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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Starfire Minerals Inc.
3B - 19299 - 94th Avenue, Surrey, BC, V4N 4E6
Phone: 604-455-0484 Fax: 604-455-0784
Email: info@starfireminerals.ca