Stelmine Canada Ltd.

Stelmine Canada Ltd.

November 24, 2009 08:20 ET

Stelmine Acquires Two Major Rare Earth Properties in the Kipawa Region

MONTREAL, QUEBEC--(Marketwire - Nov. 24, 2009) - Stelmine Canada Ltd. ("Stelmine") (TSX VENTURE:STH) announces that the company has closed a deal through which the company may acquire up to 100% of the interest in two mining properties in the Kipawa alkaline complex, 100 kilometers (60 miles) northeast of North Bay, Ontario, just inside the Quebec province line.

The Kipawa properties cover 1,775 hectares (30 claims) divided into two tracts to the west (950 hectares) and southwest (824 hectares) of the Matamec Resources (11.3% REE) and Fieldex Exploration (4.4%) prospects.

This is a very strategic acquisition for the company, as several companies will be very active in the area over the next few years. Fieldex has secured 2 million dollars in financing; Matamec has obtained 1.5 million. Globex Mining Enterprises and Aurizon Mines also have vast properties in the region.

The company's management aims to secure financing this fall to launch an aggressive exploration campaign on the properties.

Stelmine could acquire 70% of the interest by paying $60,000, issuing 350,000 shares of stock, and earning $100,000 in 12 months. The company could also acquire the additional 30% interest by paying $50,000 and issuing 250,000 shares within two years of the signing of the agreement.

Stelmine's directors are thrilled with this acquisition. By focusing on rare earth element development, the move reflects the management's new vision for the company.

Stelmine Canada Ltd. is a junior mining exploration company listed on the TSX Ventures Exchange under the symbol STH with 14,000,000 shares issued.

The TSX Venture Exchange does not accept responsibility for the relevance or accuracy of this press release.

Contact Information

  • Michel Lemay
    President and Chief Executive Officer