MONTREAL, QUEBEC--(Marketwired - Jun 19, 2013) - Mr. Maurice Giroux, President and Chief Executive Officer 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 that all 3 major and strategic Exploration Licences of the Balandougou Project in Guinea were renewed for a two years term on June 7, 2013 by Guinea Minister of Mine.
The Permits renewed are covering a large area of 216 km2 that includes the essential of all gold occurrences discovered by Stellar so far, namely the Solotomo discovery as well as the Fadaninda and Keniebani gold occurrences which were all sampled and drilled by the company.
As announced in a press release dated 2013-04-22, the conclusion of Aecom's Report, the Company's Independent consultant, is that the exploration carried out so far on Balandougou led to the discovery of two significant ore bodies, namely the B3 and B1 gold zones. At present time, these two zones represent the best opportunity for Stellar AfricaGold and UltraGold to initiate a gold production in order to generate a positive cash flow and pursue the development of the other valuable targets discovered on the property by additional exploration work.
AECOM recommend a three phase program, namely a Preliminary Economic Assessment, a Prefeasibility Study and a Full Feasibility Study that could lead to a small scale mining operation.
Maurice Giroux, the president and CEO of "Stellar AfricaGold" declares: "I am very pleased with that second 2 years term renewal of those strategic Permits. According to Guinea Mining Code, the company is still entitled to a third, 2years term renewal, which gives the company a comfortable 4 years delay to complete all necessary phases of work before production."
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.
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