MONTREAL, QUEBEC--(Marketwire -03/27/12)- Stellar Pacific Ventures Inc. (TSX-V: SPX.V - News) ("Stellar" or "the Company") wishes to remind shareholders that the record date for the distribution of the TomaGold Corporation shares has been set at April 30, 2012 (the "Record Date"), on which date the TomaGold Corporation Inc. shares will become freely negotiable. The shares of Stellar will trade ex-dividend starting on April 26, 2012, which means that shareholders of Stellar who acquired their shares before April 26, 2012 will be included in the distribution. Therefore, all shareholders of Stellar on April 25, 2012 will be eligible to receive, pro rata to their shareholding in Stellar, a portion of TomaGold's 16,500,000 shares to be distributed. The distribution remains subject to TSX Venture approval.
Mr. Maurice Giroux, CEO of Stellar and Qualified Person, indicated: "We are very pleased to have the opportunity to distribute 16,500,000 TomaGold shares to our shareholders. This distribution will allow all shareholders to benefit from the Company's decision to sell its Quebec assets and to focus its efforts on the development of the Balandougou project in West Africa. Stellar will retain 5,500,000 shares of TomaGold in its books, representing a solid stake in TomaGold in case of subsequent major discoveries.
BALANDOUGOU GOLD PROJECT IN GUINEA
In the meantime, the Company is further developing the potential of the BALANDOUGOU Project in Guinea West Africa. Soil sampling over two grids covering extensive magnetic anomalies in the Fadaninda area has just been completed. More than 650 soil and rock samples have been sent to SGS Siguiri's Siguiri's laboratory and results are expected shortly. The northernmost anomaly outlines the western extension of the Fadaninda artisan mine over more than two kilometres.
Fadaninda is an active gold digging site, in hard rock. Artisan diggers exploit an extensive system of auriferous quartz veins. The veins strike N 80 degrees E with a steep dip to the south. It was not possible to evaluate the thickness of the veins from the limited exposure in the pits. However, the amount of quartz material extracted from the pits is impressive. Visible gold is frequently observed in the quartz blocks brought to the surface by the artisanal miners
The gold at Fadaninda appears to be associated with black manganese oxides along fracture planes in the brittle quartz. The host rock is a Birimian argillic schist. The two samples collected by Dr. Pierre Trudel during his 2007 mission to this site returned high gold values of 108 and 62 g/t Au respectively (samples 07-FA-21 and 22). Two other samples, collected by the Guinean geologists N'Faly Camara and Monsomba Camara during a previous mission, also yielded significant gold values of 35.8 and 16.8 g/t Au respectively (samples FD2 and FD3).
The southernmost magnetic anomaly subject to a detailed soil sampling is very similar to the Fadaninda anomaly and also coincides with some important artisan gold digging activities.
"The Company is more than ever committed to successfully developing the Balandougou and Namarana project, which continues to deliver solid results," said Maurice Giroux. "A 3,000 metre core drilling program will begin on April 2nd on the B3 and B1 zones of Solotomo Discovery and a 3,000 metre of RC drilling will begin on new targets around Fadaninda that show strong evidence of high grade gold mineralization."
ABOUT STELLAR PACIFIC VENTURES
Stellar is dedicated to creating shareholder value by discovering and mining the earth's resources in an efficient and environmentally responsible manner.
ABOUT THE BALANDOUGOU PROPERTY
The Balandougou project in Guinea is a 49% / 51% joint venture between Stellar Pacific Ventures and Ultragold Holding. 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.
The technical content of this press release has been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101 regulation.
This news release may contain forward-looking statements including but not limited to, comments regarding the financing of Stellar, the distribution to its shareholders, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results and events may differ materially from those currently anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on 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.