VANCOUVER, British Columbia, May 22, 2008 (PRIME NEWSWIRE) -- Eastfield Resources Ltd. ("Eastfield") (TSX-V:ETF) is pleased to announce that an option to earn a 60% interest in the Zymo Property, 40 km west of Smithers, BC, has been granted to Canadian Gold Hunter Corp. ("CGH") (TSX:CGH), a Vancouver based exploration company and part of the Lundin Group. The 10,250 hectare property is accessed by good quality logging roads from Smithers.
CGH may earn a 60% interest in the property by making cash payments totaling $350,000, making share issuance of 50,000 shares and completing exploration expenditures of $4 million over five years. CGH may earn an additional 10% interest by completing a feasibility study and an additional 5% by arranging mine financing for Eastfield. A minimum exploration expenditure of $800,000 must be completed in calendar 2008. The program will include extensive geochemical sampling, IP geophysical surveying and diamond drilling.
The Zymo property hosts at least two large copper-gold porphyry, or intrusion related, mineralized zones. Historical work, dating primarily from before 2000, outlined a large geochemical anomaly measuring approximately 1.0 km by 1.0 km within which numerous mineral occurrences have been located. This area is now referred to as the main zone.
In 2007, Eastfield completed a reconnaissance exploration program on the Zymo property (see news release dated 1/17/08 for summary). In the main zone area, chip sampling along a creek exposure returned 0.13% copper and 0.26 g/t gold. Grab samples in this area have returned up to 1.0% copper. Another new showing was located by prospecting 800 metres southeast of the main showing where a grab sample returned a grade of 0.92% copper, 0.26 g/t gold and 4.5 g/t silver.
A new discovery of porphyry style mineralization called the Hobbes zone was made by prospecting approximately 4.5 km west of the main showing. Grab samples from this area returned copper values to 0.33% and gold values to 1.13 g/t indicating a significant copper-gold system associated with a magnetic high that measures 1.0 km in length. The host rocks are intensely altered intrusives.
G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
G.L. Garratt, P.Geo. Officer and Director Eastfield Resources Ltd.
About Eastfield Resources:
Since its inception in 1987, Eastfield has utilized a successful business strategy that involves securing third party exploration financing on its projects. Eastfield has six projects located in British Columbia and one in Nevada. Currently optioned projects include Okeover, optioned by Prophecy Resource Corp. (TSX-V:PCY) and Zymo optioned by Canadian Gold Hunter. Wildrose Resources (TSX-V:WRS), Cariboo Rose Resources (TSX-V:CRB) and Lorraine Copper (TSX-V:LLC) all have their origins in Eastfield, demonstrating the success of the business model.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.