BEANSTALK CAPITAL INC. FILES FILING STATEMENT REGARDING QUALIFYING TRANSACTION ON THE ACQUISITION OF THE ELK PROPERTY

VANCOUVER, June 29, 2011 /CNW/ - Beanstalk Capital Inc. (the "Company"), a capital pool company, is pleased to announce that the Filing Statement required by the TSX Venture Exchange (the "Exchange") to be prepared regarding the proposed qualifying transaction has been filed and is available for viewing under the Company's profile on SEDAR at www.sedar.com.

The Company also advises that it plans to close the acquisition of the Elk Gold Project located within the Similkameen Mining District on or about July 12, 2011. Completion of the qualifying transaction is still subject to a number of conditions, including (a) completion by the Company of a private placement to raise aggregate gross proceeds of up to $7,502,500; and (b) Exchange approval. There is no assurance that the transaction will be completed as proposed or at all.

Property Description:
The Elk Property is located in southern British Columbia, Canada roughly 325 km northeast of Vancouver and 55 km west of Okanagan Lake, approximately midway between the towns of Merritt and Peachland. The property is within the Similkameen Mining District and consists of 27 contiguous mineral claims and one mining lease covering 16,566 hectares. Except for the Agur Option block, the Company is acquiring 100% interest in all of the claims.

Prospecting activities date back to the early 1900s but detailed work in the area began in 1960s and 1970s by several companies who focused on copper and molybdenum. Fairfield Minerals investigated the area for gold in 1986. Approximately 51,500 ounces of gold were produced between 1992 and 1995 from a test pit and underground mining exploration. As reported in the Company's News Release dated February 16, 2011 the Elk Property has a measured and indicated resource of 301,000 ounces of gold and an inferred resource of 263,000 ounces of gold. The Company intends to carry out further exploration work this summer with the goal of increasing the gold resource of the property to a point where a production decision can be made.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD

"Rod Shier"

Rod Shier, Chief Financial Officer

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.


SOURCE Beanstalk Capital Inc.

For further information:

Rodney Shier, Chief Financial Officer
Telephone: 604-558-4653 ext 222, Fax: 604-682-2993
Address: Suite 1700-700 West Pender Street, Vancouver, British Columbia  V6C 1G8

Profil de l'entreprise

Beanstalk Capital Inc.

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