will test two of the major north south trending gold copper lode systems for continuity and overall grade to depths of about 150m. The program is under the supervision of Dr. S. Zhang, a Chilean based consultant under contract to manage the Silvore Fox activities in Chile. Dr S. Zhang was until recently the country manager for Sinotech.

On the Harvest Gold property a 19-line (1,200 meters per line) Geophysical Induced Polarization (IP) program is currently underway as part of a pre-drilling program to identify the most prominent drill targets within the vein systems. Mapping and a ground magnetic survey for the Harvest property were previously completed by Sinotech.

The LOI provides Silvore Fox with 90 days to conduct significant geological due diligence, including drilling. (Please refer to the Press Release dated September 15, 2011 for details)

Management Comments

"After having an opportunity to further review some of Sinotech's existing data on these properties the Silvore Fox team is excited to get a drill turning on the Totora property and continue pre-drilling work on the Harvest property. We are continuing to perform our corporate and geological due diligence for this important transaction in a thorough and professional manner on behalf of our shareholders. Both Silvore Fox and Sinotech expect to sign the Formal Agreement on or before December 14, 2011."

  • Mr. Harold Cabrita, President and CEO

Ian Chisholm, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Canadian public mineral exploration company based in Toronto. We are focused on both base and precious metal exploration projects within a diversified portfolio of properties that attempts to minimize political risk without limiting potential returns for our shareholders.

On November 17th, 2010, Silvore Fox entered into a Strategic Agreement with Beijing Donia Resources Co. Ltd ("Donia") at the China International Mining Conference, 2010. Donia is the single largest shareholder of Silvore Fox currently holding approximately 30% of the Corporation's outstanding shares. This strategic partnership provides the Corporation with a strong platform for growth through mineral exploration expertise, funding and strategic acquisitions. SFX has an experienced management and geological team.

Harry Cabrita

President and CEO

Dr. Jingbin Wang

Chairman

This press release contains "forward-looking information" within the meaning of applicable securities laws relating to the intention of the Corporation to begin exploration activities on the properties being discussed. Readers are cautioned not to place undue reliance on the forward-looking information. Actual results and developments may differ materially from those contemplated by this forward-looking information depending on, among other things, the risks of funding by the Corporation of the exploration and development on the properties. Such forward-looking information is based on current expectations that involve a number of known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, delays in the development of projects, uncertainties relating to the interpretation of the geology, and unanticipated operational or technical difficulties and other factors. Such forward-looking information is based on a number of assumptions, including but not limited to, the availability of skilled labour, availability of equipment, and future capital and operating costs. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Corporation does not assume the obligation to revise or update this forward-looking information after the date of this announcement or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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

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