Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp.

January 28, 2010 16:38 ET

Silvore Fox Minerals Corp. Announces Closing of Private Placement with Sino Minerals Corp. (formerly China Nonferrous Metals Exploration Corp.)

HALIFAX, NOVA SCOTIA--(Marketwire - Jan. 28, 2010) - Silvore Fox Minerals Corp. (TSX VENTURE:SFX) (the "Corporation") announces the completion of its non-brokered private placement with Sino Minerals Corp. ("SMC"). The private placement consists of 33,750,000 units ("Units") of the Corporation at a price of $0.04 per Unit for total proceeds of $1,350,000, with each Unit consisting of one common share and two-thirds of one common share purchase warrant ("Warrant") in the capital of the Corporation. Each whole Warrant is exercisable into one common share at a price of $0.10 per share, with such exercise right expiring on January 27th, 2012.

The proceeds of the placement will be used for exploration expenditures on the Corporation's mineral properties as well as for general corporate purposes.

All common shares and Warrants issued pursuant to the private placement are subject to a four month hold period expiring May 29, 2010.

Mr. Harold Cabrita states "This is an important step towards developing SFX's mineral properties while gaining a strategic partner base with significant technical and financial capabilities within the industry. We feel this investment demonstrates their support for our Company and our mineral development prospects. I look forward to our future cooperation together in the continued objective of maximizing shareholder value".

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. (TSX VENTURE:SFX) 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'). SFX 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. SFX's further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.

About Sino Minerals Corp. (formerly China Nonferrous Metals Exploration Corp.)

SMC is a Canadian corporation majority-owned by Chinese shareholders, including Beijing Donia Resources Co ("Donia"), a state owned entity whose mandate includes exploring for base metal resources worldwide. The Chairman of Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, President of the Beijing Institute of Geology of Mineral Resources, President of Sinotex Mineral Exploration Co, Vice- President of the China Nonferrous Metals Industry Association and Assistant Director of the China Geology Association. Mr. Side Wang, also serves as Vice- Director of the Mineral Resources Management Committee of the China Mining Association. SMC seeks to invest in mineral exploration and development opportunities in Canada. Its principal office is located at 7-145 Riviera Drive, Markham, Ontario, L3R 5J6. For further information, please contact Helen Gao at (905) 968-1197

PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange)ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS

Contact Information

  • Silvore Fox Minerals Corp.
    Harry Cabrita
    President and Chief Executive Officer