SOURCE: Steele Recording Corporation

October 11, 2010 08:30 ET

Steele Resources Corporation Enters LOI to Acquire Mineral Rights on Filipinni and Plumas Projects

CARSON CITY, NV--(Marketwire - October 11, 2010) -  Steele Resources Corporation (the "Company") (OTCBB: SELR) announced today that its subsidiary, Steele Resources, Inc. has entered into an LOI with America's Gold Exploration, Inc. to acquire rights to the Filipinni and Plumas Gold Exploration projects, located in immediate proximity to Newmont's Phoenix-Fortitude Gold Mine. The projects have extensive historic sampling and drilling on them and will be a key part of the Company's portfolio of exploration properties.

According to historic assay data acquired with the Plumas project, the property was mined in the early 1900s for high grade gold located near surface. Recent preliminary testing of visible breccia outcrop revealed gold values as high as 1.2 ounces per ton. Due to the magnetic anomaly beneath the property, and its proximity to a well established gold ore reserve, the Company will be aggressively testing the property for the full extent of potential gold mineralization.

The Filipinni gold exploration project was drill tested by Barrick Resources in the 1980s. The drilling data and assay certificates from that drilling indicates they intercepted multiple gold and copper mineralized zones including approximately 40 feet of gold mineralization at .304 ounces of gold per ton and 20 feet of copper mineralization of 1.83%. These higher grade zones were surrounded by grades of gold and copper ranging from .01 to .04 opt gold. The Company believes this mineralized zone is a copper and gold skarn that may be related to the deposit at Newmont's Phoenix-Fortitude pit, which was originally reported at 8+ million ounces in gold reserve. The Company will be testing this theory by additional sampling and drilling.

Acquiring the exploration rights to both the Filipinni and Plumas Mine projects remains subject to completing due diligence, securing necessary financing and preparing definitive agreements.

Company CEO Scott Dockter stated, "The price of gold is currently at its historic, all time high. Steele Resources Corporation is aggressively working to identify and acquire projects that are sufficiently advanced to allow for the near term evaluation of their potential for production. If the LOI conditions are satisfied, adding these two excellent projects to our portfolio is a significant step towards this goal. In addition, we also have the Comstock Tyler Project, which sits on the historic Comstock Lode which has been a very prolific precious metal region. Throughout its history, the Comstock Lode has produced in excess of 6.9 million tons of ore. Our initial sampling of the Comstock Tyler project included assayed gold value of up to .19 ounces per ton and silver value of 1.895 ounces per ton. We also have the Fairview Hunter Project which has notable drill intercepts and a planned second round of drilling."

Steele Resources Corporation is a Nevada 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 includes 600 acres in the historic Comstock District, 2,300 acres near the Denton-Rawhide Mine, and its pending acquisition of rights to 145 acres adjacent to Newmont's Phoenix-Fortitude 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 other filings with the Securities and Exchange Commission.

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