Exhibit 99.1
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Starfield Resources Initiates Review Of Montana Chrome Properties
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
TORONTO, Oct. 5, 2010 /CNW/ - Starfield Resources Inc. (TSX: SRU)
("Starfield", "the Company") today announced that, due to the recent increase
in both the demand and price for chrome and chrome products, it has engaged
Scott Wilson RPA ("RPA") to review and update an October 1988 feasibility
study on its Montana chrome properties.
The Montana chrome properties contain the formerly operating Benbow and
Mountain View Mines, which are the only chrome mines to ever produce in North
America, and were last operated during the Korean War. A non NI 43-101
compliant feasibility study was completed by James Askew Associates
Inc.(Askew) for Chrome Corporation of America in 1988. After an internal
review of this study, Starfield believes that its chrome properties in Montana
have become economic again. Consequently, Starfield is contracting a third
party review in order to verify the Company's view.
Chromite ("FeCr(2)O4") is sold to the steel industry in many forms. It is
sold as concentrated ore for smelter feed; as an upgraded concentrate for
furnace feed; or further refined as a ferrochrome product. Chrome is an
important hardener and anti-corrosive when combined with iron, and a very
strategic building material.
The proposal would be to market a 44% concentrate for smelter feed from
the Montana mines, which currently sells for approximately Cdn $350 per ton.
The Montana chrome properties, now held by Starfield Resources, are reported
to contain 50 million tons, grading approximately 22% chromite per ton.
Utilizing simple and environmentally friendly gravity separation, past test
work has shown that run-of-mine ore can be upgraded to a concentrate
containing 44-45% chromite, with a recovery of approximately 78% of the
contained chromite.
The previous feasibility study indicated that, based on a mine production
rate of approximately 350,000 tons of ore per year (1000 tpd), the
concentrator would have an output of approximately 135,000 tons of concentrate
for sale per year, grading approximately 44% chromite.
"Starfield is actively pursuing an off-take agreement (a contract for the
purchase of product) and/or joint venture agreement in an effort to move this
project forward," said Andre Douchane, President and CEO. "We believe that
with a positive update of the Askew feasibility study, the Benbow and Mountain
View Mines could be reopened and producing within two years. Results of the
updated feasibility study are expected by year-end."
About Starfield
Starfield Resources Inc. is an advanced exploration and development stage
company. The Company's primary asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada.
Additional assets include a nickel-copper-cobalt-PGE-chrome project in the
Stillwater district of Montana with historic copper, nickel, chromite
resources (non 43-101 and not to be relied on); the Moonlight copper project
in California with significant NI 43-101 copper resources; and two gold
properties currently leased/joint ventured in Nevada.
Starfield has also funded the development of a novel, environmentally
friendly and energy efficient hydrometallurgical flow sheet to recover metals
from massive sulphides.
Forward-Looking Statements
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors include the
inherent risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling results and
other geological data, fluctuating metal prices and other factors described
above and in the Company's most recent annual information form under the
heading "Risk Factors" which has been filed electronically by means of the
Canadian Securities Administrators' website located at www.sedar.com. The
Company disclaims any obligation to update or revise any forward-looking
statements if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on forward-looking
statements.
%CIK: 0001074795
/For further information: Andre J. Douchane, President and CEO,
416-860-0400 ext. 222, adouchane(at)starfieldres.com; Greg Van Staveren, Chief
Financial Officer, 416-860-0400 ext. 223, gvanstaveren(at)starfieldres.com;
Investor Relations, 416-860-0400, info(at)starfieldres.com; www.starfieldres.com/
(SRFDF SRU.)
CO: Starfield Resources Inc.
CNW 07:30e 05-OCT-10
