CAMERON PARK, Calif., Dec. 16, 2011 /PRNewswire/ -- Steele Resources Corporation (the "Company") (OTCBB: SELR) is pleased to announce that it has completed its development goals for 2011 and established 166 foot development drift that will serve as the main haulage for future mining activities at the Mineral Hill Gold Mine. The Company has also begun an advanced drilling program that will better define the targeted mineralized zone and provide the Company's geologists and management with additional data.
Company CEO Scott Dockter stated, "We have accomplished a lot this year and we are aggressively moving towards further development of this mine. Having a thorough understanding of this project is critical to efficient operations and this drilling will enable us to effectively develop this potential gold resource. Over the next two weeks, we will be looking to define production targets for 2012 and to explore the potential for additional mineralized zones."
The Company plans to drill four test holes, each to a depth of 200 feet. These holes will examine the possibility of mineralized contacts between the current development drift and the known mineral targets expressed at surface. This drilling activity will also provide additional data relating to the potential depth of mineralization at the mine site.
Results from this drilling are anticipated shortly after the New Year Holiday.
About Steele Resources:
Steele Resources Corporation is a precious metals exploration and development company that is working to become an active gold producer through the development of the 1800 acre Mineral Hill Gold Project. The Company recently announced it had begun to drive a development drift towards the target mineralized zone.
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 filings with the Securities and Exchange Commission.
Contact:
Newsletter signup and website: www.steeleresources.com
Email: info@steeleresources.com
Scott Dockter Phone: 530.672.6225
SOURCE Steele Resources Corporation
