MONTREAL, QUEBEC--(Marketwire - Feb. 26, 2013) - STELLAR PACIFIC VENTURES INC. ("Stellar" or "the Company") (TSX VENTURE:SPX) is pleased to announce that the proposed consolidation of its common shares (the "Shares") and the proposed name change to "Stellar AfricaGold Inc." / "Stellar OrAfrique inc." were approved by special resolution, with respectively 94.79% and 99.14% of the votes in favour, at the Annual and Special Meeting of Shareholders held on February 22, 2013. The Share consolidation and the change of name remain subject to the approval of the TSX Venture Exchange. In addition, management is pleased to report that the four nominees proposed for election - Maurice Giroux, Raymond Cloutier, John Ryan and Jean-Francois Lalonde - were elected to the Board of Directors.
Mr. Maurice Giroux, CEO of Stellar and Qualified Person, indicated that Stellar's new corporate name better reflects its primary mission, which is to target, explore and develop gold deposits in Africa. As for the Share consolidation on a 10-for-1 basis, although it will have no impact on the Company's intrinsic value, it should facilitate its future financing.
"It will make it easier for us to continue developing the significant potential of the Balandougou property, in Guinea, and the Namarana project in Mali, into which a fair amount of cash and energy has already been invested. Stellar is a real venture, the money goes to the right place and exploration is our business. With the results obtained so far, we feel like those projects can possibly develop into gold mines and we wish to continue the work already well engaged. The Balandougou project in Guinea has already received more than $5.0 million in exploration expenditures in the last three years; so far, three extensive gold structures have been discovered and drilled and a dozen more gold occurrences are lined up for follow up. In order to consolidate the gold mining potential of Balandougou, the Company recently mandated AECOM Inc. to proceed with a systematic data compilation and interpretation. The final report and recommendations for further work are expected by the end of March 2013. Furthermore, the Company wishes to increase its land position in West Africa and is currently evaluating and discussing different acquisition targets," the CEO added.
Stellar will proceed with the Share consolidation on the basis of a consolidation ratio of (10) pre-consolidation Shares for one (1) post-consolidation Share. At this time, there are 130,124,269 Shares issued and outstanding. Pursuant to the consolidation, the Company will have 13,012,427 Shares outstanding. All outstanding options and warrants will be adjusted accordingly. Registered shareholders will be advised of the effective date of such changes and will be provided with instructions for the exchange of certificates. The Company expects its shares to continue trading under the ticker symbol "SPX" on the TSX Venture Exchange.
ABOUT THE BALANDOUGOU AND NAMARANA PROPERTIES
The BALANDOUGOU project in Guinea is a 49% / 51% joint venture between Stellar Pacific Ventures and partner Ultragold Holding based in Denver Colorado. The Balandougou property is located 100 kilometres north of Siguiri in Upper Guinea at the Mali border. It is comprised of four contiguous exploration licences that cover an extensive area of 606 km2. So far, exploration effort lead to the discovery of three extensive gold structures cumulating more than 2,200 line metres of gold mineralization.
The NAMARANA exploration licence covers an area of 120 km2 and is located in Mali, in the KANGABA circle near the Guinea border, just east of the BALANDOUGOU project. So far, stream sediment geochemistry by bleg method and full airborne magnetic and radiometric coverage as well as rock and soil geochemistry have been performed on the entire property. The Namarana property is currently at drilling stage with promising targets.
ABOUT STELLAR PACIFIC VENTURES
Stellar Pacific Ventures (TSX VENTURE:SPX) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits In Africa. Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.
The Company is currently developing the promising gold potential of the Balandougou property in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali. The exploration licences held by Stellar and its partners cover 1,100 km2 located entirely on the West African Birimiam Gold Belt.
Stellar also holds a 10.5% equity interest in TomaGold Corporation Inc., a Canadian mining company active in the exploration of gold properties in Northern Quebec.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101n.
NEW COMPANY WEBSITE
The Company is pleased to inform shareholders that its new website is now on line at www.stellarpacific.ca
Neither 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.
President and CEO
Stellar Pacific Ventures Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here