HENDERSON, NV, May 10 /CNW/ - Stellar Resources Ltd. (OTC-BB:SRRL)
"Stellar" is pleased to announce that it has entered into an Agreement
with Deloro Resources Ltd. (TSX-V:DLL) "Deloro" and Elk Hills Petroleum
Canada Ltd. "EHPC" whereby Deloro can acquire up to a 1/3 interest in
the ~20,000 acre Elk Hills Heavy Oil Project in Carbon County, Montana.
Under the terms of the agreement, Deloro can earn a 1/3 interest in Elk
Hills Heavy Oil LLC, "EHHO" from Stellar and EHPC by issuing 3,000,000
shares to Stellar and 3,000,000 shares to EHPC, making a capital
contribution of $600,000 on or before September 11, 2011 ($450,000 for
approved exploration expenditures and the balance of funds to meet
current and operating liabilities of EHHO.) Deloro will become the
Operator of the project. The Deloro shares issued to Stellar and EHPC
shall be subject to a four month and one day hold. The TSX-V has
approved this transaction.
Upon Deloro meeting all the terms and conditions of the acquisition
Stellar shall retain a 1/3 interest in EHHO.
Stellar Resources Ltd.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented
herein constitutes forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include
general economic and business conditions, the ability to acquire and
develop specific projects, the ability to fund operations and changes
in consumer and business consumption habits and other factors over
which Stellar Resources Ltd. has little or no control. The company
undertakes no obligation to update or revise forward-looking statements
to reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
SOURCE Stellar Resources Ltd.
For further information:
Stellar Resources Ltd.
President & CEO