Stellar Pacific Ventures Inc.: Shareholders Approve Share Consolidation and
Change of Name at the Annual and Special Meeting
MONTREAL, QUEBEC -- (Marketwire) -- 02/26/13 -- 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
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
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.
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