Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp.

March 30, 2011 09:31 ET

Silvore Fox Minerals Corp. Announces Closing of Fully Subscribed Non-brokered Private Placement

HALIFAX, NOVA SCOTIA--(Marketwire - March 30, 2011) - Silvore Fox Minerals Corp. ("Silvore Fox")(TSX VENTURE:SFX) is pleased to announce that it has closed its previously announced (March 1st, 2011)non-brokered private placement, for the full 22,222,222 units at a price of nine cents per unit for gross proceeds of Cdn$2-million. Each unit consists of one common share and one-half of one common share purchase warrant, whereby each warrant entitles the holder to purchase an additional common share of the corporation at a price of 12 cents per share during the first 12 months from the date of issuance of the warrant and at a price of 15 cents per share during the second 12 months. The common shares, warrants and the common shares issuable upon the exercise of the warrants are subject to a four month hold period expiring on July 28, 2011.Certain insiders of the corporation participated in this private placement.

The President and CEO of Silvore Fox, Mr. Harold Cabrita, stated, "It is very encouraging to see our strategic partner, Beijing Donia Resources Co. Ltd, show their continued support and confidence in Silvore Fox by taking a significant portion of this private placement." Beijing Donia Resources Co. Ltd ("Donia") subscribed for Cdn$829,250, or 41.46%, of the Cdn$2-million raised in this financing. Donia is a subsidiary of Sinotech Minerals Exploration.

Dr. Jingbin Wang, Chairman of Sinotech Minerals Exploration and Beijing Donia Resources Co. Ltd expressed his thoughtson the strategic partnership with Silvore Fox, and the path he sees it taking, saying, "This direct investment by Donia in Silvore Fox marks the beginning of a new stage in our relationship. We plan to work more closely with Silvore Fox management going forwardandutilize our global relationships to help them seek out and acquire exciting new resource properties that will hopefully lead to a breakthrough in exploration results and improve shareholder value."

Silvore Fox and Donia signed a strategic partnership agreement on November 17, 2010 at the China Mining Conference, and witnessed by the Minister of the Ministry of Land and Resources of the P.R. China.

The net proceeds of the private placement will be used to finance Silvore Fox's acquisition and exploration activities and to provide general working capital.

The private placement is conditional upon receipt of approval by the TSX Venture Exchange.

Harry Cabrita, President and CEO

Dr. Jingbin Wang, Chairman

This announcement contains forward-looking information and forward-looking statements (collectively "forward-looking information") under applicable securities laws, relating, but not limited to the Corporation's expectations, intensions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes or other expectations including the anticipated use of proceeds of the private placement. 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, 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.


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