SOURCE: Steele Recording Corporation

November 19, 2010 08:30 ET

Steele Resources Corp. Receives Fire Assay Results From Mineral Hill Project

CARSON CITY, NV--(Marketwire - November 19, 2010) -  Steele Resources Corporation (the "Company" or "SRC") (OTCBB: SELR) announced today that it has received results from reconnaissance mapping and rock chip sampling of several priority targets at SRC's recently announced Mineral Hill project located near Pony, Montana. These samples were collected as a part of the Company's ongoing due diligence for this project, which is scheduled to close the first week of February.

CEO Scott Dockter stated, "We took 59 samples from various areas on the project which were measured using fire assays by American Assay in Reno, NV. Our geologist has prepared a preliminary report on the project."

SRC's Geologist Kevin Pelletier summarized his report saying, "Based on the results from the initial phase of our sampling, the historic average grade of .25 opt gold for the district appears to be accurate. Dump samples from three different mines averaged 0.263 opt gold, and composite chip samples taken from structures in the Bessie mine averaged 0.261 opt gold. The composite chip sampling done of the structures in the Mountain Cliff mine averaged .163 opt gold with some structures running .30 to .73 opt gold. Extensive sampling of the hanging wall at Mountain Cliff revealed two lateral zones of remaining mineralization averaging 0.042 opt gold, and represent the lower grade halos that surrounded the high-grade ore. At the France mine, a small dump containing quartz-sulphide vein material ran 2.418 opt gold. These results are encouraging and suggest that if structural extensions exist and can be located, that the likely grade will be consistent with historic averages. Our next phase of exploration will focus on the geophysical application of induced polarization and resistivity surveys in an attempt to locate shear zone extensions and sulphide distribution within these structures. It is reasonable to assume that mineralization will continue down dip on these structures to some extent, and also lateral extensions of these structures not visible from surface likely exist. The regional structural behavior of west to northwest trending structures intersected by subsidiary north to northeast trending structures will help us focus our geophysical survey plans. Once these structures are identified, then an appropriate drill exploration plan can be executed to define the remaining resource. I believe, based on drilling done by companies in the past, that high grade resources still exist; we simply need to conduct adequate exploration to define these targets and advance this property to the next level."

The Company is continuing to review data for the project, including available historic geologic information, and projections. The Company also plans to conduct additional geophysical surveys in order to verify its understanding of the potential at the project.

Steele Resources Corporation is a precious metals exploration and development company operated by professionals with extensive exploration, mining, and public market experience. The Company is working to become an active gold producer through exploration, acquisitions, mergers, and by developing its existing portfolio of properties. Its current ensemble of exploration properties, held by its subsidiary, Steele Resources, Inc., includes two Nevada properties, its Comstock Tyler Project which consists of 600 acres in the historic Comstock District and its Fairview-Hunter Project which consists of 2,300 acres near the Denton-Rawhide Mine.

More information about Steele Resources Corporation can be found at www.steeleresources.com.

Safe Harbor Statement

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. Although Steele Resources Corp. believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Steele Resources Corp. cautions investors that any forward-looking statements made by Steele Resources Corp. are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, risks and uncertainties regarding the actual mineralization of Steele Resources Corp.'s mining properties, the unproven nature of and potential changes to Steele Resources Corp.'s business model, the risk that the capital and other resources that Steele Resources Corp. will need to exploit its business model will not be available, and the risks discussed in Steele Resources Corp.'s Form 8-K dated June 17, 2010 and in Steele Resources Corp.'s subsequent filings with the Securities and Exchange Commission.

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