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Stellar Pacific Ventures Resumes Drilling on Monster Lake, Chibougamau Quebec
Stellar Pacific Ventures Inc. (News - Market indicators) ("Stellar" or the "Company") announces the beginning of the second phase of drilling on some of the gold showings of the Monster Lake property in Chibougamau mining camp Quebec.
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Keywords :   Canada | Gold | Growth | Market |

This drill program is made in accordance with Stellar's commitment towards Carbon2Green Agreement to spend $700,000 of flow through money on the Quebec Properties before the end of 2011.

This Phase II program consists of 20 to 25 holes totalling 2,500 to 3,000 metres. The program will test extensions of zones Mégane, 52, 325, Nouvelle and Eratix. Zones Mégane, 52 and 325 reported good gold intersections in previous drilling done in January and February 2011 by the company and will be tested at depth.

Hole M-16-10 at Showing 325 cuts 5.54 g/t gold over 4.6 metres including 1.0 meter grading 18.36 g/t gold. The mineralized zone has been cut between depths of 38.8 to 50.6 metre totalling 11.8 metre grading 2.44 g Au/t. This hole was drilled to confirm the vertical extension of newly discovered "Showing 325" where surface channel sampling done by the company in the summer 2010 program reported grades of 7.26 g Au/t/1.6 m, and 2.10 g Au/t/2.1 metre.

Hole M-18-10 located 100 metres South West of surface showing Zone 325 cut a 5 metres zones grading 5.38 g Au / 5,0m including 11.3 g Au /1,0m and 8.6 g Au / 2,0 m. The mineralized structure at depth is consistent with the surface showings and consists of silicified schist containing 3 to 15% sulphide mainly Pyrite and Pyrotite with minor Chalcopyrite.

The following table is showing partial results from Phase I drilling program:

Hole # From: To: Width Grade g Au/T
M-16-10 46.0 50.6 5.54 m. 4.6
Zone 325        
M-18-10 67.7 69.0 1.3 m. 1.17
Zone 325 78.0 79.0 1.0 m. 6.79
  79.0 80.0 1.0 m. 0.153
  80.0 81.0 1.0 m. 11.31
  81.0 82.0 1.0 m. 5.92
  82.0 83.0 1.0 m. 2.86
 M-15-10 79.0 80.0 1.0 m. 2.03
 Zone 52 80.0 81.0 1.0 m. 7.51
  81.0 82.0 1.0 m. 2.12
  82.0 83.0 1.0 m. 1.08
 M-01-10 33.2 34.1 0.9 m. 3.76
 Zone Mégane        
 M-02-10 49.0 50.0 1.0 m. 3.80
 Zone Mégane 54.20 55.20 1.0 m. 2.22
 M-06-10 23.0 24.0 1.0 m. 3.87
 Zone Mégane 24.0 25.0 1.0 m. 1.11
 M-11-10 159.0 160.0 1.0 m. 1.36
 Zone 52 165.0 165.9 0.9 m. 1.83
  166.4 168.0 1.6 m. 1.18
         
 M-17-10 62.4 63.0 0.6 m. 2.11
 Zone 325 69.5 70.7 1.2 m. 1.00
  70.7 71.4 0.7 m.  

As previously announced, Stellar has signed a Letter of Intent to sell its Quebec assets to Carbon2green who will change name and become Toma Gold Corporation. The selling price of the Quebec properties was established at $3,300,000 which will be payable through the issuance of 22,000,000 shares of Carbon2Green Corporation, at the deemed price of $0.15 per share, at the closing of the transaction. As part of the agreement, Stellar will have to spend approximately $700,000 in exploration expenses on the sold properties. This will assure that Stellar fulfills its obligations in regards to the previously completed flow-through financing. Pursuant to the transaction, Carbon2Green will change its name to TomaGold Corporation. It is a condition of the sale that TomaGold complete a financing of a minimum amount of $750,000 and the maximum amount of $1,500,000.

Once the sale is completed, Stellar will distribute a minimum of 16,000,000 shares of TomaGold received, to its shareholders, representing approximately 75% of such shares received (the "Distribution"). This Distribution will be considered a return of capital in the form of the distributed shares and a reduction in the Company's stated capital will take place. The Distribution is subject to the passing of a special resolution which requires 66 2/3% of the votes cast. The Distribution will be made to shareholders of record on the day that is prior to the Closing of the Transaction. The shareholders of Stellar will not be required to pay for any of the TomaGold shares that they receive under the Distribution nor will they be required to surrender or exchange their common shares of Stellar in order to receive the TomaGold shares. Stellar makes no representations as to the tax consequences of the Distribution and each Shareholder should seek appropriate advice from their professional advisor. 

In accordance with Policy 5.3 of the TSX Venture Exchange ("TSXV), this sale of assets is subject to Shareholder approval which will be vote at Company's annual meeting on June 30th 2011.

About Stellar Pacific Ventures

Stellar Pacific Ventures (News - Market indicators) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada and Africa.

Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.

The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101 regulation.

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.

Stellar Pacific Ventures Inc.
Maurice Giroux
President and CEO
514-866-6299
514-866-8096 (FAX)
Ress.stellar@bellnet.ca
www.stellarpacific.ca
Companies Mentionned : Stellar Pacific |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Stellar Pacific Ventures Inc.

EXPLORATION STAGE
CODE : SPX.V
ISIN : CA85855B1022
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Stellar Pacific is an exploration gold and copper company based in Canada.

Stellar Pacific holds various exploration projects in Canada and in Guinea.

Its main exploration properties are HEVA, MONSTER LAKE and VASSAN in Canada and BALANDOUGOU GUINEA in Guinea.

Stellar Pacific is listed in Canada. Its market capitalisation is CA$ 520 480 as of today (US$ 401 342, € 361 088).

Its stock quote reached its highest recent level on February 18, 2011 at CA$ 0.95, and its lowest recent point on April 15, 2016 at CA$ 0.01.

Stellar Pacific has 13 012 000 shares outstanding.

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