LAVAL, QC, April 12 /CNW/ - Stellar Pacific Ventures Inc. ("Stellar" or
the "Corporation") (SPX: TSXV) is pleased to announce that it will proceed
with the distribution of common shares of its wholly-owned subsidiary Stelmine
Canada Ltd. ("Stelmine") to its shareholders and with the transfer of certain
of its properties to Stelmine.
Stellar will proceed with the sale to Stelmine of its Opinaca properties
covering 2,395 hectares and its Aiguebelle and Cléricy properties for a total
cash consideration of $30,000 and the issuance of 1,050,000 common shares of
its share capital, at a deemed value of $0.30 per share, for a total
consideration of $345,000. The book value for these properties is $321,171 as
of February 28, 2007. This value is an accounting entry that is unrelated to
the market value of the properties, which as not been determined. These
properties are all qualified and supported by technical report pursuant to
National Instrument 43-101. Furthermore, Stelmine entered into an agreement
with an arm's length party entitling it to acquire a 100% interest in 85 cells
covering 1,360 hectare located in the Opinaca area for a cash consideration of
$11,350 and the issuance of 125,000 common shares of its share capital.
Stellar will also distribute approximately 8,750,000 common shares of
Stelmine to its shareholders as a dividend, on the basis of one (1) Stelmine
common share for every five and a half (5.5) issued and outstanding common
shares of the Corporation. These shares will be distributed to shareholders of
record at the close of business on May 2, 2007.
The above-mentioned transactions are subject to regulatory and TSX
Venture Exchange approval.
Stellar Pacific Venture Inc. is a junior mining exploration corporation,
the securities of which are listed on the TSX Venture Exchange whose primary
objective is to develop and bring into production viable gold deposits.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Mr. Michel Lemay, President and Chief Executive
Officer, (450) 622-1533, Fax: (450) 622-5928