SOURCE: Steele Resources Corporation

October 22, 2010 18:05 ET

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

CARSON CITY, NV--(Marketwire - October 22, 2010) - Steele Resources Corporation (the "Company") (OTCBB: SELR) announced today that its subsidiary, Steele Resources, Inc., has terminated its Letter of Intent with America's Gold Exploration, Inc. to acquire rights to the Filipinni and Plumas Gold Exploration projects. As previously announced, acquiring the exploration rights to both the Filipinni and Plumas Mine projects was subject to completing due diligence and preparing definitive agreements. The Company incurred no further costs related to the termination of the LOI.

Company CEO Scott Dockter stated, "Our criteria for projects is very strict. As a small company we have limited resources and as such we are unwilling to utilize company funds for projects that are less than ideal. We will continue to develop our existing projects and are extremely optimistic about the opportunities in our pipeline of potential acquisitions." 

The Company has also terminated the LOI with Nevada Mine Properties II with no further cost to the Company.

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 and 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 other filings with the Securities and Exchange Commission.

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