Southern Cross Gold Consolidated Ltd. press release
Stellar Pacific acquires key claims next to Typhoon's Fayolle high grade project
TSX - Toronto Stock Exchange · Australia
LAVAL, QC, May 1 /CNW Telbec/ - Stellar Pacific Ventures Ltd. (TSX Venture Exchange symbol: SPX) is pleased to announce the acquisition of a 100% interest in the Aiguebelle-Stellar Property located in Aiguebelle Township, Abitibi. The Company is earning its interest by paying C$ 5,000 and issuing 150,000 of its share capital to two prospectors. The 4 claims / 159 hectares property is adjacent and north of Typhoon's Fayolle Property where significant intersections were announced in 2005-2006, that included 1.27 oz/t gold over 83 feet (FA-05-15) and 1.25 oz/t gold over 61.4 feet (FA-06-15). Mineralization at the Aiguebelle-Stellar Property, as with Typhoon's Fayolle Property, is linked to the 200 kilometer long Porcupine-Destor Fault, which yielded in excess of 70 million gold ounces in the last 100 years. Typhoon signed an option agreement with Agnico-Eagle Mines Ltd. to obtain an interest in the Aiguebelle-Goldfields Property next to Fayolle and the Aiguebelle-Stellar Property. Typhoon's 2005-2006 drill campaigns outlined 5 mineralized gold corridors that extend over an area of 400 meters (1,300 feet) by 300 meters (1,000 feet) to a depth of 250 meters (750 feet). The Aiguebelle-Stellar Property hosts anomalous gold bearing north east structures. The Company intends to initiate as part of its Phase 1 program a major compilation-synthesis of the historical database, and will include field mapping, sampling and geophysical surveys to better define the extent of the surface gold mineralization. Drilling is planned before year end 2006 on high priority targets generated by the compilation and field work.
Stellar Pacific Venture Inc. is a junior mining exploration company listed on the TSX-V whose primary objective is to develop and bring into production viable gold deposits.
Michel Lemay President
The TSX Venture Exchange has in no way passed on the merits of the proposed transaction and has neither approved or disapproved the contents of this press release.