Stellar Pacific Ventures Inc. Enters Into Joint Venture Agreement With Newmont Ventures Limited For Namarana Property, In Mali

Stellar Pacific Ventures Inc. announced that a joint venture agreement has been entered into with Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation (Newmont) whereby Newmont and Stellar will jointly participate in the exploration of the Namarana Property in Mali and seek to acquire additional properties within the area. The Venture Agreement calls for a two phase earn-in process whereby Newmont can earn a 51% participating interest in the Property by: contributing exploration expenditures in the amount of $500,000 within the next 18 months and completing a private placement in the amount of $500,000 in the capital of Stellar eight months subsequent to the effective date of the Venture Agreement (Phase 1). After which, Newmont may increase its participation to 85%, by spending an additional $3,000,000 in the following three years (Phase 2). Newmont may elect to discontinue at any time during Phase 1 in which case it would retain no interest in the Property.