MONTREAL, QUEBEC--(Marketwire - Dec. 6, 2011) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") announced today that the record date for the special distribution consisting of Carbon2Green Corporation ("C2G") common shares (the "Shares") will be January 12, 2012. Shareholders of record, as of January 12, 2012 will be entitled to receive, in proportion with their current shareholding in Stellar, part of the 16.5 million Shares to be distributed, representing 75 per cent of the shares received by Stellar (the "Distribution"). The Shares are being issued in payment to Stellar for the three (3) mineral properties being acquired. The Distribution is expected to take place shortly thereafter. All Shares distributed will be subject to a four month and one day hold period from the issuance date.
C2G (soon expected to change its name to TomaGold Corporation) has received conditional approval from the TSX Venture Exchange in regards to the asset purchase (the "Transaction"), and will be seeking shareholder approval, December 22, 2011 (please refer to www.sedar.com under C2G for more information). The closing of the Transaction is expected to take place on or prior to December 31, 2011.
The Distribution remains conditional to the closing of the Transaction (please refer to www.sedar.com under Stellar) which requires, namely, the approval of C2G shareholders, the closing of a private placement and final TSX Venture approval.
Mr. Maurice Giroux, President, will remain involved with TomaGold to oversee the development of the Quebec properties.
Exploration activities in West Africa:
Stellar Pacific Ventures Inc. has just completed 3,000 metres of RC infill drilling on zones B-1 and B-3 and 1,400 metres of mechanical trenching on the same zones on its Balandougou Project in Guinea. This drilling and trenching is part of the 2011-2012, $3.0M exploration program, announced previously. Results are pending and will be available for release shortly.
Stellar is also completing an airborne Magnetic and Radiometric survey over the entire 600 km2 of the Balandougou Property. The survey is being conducted by Xcalibur Airborne Geophysics of Pretoria South Africa. The survey comprise approximately 5,691 line-km of flight lines oriented N-S at a 100 metre spacing.
At the current stage of exploration of Balandougou that resulted in the Solotomo Discovery and in the outlining of numerous gold occurrences within the perimeter of the property, this survey will bring valuable information on the geology and structures in the area and should lead to new gold discoveries within the surveyed area.
About the Mali property: The Namarana project is a 120-square-kilometre prospection authorization awarded to Stellar Pacific Mali SARL, a 100-per-cent Stellar Pacific Ventures Inc. subsidiary. The Namarana project is adjacent and to the east of the Balandougou project on the Mali side of the Guinea/Mali border.
Stellar Pacific Ventures has entered into a joint venture agreement with Newmont Ventures Ltd., a subsidiary of Newmont Mining Corp., whereby Newmont and Stellar will jointly participate in the exploration of the Namarana property in Mali and seek to acquire additional properties within the area. (See news release of Aug. 29, 2011, Stellar Pacific enters Namarana JV with Newmont.)
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" which can be identified by the use of "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking statements.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.