Steele Resources, Inc. Executes Definitive Agreements for the Mineral Hill Exploration Project
February 11 2011 - 8:30AM
Marketwired
Steele Resources Corporation (the "Company") (OTCBB: SELR)
announced today that its subsidiary, Steele Resources, Inc.
("SRI"), has executed a definitive agreement (the "Agreement") 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"). This
transaction completes the LOI which SRI entered into on November 8,
2010. The Company still plans to close on two additional adjacent
claims per its LOI dated December 2, 1010.
CEO Scott Dockter stated, "Executing the Agreement for the
Mineral Hill project is a major step. We have designed an
aggressive exploration program that will enable us to define what
mineralization may be available for immediate extraction under a
SMES. Additionally, our geologic review of this property suggests
that the known mineralization is just the beginning of this
projects potential."
The complete review of this project and its potential can be
viewed at the project page at the Company's website.
Under the terms of the Agreement, SRI has 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 has the option to buy the Project outright for
$190,000.
About Steele Resources Corporation: 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
its subsidiary, Steele Resources, Inc., includes the 1800 acre
Mineral Hill Gold Exploration Project, located near Pony Montana,
and two Nevada exploration properties.
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: Scott Dockter Website: www.steeleresources.com Email:
info@steeleresources.com Phone: 530.672.6225
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