| STINA ENTERS INTO OPTION AGREEMENT FOR GOLD PROPERTY
TSX:V- "SQA"
12g3-2(b): 82-2062
Shares Issued 15,285,567
February 18, 2009 close: $0.46
February 19, 2009
Stina Resources Ltd. (the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Steephollow Resources Inc. ("SRI") pursuant to which SRI has agreed to grant the Company an option to purchase a 100% beneficial interest in certain mining claims located in Sections 28, 27 and 21 in T17N and R11E, Nevada County, California, USA (the "Property"), subject to a 2% net smelter interest in favor of Dennis La Prairie. The Option Agreement is subject to the approval of the TSX Venture Exchange.
Pursuant to the Option Agreement, to exercise the option the Company must: i) incur and fund exploration expenditures on the Property of not less than $100,000, on or before the second anniversary of the approval date of the Option Agreement by the TSX Venture Exchange; and ii) allot and issue 1,000,000 shares in the capital stock of the Company to SRI upon the completion of such exploration expenditures.
The Zeibright Mine is a former gold producer located in northeastern California along the border between Placer and Nevada counties in the Sierra Nevada mountain range, and is within the Sierra Nevada gold-bearing area, immediately east of the productive Grass Valley and Nevada City Gold Districts. The area is considered related to the Mother Lode structure, the northern limit of which is approximately 40 km (25 miles) to the south-southwest of the Ziebright Mine.
The Zeibright Mine produced over 100,000 ounces of gold from underground operations until the 1950s. The Zeibright mineralized dike structure containing gold-bearing quartz veins ranges in width from 2.5m (8.5 feet) to over 9m (30 feet). The structure, believed to be continuous, is exposed on either side of the mountain and has been mined by various owners, between 1867 and 1959, including the Newmont Mining Corporation, who were in the process of tunneling from two adits (north and south), through the north side of the mountain intending to connect to the Omega Mine approximately 6,000m (18,000 feet) further. The adit had been tunneled approximately 600m (1,800 feet) to the east from the Omega hydraulic pit to intersect the structure and a total of 2600m (8,500 feet) to the north from the existing Zeibright Mine workings. Approximately 2300m (7,000 feet) remains to link the two tunnels and the north face of the adit (Zeibright side) was apparently left in ore.
Sampling results from Newmont Mining Corporation maps indicated ore grade material in several locations along the adit that had not yet been developed. Historic Newmont sampling of the Adit 1 tunnel over 385m (1266 feet) along a mean vein system width of 2.6m (8.5 feet) averaged 5g/tonnes (0.15 oz/ton).
The Company intends to conduct electro-magnetic and geophysical studies on the top of the structure above the tunneling, attempting to interpolate mineralized vein continuity between the two tunnels. Additionally, the Company intends to drill above the Zeibright structure adits to determine if mineralization rises above this level.
Stina expects this acquisition to help increase value for the Company shareholders.
There has been insufficient exploration to define a Mineral Resource on the Zeibright Property, and it is uncertain as to whether, or not, further exploration will result in the discovery of a Mineral Resource on the property.
Ed Ullmer,P. Geo, is a designated Qualified Person for the Company and subsequent amendments, preparation and review of this news release.
Edward Gresko, President
Stina Resources Ltd.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.
STINA RESOURCES LTD. WWW.STINARESOURCES.COM |
Stina Resources Ltd.
Ed Gresko
President
phone: 800-545-9940
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