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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (1726)	5/29/2007 9:11:42 AM
From: LoneClone	Read Replies (1) \| Respond to of 193124

Stellar Pacific double his land position in the Otish Mountains uranium play Tuesday May 29, 8:30 am ET biz.yahoo.com LAVAL, QC, May 29 /CNW/ - Stellar Pacific Ventures Ltd. (SPX) is pleased to announce the acquisition of 100% interest in 40 Cells covering 2,120 hectares located in the middle of the uranium play in the Northern Quebec's Otish Mountains. This area is well known for its uranium potential and this new property is located 9.0 km east of Strateco Resources Inc. Matoush property where significant uranium results have been reported by Strateco with 2.1% U3O8 over 12.4 metres (Strateco press release: 22/12/2006), 2.13% U3O8 over 15.2 metres (Strateco press release: 20/02/2007) and recently 2.0% U3O8 over 16 metres representing 40 pounds per ton U3O8 over 53 feet (Strateco press release 10/04/2007). Stellar's management, is very proud of this acquisition which brings its total 100% owned land position in the area to 4,115 hectares considering the two previously acquired nearby properties announced on February 26-2007. The company is now compiling data available from previous work in the area and planning an extensive exploration program to test the uranium potential of its 3 Otish Mountain properties. The program which will be carried-out during the months of June and July 2007, will most likely include a low altitude helicopter-borne combined radiometric, magnetic and VLF electromagnetic survey which will be followed by, lake bottom sampling, line-cutting, ground scintillometer surveying, prospecting, geological mapping and sampling. The total estimated budget for this first phase of a two program will be in the $300,000 to $400,000 range. Pending on the results of the first phase the second phase of the program would include additional prospecting and sampling along with a diamond drilling on potential targets, this second phase would cost approximately $600,000. The Company is earning its interest by paying $20,000.00 and issuing 300,000 common shares of the company to two prospectors following the approval of the TSX-Venture Exchange. This press release has been reviewed by Benoit M Violette, geo, consulting geologist and a qualified person under a Qualified Persons under National Instrument 43-101, Furthermore, Stellar wish to advise its shareholders that the spin-off activities with Stelmine Canada Ltd is progressing positively, an update shall be announced shortly. 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. "Michel Lemay" -------------------- Michel Lemay President The TSX Venture Exchange has in no way passed on the merits of the proposed transaction and has neither approved or disapproved the contents of this press release. For further information Michel Lemay, Stellar Pacific's office in Montreal, (450) 622-1533 Source: STELLAR PACIFIC VENTURES INC.