Business
Stellar Pacific secure its Vassan project by surface rights acquisition
Stellar Pacific secure its Vassan project by surface rights acquisition.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\n\nLAVAL, June 7 /CNW/ - Stellar Pacific Ventures Ltd. (TSX Venture Exchange\nsymbol: SPX) is pleased to announce the acquisition of the surface rights of\nlots 38, 39 40A of the Vassan project located in Vassan township in the Val\nd'Or mining camp. The company is earning 100% interest by paying $50,000.00\nand issuing 100,000 shares of its capital to the vendor.\nThe 3 lots are located on the west end of the Vassan property and cover\nthe Hamelin zone where significant results were obtained in recent drilling\nprograms (60.4 g/t Au and 59.9 g/t Au (see press releases dated January 23 and\nMarch 22, 2006). Drilling is in progress at this time.\nThe company has decided to acquire the surface right of this part of the\nVassan property as the Hamelin zone is increasing in size with every new drill\nprogram and might eventually be amenable to economic production.\nThe company hold an option to earn 51% interest of the mining rights of\nVassan property by issuing 600,000 shares of its capital and completing\n$1,000,000 in exploration over a period of three years (See press release\ndated October 11, 2005). The company should earn its 51% interest before end\nof 2006.\nThe Vassan property consists of 7 claims totalling 280 hectares in range\n2 of Vassan Township. It is strategically located near several present and\npast producers including the Siscoe mine, directly to the south of the\nproperty, the Kiena mine, located 5 km to the south-west of the property and\nthe Sullivan mine, located 3.5 km to the south-east of the property and\nfinally the Wesdome development project located some 3 km to the west of the\nproject.\n\nStellar Pacific Venture Inc. is a junior mining exploration company\nlisted on the TSX-V whose primary objective is to develop and bring into\nproduction viable gold deposits.\n\n\"Michel Lemay\"\n______________________________________\nMichel Lemay\nPresident\n\nThe TSX Venture Exchange has in no way passed on the merits of the\nproposed transaction and has neither approved or disapproved the contents\nof this press release.\n\n\n","length":2118,"tagName":"div"}]