LAVAL, QC, June 6 /CNW/ - Stellar Pacific Ventures Inc. (SPX) (the "Corporation" or "Stellar") is pleased to announce that it has signed an agreement with arm's length parties pursuant to which the Corporation increased its interest to 100% of the mining rights of the Vassan property (the "Vassan Property"), located within the mining camp of Val-d'Or.
Subject to the approval of the regulatory authorities and the TSX Venture Exchange, Stellar will earn its interest by issuing 2,000,000 common shares of its share capital and by paying a cash consideration of $100,000 over an eighteen month period. Upon commercial production of the Vassan Property, if any, Stellar will pay an additional $100,000 and issue 1,000,000 common shares of its share capital or make a cash payment of $600,000, at Stellar's discretion.
Stellar also owns the surface rights of 3 lots of the Vassan project. These lots are located on the west end of the Vassan Property and cover the Hamelin zone where significant results were obtained with a mineral inventory of 385,054 tons grading 5.01 g/t Au, 0.19 % Cu and 3.41 g/t Ag within the indicated category. An inferred resource is also estimated at 62 600 tons grading 4.15 g/t Au, 0.10 %% Cu and 1.32 g/t Ag. (See press release dated 03.10.2006)
With this acquisition, Stellar becomes an important contributor of the mining development in the Val-d'Or mining camp.
The Vassan Property consists of 7 claims totalling 280 hectares in the Vassan Township, Province of Quebec. The Vassan Property is located along the Cadillac main fault, and is strategically located near several present and past producers including the Siscoe mine, directly to the south of the Vassan Property, the Kiena mine, located 5 km to the south-west of the Vassan Property, the Sullivan mine, located 3.5 km to the south-east of the Vassan Property and finally the Wesdome development project located some 3 km to the west of the Vassan Property.
The main interest of the Vassan Property consists in an extensive gold-copper bearing quartz-sulphide vein structure called the Hamelin Zone. Within the past twenty years, numerous holes have been drilled on this prospect but it is only in the past few years that the mineralizing system has been understood. So far, over twenty drill holes have intersected the structure which can be traced laterally for over 300 meters and vertically for 500 meters.
Drilling program:
Deep holes drilling is underway at the Vassan Property. Two holes have been completed to date and results are expected in the coming weeks.
Stellar Pacific Ventures Inc. is a junior mining exploration company listed on the TSX-V whose primary objective is to develop and bring into production viable gold deposits.
"Michel Lemay"
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Michel Lemay
President
The TSX Venture Exchange has in no way passed on the merits of the
proposed transaction and has neither approved or disapproved the contents
of this press release.