Stellar Pacific Ventures Inc. Enters into a Joint Venture Agreement with Newmont Ventures Limited for Namarana Property, in Mali
MONTREAL, QUEBEC--(Marketwire - Aug. 29, 2011) - Stellar Pacific Ventures Inc. (hereinafter "Stellar") (TSX VENTURE:SPX) is pleased to announce that a joint venture agreement has been entered into with Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM) ("Newmont") whereby Newmont and Stellar will jointly participate in the exploration of the Namarana Property in Mali and seek to acquire additional properties within the area.
The Venture Agreement calls for a two phase earn-in process whereby Newmont can earn a 51% participating interest in the Property by: i) contributing exploration expenditures in the amount of US$500,000 within the next eighteen (18) months and ii) completing a private placement in the amount of $US500,000 in the capital of Stellar 8 months subsequent to the effective date of the Venture Agreement (Phase 1). After which, Newmont may increase its participation to 85%, by spending an additional US$3,000,000 in the following three years (Phase 2). Newmont may elect to discontinue at any time during Phase 1 in which case it would retain no interest in the Property.
Maurice Giroux, President and CEO states; "We are very pleased to be moving forward in Mali with a partner like Newmont and we look forward to exploring further opportunities with them in the area." Stellar currently has an advanced exploration program underway on its Balandougou Project in Guinea, just to the West of the Namarana Property. Stellar is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in West Africa. Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.
Neither the 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.