Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

February 08, 2011 22:00 ET

Silvore Fox Minerals Corp. Announces Signing Letter of Intent to Option Winston Lake

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 8, 2011) - Silvore Fox Minerals Corp. (the "Corporation")(TSX VENTURE:SFX) is pleased to announce that it has entered into a letter of intent with Orebot, Inc. ("Orebot") to negotiate the terms of an option agreement (the "Formal Agreement") pursuant to which the Corporation will earn 100% interest in the Winston Lake Property, Thunder Bay, Ontario currently owned by Orebot. The Winston Lake property consists of 5 claims (53 claim units, or 848 hectares), located 145 km east of Thunder Bay, with road access from Highway 17. The letter of intent contemplates that the Corporation will pay to Orebot, over a 48 month period, a total of $1,200,000, of which the Corporation has agreed to pay a non-refundable $5,000 cash payment, and will pay $25,000 upon execution of the Formal Agreement, $70,000 twelve months thereafter, $300,000 twenty four months and thirty six months thereafter, and $500,000 forty eight months thereafter. Orebot will not retain a net smelter royalty.

The transaction contemplated will be subject to entering into the Formal Agreement by no later than June 15th, 2011, or such date as may be mutually agreed upon by Orebot and the Corporation and will be subject to a 90 day due diligence review by both parties during March to June, 2011.

The President of Silvore Fox Minerals Corp., Mr. Harold J. Cabrita, states, "This is a very exciting time for our Corporation as we expand into Ontario. During the due diligence period we will land geological teams at the Winston Lake. We will review and verify the historical data.

Details of the property and claims will be released as the Corporation verifies the data presented to the Corporation during the due diligence period. This should be no later than June 15th, 2011.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company with 100% mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). On November 17th, 2010, Silvore Fox entered into a Strategic Agreement with Beijing Donia Resources at the China International Mining Conference, 2010. Donia is the parent company of Sino Minerals Corp., which currently owns 40.27% of the Corporation. These strategic partnerships provide 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

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.

This press release contains "forward-looking information" within the meaning of applicable securities laws relating to the intention of the parties to enter into the Formal Agreement and regarding the terms and conditions of the proposed transaction. 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 that the parties will not proceed with the transaction, the actual terms of the transaction will differ from those currently contemplated and the transaction will not be successfully completed for any reason (including as a result of due diligence review and failure to finalize the terms of the Formal Agreement). The forward-looking information in this press release is made as of the date of this release. The Corporation does not undertake any obligation to update such forward-looking information except as required by applicable securities laws.

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