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TORONTO, ONTARIO -- (Marketwire) -- 01/16/12 -- Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX VENTURE:SFX) announces that Gaea Mining Co Ltd. Sarl ("GAEA") has failed to perform its obligations under the previously announced binding letter of intent signed with the Corporation in April 2011 regarding the sale to the Corporation of a 55% interest in two copper properties in the Maindelanu region of western Madagascar. In particular, GAEA was not able to deliver title to the properties on or before January 15, 2012 and is therefore in default under the terms of the letter of intent.

The Corporation is conferring with its legal advisors in Madagascar regarding potential legal recourse against GAEA as a result of this breach.