|By Marketwired .||
|January 15, 2014 12:04 PM EST||
MONTREAL, QUEBEC -- (Marketwired) -- 01/15/14 -- Mr. Maurice Giroux, President and CEO of Stellar AfricaGold Inc. (TSX VENTURE: SPX) ("Stellar" or the "Company") and a Qualified Person as defined in NI 43-101, is pleased to announce the acquisition of 100% interest in the "PHILIBERT-I" property from Vanstar Mining.
The property consists of 4 mining cells covering 224 hectares in Gamache Township, 45 km south of the town of Chapais, Quebec.
The "PHILIBERT-I" showing was discovered in 1983 by prospection and consists in a gold mineralization associated to quartz-tourmaline-sulphides veins. Historical exploration reported grades of 31.6 g/t Au and 2.54 g/t Ag in channel sampling across exposed quartz veins and of 18.66 g/t Au/0.6 m cuts in a drill hole.
This property is located in the same environment than previously announced company's OPAWICA Property and 6,5 km N/NE of Vanstars' LIAM discovery.
The consideration payable by the company for 100% interest in the Philibert I property consists of a cash payment of $5,000, and the issuance of 160,000 common shares. Vanstar will keep a 1,5% NSR from which, 0,5% can be buyback for the sum of $500,000.
That transaction is subject to regulatory approval, and the common shares issued will be subject to a hold period of four months and one day.
Maurice Giroux, the president and CEO of "Stellar AfricaGold" declares: "Being located in the same geological trend than our company's Opawica property, the acquisition of Philibert I is a complement and is adding positive impact into the play that Stellar is starting in an area that is familiar to Stellar. We look forward to start a full geophysical coverage of all the Opawica and Philibert-I property in February in order to be able to start a ground prospection as soon as weather allows."
The Opawica property is located within the Tomagold/Iamgold-Vanstar-Soquem working area which is to date the most active exploration camp in Quebec. Among the most important gold occurrences reported in the area, the company notes Soquem Meston Lake deposit (1.2 million tonnes at 6.25 grams per tonne (g/t) gold (Au)), Soquem Philbert deposit (1.3 million tonnes at 5.32 g/t Au), as well as numerous high-grade drill and channel sampling reported by Tomagold, Vanstar, Murgor and Soquem as well as the former Joe Man gold mine that produced over one million ounces of gold.
About OPAWICA Property:
The OPAWICA Property consist of three blocs totalling 80 mining cells recently acquired by the Stellar in the area of the new Liam gold discovery on the Nelligan Project of Vanstar. It is located approximately 45 kilometres south of the village of Chapais and is accessible year-round by several forestry roads. A power line crosses the South block of the Opawica property.
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.
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.