Stellar Pacific Ventures Inc.

Stellar Pacific Ventures Inc.

October 21, 2009 12:56 ET

Stellar Pacific Ventures Inc. to Acquire 100% of Monster Lake Gold Property in the Chibougamau Mining Camp Quebec

MONTREAL, QUEBEC--(Marketwire - Oct. 21, 2009) - Stellar Pacific Ventures Inc. ("Stellar" or the "Corporation") (TSX VENTURE:SPX) is pleased to announce that it has signed of a Letter of Intent to acquire a 100% interest in a gold property in the Chibougamau Mining Camp, Northern Quebec.

The Property is composed of 78 mining claims and cells covering an extensive area of 2,446 hectares or 24.46 km2 in Rale Township, in Northern Quebec Chibougamau Mining Camp 50 km south-west of the town of Chibougamau. It is located west of the Joe Mann gold mine which has produced 1,253,869 ounces of gold since 1956 and in the vicinity of the Philibert and Chevrier gold occurrences with reported gold resources of 1.4 Mt. at 5.4 g Au/t and 1.8 Mt at 5.1 gAu/t respectively.

The highlights of the Monster Lake Gold Property are the numerous drill and surface gold intersections identified by Soquem along an extensive structure oriented NE-SW over a strike length of 3.6 kilometers. Gold is reported to be closely associated to quartz veins in sheared zones and visible gold was reported in drill core and on surface.

The property is accessible year round from Chibougamau by a major lumber road and by secondary lumber road that crosses the property. The property is a 30 minutes drive from the Chibougamau regional airport which has flights daily from Montreal.

Stellar Pacific ventures can earn 100% of the property by paying the vendor $125,000 and by issuing up to 750,000 shares over a period of 24 months. Stellar must also incur $500,000 of exploration work over two years.

The company is currently conducting due diligence and will provide an update on the potential of the project at the execution of the Definitive Agreement, no later than November 28th 2009.

About Stellar Pacific Ventures

Stellar Pacific Ventures (TSX VENTURE:SPX) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada and Africa. The management of the company intends to re-organize the company's portfolio of gold properties and be active in Canada and abroad. There are currently 24,955,701 common shares outstanding.

Stellar is dedicated to creating wealth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.

This news release has been reviewed and approved by Maurice Giroux, a "Qualified Person" under National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Stellar Pacific Ventures Inc.
    M. Raymond Cloutier
    President and CEO