Stellar Pacific Ventures Inc.

Stellar Pacific Ventures Inc.

July 15, 2008 10:04 ET

Stellar Pacific Ventures Inc: Additionnal Resources on Heva With 209,000 Ounces of Gold

MONTREAL, QUEBEC--(Marketwire - July 15, 2008) - Stellar Pacific Ventures (TSX VENTURE:SPX) is pleased to announce that a new resource evaluation recently completed on the Heva gold deposit by partner, Aurizon Mines Ltd., comprises 102,000 ounces in the indicated category and 107,000 in the inferred category. This new calculation represents an increase of 22% with respect to the 164,044 ounces of gold outlined in these categories by Larouche (1984).

Stellar Pacific Ventures holds 25% net and carried interest in the Heva prospect. The property is made-up of 2 contiguous mining claims covering 80 hectares in lots 24 and 25 in range VI in the middle of Joannas township about 20 km east of Rouyn-Noranda, Quebec. Aurizon Mines Ltd. purchased the other 75% of the property in September 2007. Apart form its southern boundary, the Heva property is surrounded by the Joanna property of Aurizon Mines

A scoping study recently completed (May 12, 2008) on behalf of Aurizon Mines, revealed that the Joanna ore body could possibly be mined from surface by open pit method. The intention of the company is to complete a prefeasibility study following a new resource estimation now in progress.

Stellar Pacific management and board of directors are very satisfied with the outcome of this new resource estimate at Heva. Adding the corresponding 25% of the gold resources now outlined in the Heva property to the ones also outlined on the company's Vassan property located near Val d'Or, Quebec, the company now holds an asset of 88,100 ounces of gold in the indicated category and 35,098 ounces of gold in the inferred category for a total of 123,198 ounces of gold between the 2 projects.

The Heva property is host to the central portion of the Heva gold deposit discovered in the 1940's and explored with diamond drilling and a shaft and limited underground mining during the following decades. The gold resources outlined are hosted in 2 parallel quartz veins (A1 and A2) part of a 5 vein package developed along the Cadillac regional structure running east-west across the property. Up to recently, the major structure of the area were appraised for their high grade gold vein or porphyry type mineralization without consideration for the lower gold content often found in the wall rock of these structures.

Recent drilling and reprocessing of historical data available conducted by Aurizon Mines technical team revealed that the high grade shoots are hosted in a broad alteration halo 100 to 190 meters wide with gold contents averaging between 0.5 to 2.0 g/t Au. The gold zone not tested deeper than 200 meters could extend at depth in a porphyry intrusive identified in drill core. The mineralized body extends laterally onto the Joanna property east and west of the Heva claims.

Note that the 25% carried interest in the Heva gold zone added to the 100% interest held in the Vassan project, Stellar Pacific holds an excellent financial leverage position considering the actual price of gold.

Stellar Pacific Ventures inc hold an important position in Stelmine Canada Ltd (TSX-STH) with 1,050,000 shares of the company (11.4%). Stelmine Canada is a company involve in Hydrocarbon and gold exploration in Canada.

Stellar Pacific Ventures Inc. is a junior mining exploration company listed on the TSX Venture Exchange under the Symbol SPX. The company's objectives are the development and production of gold and base metal assets

The TSX Venture Exchange cannot be held responsible for the content and accuracy of the content of this press release.

Contact Information

  • Stellar Pacific Ventures Inc.
    Michel Lemay
    514-866-8096 (FAX)