SOURCE: Steele Resources Corporation

February 11, 2011 08:30 ET

Steele Resources, Inc. Executes Definitive Agreements for the Mineral Hill Exploration Project

CAMERON PARK, CA--(Marketwire - February 11, 2011) - Steele Resources Corporation (the "Company") (OTCBB: SELR) announced today that its subsidiary, Steele Resources, Inc. ("SRI"), has executed a definitive agreement (the "Agreement") with a group of individual land owners in the state of Montana to acquire rights to 17 patented and 67 unpatented mining claims known as the Mineral Hill Exploration project ("the Project"). This transaction completes the LOI which SRI entered into on November 8, 2010. The Company still plans to close on two additional adjacent claims per its LOI dated December 2, 1010.

CEO Scott Dockter stated, "Executing the Agreement for the Mineral Hill project is a major step. We have designed an aggressive exploration program that will enable us to define what mineralization may be available for immediate extraction under a SMES. Additionally, our geologic review of this property suggests that the known mineralization is just the beginning of this projects potential."

The complete review of this project and its potential can be viewed at the project page at the Company's website.

Under the terms of the Agreement, SRI has a 6 year lease period with an initial payment of $300,000 and an annual commitment of $500,000.00 for the next five years. After the 6 year lease period expires, SRI has the option to buy the Project outright for $190,000.

About Steele Resources Corporation:
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 the 1800 acre Mineral Hill Gold Exploration Project, located near Pony Montana, and two Nevada exploration properties.

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.

Contact Information