Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp.

December 24, 2008 15:07 ET

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

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 24, 2008) - Silvore Fox Minerals Corp. (the "Corporation") (TSX VENTURE:SFX) is pleased to announce that it has closed on its offering with MineralFields Group of 5,000,000 units ("Flow-Through Units") at a price of $0.10 per Unit for gross proceeds of $500,000. Each Flow-Through Unit consists 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 entitles 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 Securities has been paid a cash finder's fee of $10,000, has been issued a finder's fee in the form of units ("Finder's Units") of 15,000 Finder's Units, and has been granted an option to acquire 500,000 Finder's Units. Each Finder's Unit has an issue price of $0.10 and consists 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 are 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 receipt of final approval of 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), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada 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 (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). 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, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

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.

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