Stelmine Canada Ltd. obtains receipt for preliminary prospectus



    LAVAL, QC, Oct. 3 /CNW/ - Stelmine Canada Ltd. ("Stelmine"), a subsidiary
of Stellar Pacific Ventures Inc. ("Stellar"), announces that it will proceed
with an initial public offering and that it has obtained a receipt for a
preliminary prospectus for the distribution of a minimum of 900 Series "A"
Units ("A Units") and 300 Series "B" Units ("B Units") (the "Minimum
Offering") and a maximum of 1,050 A Units and 300 B Units (the "Maximum
Offering") for gross proceeds of $1,210,500 in the event the Minimum Offering
is subscribed and $1,359,750 in the event the Maximum Offering is subscribed.
    Canaccord Capital Corporation will act as agent for Stelmine's initial
public offering.
    Each A Unit, offered at a price of $995, includes (i) 2,000 flow-through
common shares of Stelmine ("Flow-Through Shares") within the meaning of the
federal Income Tax Act and the Quebec Taxation Act at a price of $0.40 per
Flow-Through Share, (ii) 975 common shares of Stelmine ("Common Shares") at a
price of $0.20 per Common Share and (iii) 975 warrants ("Warrants"), each
Warrant entitling its holder to subscribe for one (1) additional Common Share
at a price of $0.25 during the 12-month period following the initial closing
and thereafter at a price of $0.30 until the 24th month following the initial
closing.
    Each B Unit, offered at a price of $1,050, includes (i) 5,250 Common
Shares at a price of $0.20 per Common Share and (ii) 5,250 Warrants, each
Warrant entitling its holder to subscribe for one (1) additional Common Share
at a price of $0.25 during the 12-month period following the initial closing
and thereafter at a price of $0.30 until the 24th month following the initial
closing.
    The net proceeds of the prospectus offering will be used to complete
exploration work on the Opinaca property and for working capital purposes.
    As disclosed by Stellar in press releases dated December 21, 2006 and
April 12, 2007 and subject to the approval of the TSX Venture Exchange,
Stellar will distribute approximately 8,750,000 common shares it holds in
Stelmine to its shareholders as a dividend. This transaction will allow
Stellar to concentrate its efforts on accelerating the development of its
Vassan project and its other projects and will allow it to continue
exploration on its other properties through Stelmine. Payment of the dividend
by Stellar will allow its shareholders to profit from the expected success of
Stelmine's exploration.
    Stelmine has filed an application with the TSX Venture Exchange (the
"Exchange") to list its common shares for trading. The listing on the Exchange
will be subject to Stelmine fulfilling all the Exchange's listing
requirements.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this press release.




For further information:

For further information: Michel Lemay President and Chief Executive
Officer, (514) 866-6299, (514) 866-8096 (fax)

Organization Profile

STELLAR PACIFIC VENTURES INC.

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STELMINE CANADA LTD.

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