LAVAL, QC, Oct. 19 /CNW/ - Stellar Pacific Ventures Inc. (SPX) is pleased
to announce the results of a reconnaissance mapping and sampling program on
his Siguri Gold Property in Guinea West Africa.
Within the Property, a total of twelve (12) artisan mining sites in
activity have been visited along the Semou River and its effluents. The Semou
River flows east west on over 10 km across the property into the Niger River
to the East. Each of these sites are operated by small groups of workers
digging gold out of the alluviums and in some cases from crushed quartz bock,
dug out from circular pits of 10 to 15 meters deep.
In the course of this reconnaissance program, 200 samples averaging
2.5 kg in weight of soil, rocks, and stream sediments were collected and send
to SGS, Siguri Laboratory for Fire Assay analysis. A number of 22 samples
returned anomalous values ranging between 0.10 and 3.52 g. Au/t.
Structurally, the property shows the same patterns then the Cassidy's
gold bearing structures, some 35 km to the SE. In a news release dated
2006 - 09 - 19, Cassidy announced an Indicated resource of 337,000 ounces and
an Inferred resource of 364,000 ounces of gold.
The compilation of these anomalous gold values has allow the company to
identified a zone of priority which totaled 28 km2 , where more detailed
(200m x 50m) soil sampling is justified and recommended to localize the
sources of the gold present in the hydrographic basin of the Semou River.
The Siguri Gold Property covers an area of 107 km2 in the well renowned
Siguri Gold Camp of northeastern Guinea. The Siguri basin is underlain by
volcano-sedimentary rocks. The property is advantageously located in the
surrounding of all Guinea operated gold mines, namely, the Semafo's Jean and
Gobelé 500,000 ounces mine as well as of the Lero 4,25 million ounces mine and
the Anglo/Ashanti 3,1million ounces Siguri mine.
Stellar Pacific Venture signed an option to acquire up to 90% of the
Siguri Property by paying $100,000 and 1,500,000 shares to the vendor and in
contributing to $400,000 in exploration expenditure over a period of
Stellar Pacific Venture Inc. also has the option to buy back the
remaining interest of 10% in the Permits for a total consideration of
Stellar Pacific Venture Inc. is a junior mining exploration company
listed on the TSX-V whose primary objective is to develop and bring into
production viable gold deposits.
The TSX Venture Exchange has in no way approved or disapproved the
contents of this press release.
For further information:
For further information: Michel Lemay, Stellar Pacific's office in
Montreal, (514) 866-6299