Approval receivedSTELLAR PACIFIC VENTURES INC. ("SPX")
BULLETIN TYPE: Property-Asset Agreement
BULLETIN DATE: November 2, 2004
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for Expedited filing documentation
of a Joint Venture Agreement date August 16, 2004 between the Company
and Tearlach Resources Limited ('Tearlach") whereby the Company may
acquire a 50% interest in the Maying Mine gold mine project (the
"Project") located in the Little Qingling gold region of China.
Pursuant to the Joint Venture Agreement, the Company and Tearlach will
contribute each 50% of past and future expenses under the terms and
conditions of an option to acquire the Project. The Company must
make total cash payments of US$105,000 representing 50% of the cash
consideration payable to an option purchase agreement made on May 19,
2004 between the Company and Guan Enterprises Ltd. ('Guan', the
vendor).
The Company could earn an absolute 70% interest in the Project by
paying to Guan US$70,000, issuing 1,500,000 common shares of the
Company to Guan and by contributing US$1,550,000 to the capitalization
of the Sino-Canadian Joint Venture Corporation. The Tearlach-Stellar
joint venture could increase its absolute ownership to 88% by
incurring an additional 85 million Yuan ($15,000,000 CDN).