Wednesday, 16 May 2012 01:38 PM
Vancouver, BC, May 16, 2012, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) would like to provide a corporate summary as the 2012 field season begins. The company continues to be active in British Columbia and the state of Nevada. In BC, Eastfield owns or is a significant partner in six exploration projects and owns 25 patented mining claims near the town of Tonopah Nevada. The BC projects are as follows:
---------------------------------------------------------------------- |Project |Commodity |Funding Agreements | |--------------------------------------------------------------------| |Zymo |Copper-gold |Bearing Resources Ltd. has option | |--------------------------------------------------------------------| |Indata |Copper-gold-nickel |Oceanside Capital Corp. has option| |--------------------------------------------------------------------| |Iron Lake |Copper-PGM-gold |Calico Resources Corp. has option | |--------------------------------------------------------------------| |Ok |Copper-molybdenum |Joint Venture with Prophecy | | | |Coal Corp. | |--------------------------------------------------------------------| |Naggie |Copper-silver-gold |Recently staked | |--------------------------------------------------------------------| |Hidden One|Copper-gold-molybdenum|Recently staked | ----------------------------------------------------------------------
In Nevada, Eastfield's 25 patented mining claims are located in and about the Three Hills-Hasbrouk gold-silver project owned by Allied Nevada Gold Corp. who recently released a 43-101 Technical Report describing a Preliminary Economic Analysis (PEA) for the Three Hills-Hasbrouk properties. The report indicates a positive potential for commercial production.
In BC, field work is expected to commence on the Hidden One and Naggie properties within the next few weeks with work expected to commence on Zymo in late June or early July.
Eastfield Resources Ltd., with 44,794,919 shares issued, is financially strong with approximately $2.7 million in working capital (approximately $0.06 per share).
J.W. Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. Morton, P. Geo.
President and CEO
Eastfield Resources Ltd.
Contact:Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
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 news release.
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has projects in British Columbia and in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Zymo, optioned to Bearing Resources Ltd. (TSX-V: BRZ); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); and Iron Lake, optioned to Calico Exploration Corp. (TSX-V: CKB). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.