Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

August 11, 2011 13:21 ET

Silvore Fox Updates Progress on 3 Projects

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) - Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX VENTURE:SFX") is pleased to provide an update on the status of its 3 main projects: Madagascar, Winston Lake, and Coxheath.

Madagascar, Africa (potential high grade Copper property, LOI signed stage)

Silvore Fox has maintained a presence in Madagascar since the first week of April 2011. The Corporation's VP of Exploration, Zhenquan Gao, PhD has taken the lead role in conducting geological due diligence with the assistance of a geological team from Beijing Donia Resources Co Ltd. ("Donia") that included three senior geologists and two junior geologists.

"The team's primary objective," Dr. Gao said, "is to map and determine the property's drill readiness and deliver a recommendation on the property overall based on its geological merits." Silvore Fox is also still conducting commercial due diligence and additional negotiations on the potential Joint Venture with Gaea Mining for these claims. The current extension agreement for those negotiations remains in force until September 16, 2011.

Winston Lake, Ontario (high grade Zinc property, 100% owned, no NSR)

Silvore Fox has now signed a contract with Geotech Ltd. to utilize their helicopter borne Versatile Time-Domain Electromagnetic (VTEM) geophysical survey system to cover Silvore Fox's 9,000 hectares of claims in the Winston and Pick Lake region near Schreiber in North Western Ontario. The survey, scheduled to begin within the next week or so, will test all extensions of the favourable volcanic layers for potential new targets.

Mr. Ian Chisholm, PEng, was engaged by the Corporation to be the lead consultant on this project. The 2011 work program is based on results from several months of compilation of all historically available information concerning the claim areas.

These claims contain the zinc rich (15% Zn) Pick Lake volcanogenic massive sulphide deposit (VMS) and encompass the mining permit containing the similar grade Winston Lake and Zenmac VMS deposits mined out by the 1990's.

Coxheath, Nova Scotia (Copper Porphyry system, 100% owned)

The Corporation has also signed a contract with Quantec Geoscience to utilize their Titan 24 Deep Earth Imaging technology for an 8-line (approximately 19.2km) DCIP & MT survey at Silvore Fox's 100% owned Coxheath claims near Sydney, Nova Scotia.

The Titan system measures the parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), to depths of 750 meters with IP and can explore beyond 1.5 kilometers with MT data. Acquisition of multi-parameter data at depths of up to 1.5 km should help Silvore Fox obtain subsurface pre-drilling information related to geologic structure and for the direct detection of potential mineral deposits.

One of the areas of focus for the DCIP & MT survey is the 1km long 'new' anomaly discovered by the late 2010 airborne survey inside what was, at the time, a newly added contiguous claims area for Silvore Fox. This geophysical survey will provide a high resolution view of specific, high priority, target areas with known copper, gold, and moly minererlization. Work on the survey has now commenced, with formal interpretation results being delivered by mid to late September.

Management Comments

"The past 6 months have been a busy time for the Silvore Fox team, developing and advancing work plans for our two Canadian properties while investing the time and resources necessary to determine the geological merits of the Madagascar project and systematically complete the complex legal process involved with this type of potential international acquisition.

We are hopeful that the intense level of preparatory work that has gone into this year's work program will help to produce positive results for the company going forward and ultimately improve shareholder value. There is potential for SFX to have drills turning at each of our 3 projects during 2011, dependant on the results received from the geophysical surveys of the Canadian properties and finalizing a formal agreement in Madagascar."

  • Mr. Harold Cabrita, President and CEO, Silvore Fox Minerals Corp

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.

Other Business:

Silvore Fox has decided to end its formal relationship with its Investor Relations firm, The Howard Group, effective September 15, 2011. The Corporation wishes to thank them for all their assistance over the past year.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based public mineral exploration company. We are focused on high tonne potential base 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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