Stellar Pacific Ventures Inc.

Stellar Pacific Ventures Inc.

April 25, 2011 21:10 ET

Stellar Pacific Ventures Inc.: Update

MONTREAL, QUEBEC--(Marketwire - April 25, 2011) - Stellar Pacific Ventures (TSX VENTURE:SPX) (the "Corporation") wishes to advise its shareholders that it has received a draft notice of assessment from Canada Revenue Agency pursuant to which a notice of assessment could be issued to the Corporation for an amount of up to 341,996$. As disclosed in the financial statements of the Corporation, some exploration expenses renounced in 2007 had not been incurred within the prescribed timeframe.

Management of the Corporation, none of which were present at the time the related events took place, assisted by its auditors, is currently reviewing the project and will take the appropriate steps to contest the full, or a part of, the amount as may be required in the future. The Corporation cannot at this time establish what amount may be payable in regards to this matter.

Additionally, the Corporation reports that the due diligence relating to the brokered private placement, as announced April 14, 2011, is underway and the Corporation expects it will be completed in the coming days.

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.
    Maurice Giroux