NEWSMONTREAL, QUEBEC--(Marketwire - Jan. 25, 2011) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX - News;"Stellar" or the "Company") announces the signature of an OptionAgreement with Tali-Mines SARL, to acquire 100% of the NAMARANA GoldLicence in Mali, West Africa.
The Namarana Licence covers an areaof 132 km2 in the Kangaba Circle, approximately 150 Km south-west ofBamako, the capital city of Mali. The property is at a two-hour drivefrom Bamako and is easily accessible by road.
The area of theNamarana Permit lies within the Birimian Formations, which hosts mostof the large gold deposits of the sub-region. The permit area iscovered by a regional geochemistry survey done in 1995. A workcompilation by Tali-Mines concluded in the presence of 13 goldanomalies ready to follow up. Tali report also mentions the presence ofnumerous artisan gold digging sites throughout the property.
TheNAMARANA permit in Mali consists in the N-E geological extension of theBalandougou mineralized structures in Guinea where Stellar holds asubstantial land position. This new area can be developed using thecompany's facilities in place.
The Namarana licence is currentlyat a renewal stage and upon completion, Stellar Pacific Ventures willhave the option to acquire 100% of the licence by paying $US 60,000 andspending $US 500,000 over a period of three years.
The cash payment and exploration expenditure commitment will be done according to the following schedule:
At renewal of Permit $US 15,000
1st Anniversary $US 15,000 $US 100,000 30%
2nd Anniversary $US 15,000 $US 200,000 35%
3rd Anniversary $US 15,000 $US 200,000 35%
Stellaris pleased with this new acquisition in Mali and is becoming animportant player with over 1,100 km2 of gold land in West Africa whichis recognized as one of the most prolific areas for gold majordiscoveries in the world.
The country of Mali has consistentlyranked among the first 3 gold producers in Africa and benefits from avery stable political environment as well as good mining jurisdictionon the continent.
Stellar intend to expose rapidly the potentialof the Namarana permit by proceeding shortly with an adequate programincluding detailed soil geochemistry over the most promising area ofthe permit.
About Stellar Pacific Ventures
Stellar Pacific Ventures (TSX VENTURE:SPX - News)is a Canadian-based mining exploration company whose primary mission isto target, explore and develop gold deposits in Canada and Africa.
Stellaris dedicated to creating growth by discovering and mining the earth'sresources in an efficient and environmentally responsible manner.