Starfield Reports Canadian Exploration Expense Shortfall
Starfield Resources Inc. (SRU.TO) has confirmed that it will fall $2,888,000 short with respect to its obligation to incur aggregate Canadian Exploration Expenses of $3,789,000 by December 31, 2012.
Such shortfall will adversely impact all shareholders of the company who acquired flow-through shares of the company in 2011, Starfield said in a news release.
The company has prepared and is filing with the Canada Revenue Agency the requisite paperwork to notify the CRA of the $2,888,000 reduction. Copies will be forwarded to all impacted shareholders so that they can determine their potential reassessment exposure.
As previously disclosed, the company has engaged PricewaterhouseCoopers Inc.to assist management and the board of directors in assessing its strategic options. Since being engaged, PwC has undertaken a global effort to showcase the company's mineral assets and solicit the interest of potential buyers. PwC anticipates completing the interest solicitation process in the first quarter of 2013.
SRU shares were unchanged at $0.005 on volume of 496,000.
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