Steele Resources, Inc. Enters an LOI to Acquire the Mineral Hill Exploration Project
November 08 2010 - 9:04AM
Marketwired
Steele Resources Corporation (the "Company") (OTCBB: SELR)
announced today that its subsidiary, Steele Resources, Inc.
("SRI"), has entered into a non-binding Letter Of Intent with a
group of individual land owners in the state of Montana to acquire
rights to 17 patented and 67 unpatented mining claims known as the
Mineral Hill Exploration project ("the Project"). The Project
currently contains two active mines operating under Small Miner
Exclusion Statements (SMES).
The Project is located in a mineral rich region of Montana, and,
as part of its due diligence process, SRI has begun taking samples
from the existing underground mines and surrounding claims in order
to better define the extent of the potential mineralization. Based
on the reported historic production and the regional potential
identified in historic geologic reports, SRI is preparing a plan to
capitalize on the potential mineralization.
In addition to sampling, SRI has also met with state officials
to discuss permitting for both active mining and exploration. SRI
will work with Montana's Department of Environmental Quality to
complete the necessary application process for a SMES which SRI
will pursue in an expeditious and straightforward manner. SRI is
presently preparing the Plan of Operations required by the SMES for
the Project.
CEO Scott Dockter stated, "I believe the Mineral Hill
Exploration Project is the project we have been looking for. We
have reviewed dozens of projects over the past 5 months. Our
criteria were strict requiring a potential project to be priced
right, in the right region, have real potential for mineralization,
and the potential for near term production. This project appears to
meet all of these requirements. We have begun due diligence with
the intent of verifying the representations made and confirming our
understanding of the projects potential."
The non-binding LOI provides terms for Steele Resources, Inc. to
lease (with the right to acquire) 17 patented and 67 unpatented
mining claims located in the Pony Mining District, near Pony, MT.
The LOI includes a $10,000.00 non-refundable deposit and allows for
a 90 day due diligence period. Upon satisfactory completion of due
diligence, execution of definitive agreements, and securing project
financing, SRI will enter into a 6 year lease period with an
initial payment of $300,000 and an annual commitment of $500,000.00
for the next five years. After the 6 year lease period expires, SRI
will have the right to buy the Project outright for $190,000.
Steele Resources Corporation is a precious metals exploration
and development company operated by professionals with extensive
exploration, mining, and public market experience. The Company is
working to become an active gold producer through exploration,
acquisitions, mergers, and by developing its existing portfolio of
properties. Its current ensemble of exploration properties, held by
SRI, includes two Nevada properties, its Comstock Tyler Project
which consists of 600 acres in the historic Comstock District and
its Fairview-Hunter Project which consists of 2,300 acres near the
Denton-Rawhide Mine.
More information about Steele Resources Corporation can be found
at www.steeleresources.com.
Safe Harbor Statement
The matters discussed in this release contain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended that involve risks and uncertainties.
Although Steele Resources Corp. believes that the expectations
reflected in such forward-looking statements are reasonable, the
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected.
Steele Resources Corp. cautions investors that any forward-looking
statements made by Steele Resources Corp. are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
actual results to differ materially from those reflected in
forward-looking statements include, but are not limited to, risks
and uncertainties regarding the actual mineralization of Steele
Resources Corp.'s mining properties, the unproven nature of and
potential changes to Steele Resources Corp.'s business model, the
risk that the capital and other resources that Steele Resources
Corp. will need to exploit its business model will not be
available, and the risks discussed in Steele Resources Corp.'s Form
8-K dated June 17, 2010 and in Steele Resources Corp.'s subsequent
filings with the Securities and Exchange Commission.
Contact: Website: www.steeleresources.com Email:
info@steeleresources.com Scott Dockter Phone: 530.672.6225
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