Silvore Fox Minerals Corp.: Announces Signing of Strategic Agreement With Beijing Donia Resources at the China International Mining Conference, 2010
HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 17, 2010) - Silvore Fox Minerals Corp. (TSX VENTURE:SFX) (the "Corporation" or "Silvore Fox") announces that it has entered into a cooperation agreement with Beijing Donia Resources Co., Ltd. ("Donia"). Donia is the parent company of Sino Minerals Corp., which currently owns 35.09% of the Corporation. This agreement was signed at the China Mining Project Signing Ceremony, China International Mining Conference, 2010, held in Tianjin, China and witnessed by the Premier of the Ministry of Land and Resources of China.
The terms of the agreement include (and are not limited to):
* The Corporation has access to Donia's contacts within China and globally;
* The Corporation and Donia will work together globally with a focus on the Americas;
* the companies will jointly focus on both precious and base metals;
* the companies will work together in acquiring resource properties and / or companies with desirable resource assets;
* Donia will provide The Corporation with technical support for the exploration program for its flagship "Coxheath Property";
* Donia or its nominee will have first option to fund the Coxheath Property mine upon mutually agreeable terms; and
* the term of the agreement is for ten years, however can be terminated by either party on giving three months notice.
"This is a significant step," said Harold Cabrita, President and CEO of the Corporation. "Securing a partner of this caliber gives the Corporation access to extensive technical expertise and the resources required to make Silvore Fox a larger mineral exploration company."
Donia specializes in overseas mineral resources exploration. It's mandate is to establish a large-scale overseas mineral resources exploration and development base. Donia's majority shareholder is China Non-ferrous Metals Resource Geological Survey, which is a Chinese state owned institution with over 300 employees, over 30 projects in Africa, Americas, and south east Asia with long term strategic partnerships with Chinalco, China National Gold group Co., and Shandong Gold Mining Co. Ltd.
Donia is currently conducting mineral resources exploration activities in Laos, Ethiopia, Eritrea, Angola, Saudi Arabia, Mongolia, Congo, Zimbabwe and Canada and has since incorporation in 2004, discovered 4 large-medium sized deposits. Donia has a staff of over 200 people with 60% with various technical backgrounds, including 10 people with PH.D degrees and 60 people with medium or senior technical titles. This has enabled Donia to form a well-equipped, well-structured, and capable international exploration team
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. ("SFX") 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'). 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.