Starfire Minerals Inc. - Acquisition of Porphyry Pearl Property

VANCOUVER, Aug. 16, 2011 /CNW/ -- 
TSX VENTURE EXCHANGE: SFR


VANCOUVER, Aug. 16, 2011 /CNW/ - Starfire Minerals Inc. (the "Company")
 announces that it negotiated an amendment to its Porphyry Pearl
 Property option agreement such that in lieu of the requirement to
 expend an additional approx. $1.7M in property expenditures, it instead
 paid $200,000 cash to the owner of the property and thus has now
 acquired a 100% interest in the Porphyry Pearl property. The property
 is subject to a 3% NSR in favour of the vendor, half of which may be
 re-purchased by the Company for $3 million within 30 days of the
 property being placed in commercial production. The Company's
 management believes that the removal of the $1.7M commitment to further
 property expenditures now allows the Company to concentrate on
 maximizing the value of this property in a timely manner.


In order to finance this final property payment, the Company obtained a
 $200,000 loan from a private individual, the principal sum of which
 bears interest at a rate of prime + 1% for a term of up to 12 months.
 The principal and interest is repayable upon completion of the
 Company's next private placement. It was a condition of the loan that
 the loan be secured by all of the Company's property and assets. This
 loan is subject to regulatory approval, which the Company received on
 August 13, 2011.


ON BEHALF OF THE BOARD


"Dan Mosher"
Dan Mosher, President & CEO


THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
 RESPONSIBILITY FOR ITS CONTENTS. 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 RELEASE.


Forward Looking Information


Certain information regarding the Company set forth in this press
 release, including management's assessment of the Company's future
 plans and operations contain forward looking information that involve
 substantial known and unknown risks and uncertainties. This forward
 looking information is subject to, but not limited to, factors such as
 the actions of third parties, the impact of general economic
 conditions, industry conditions, results from future work programs;
 fluctuations of commodity prices, availability of qualified personnel
 and management and/or timely and cost effective access to sufficient
 capital from internal and external sources. The Company's actual
 results, performance or achievement could differ materially from those
 expressed in or implied by the forward looking information and
 accordingly, no assurance can be given that any of the events
 anticipated to occur or transpire from the forward looking information
 will provide any benefits to the Company.


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p Starfire Minerals Inc.br/ 3B - 19299 - 94th Avenue, Surrey, BC, V4N 4E6br/ Phone: [phone] Fax: [phone]br/ Email: a href="mailto:[e-mail]"[e-mail]/a /p 

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