VANCOUVER, British Columbia, Oct. 18, 2004 (PRIMEZONE) -- Starfield Resources Inc. (TSX Venture Exchange:SRU) (OTCBB:SRFDF) (the "Company") announces a Private Placement in the amount of $4,050,000 consisting of Flow Through Common Shares and Non-Flow Through Units consisting of one Common Share and a one-half Purchase Warrant. Both the Flow Through Common Shares and the Units will be priced at $0.45. Each full Purchase Warrant together with a payment of $0.75 during the ensuing 24 months entitles the holder to acquire a further Common Share. This financing is led by Jory Capital Inc. of Winnipeg, Manitoba and Vencorp Capital Inc. of Calgary, Alberta. Fees and commissions will be payable commensurate with TSX Venture Exchange policies.
The funds raised will be allocated to the 2004 Phase II exploration program and for working capital on the Company's wholly owned Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project in Nunavut, Canada.