Stellar Pacific to Joint Venture With Tearlach.LAVAL, Quebec Laval (pronounced  ) is a city and a region in southwestern Quebec, Canada in the Greater Montreal Area. It is located on Île Jésus, across the Rivière des Prairies from Montreal. -- Stellar Pacific Ventures Inc. has increased its financial and technical forces in the development of Maying may·ing or May·ing n. The celebration of May Day, especially by the gathering of spring flowers. gold mine project in China. Stellar Pacific Ventures Inc (SPX (Sequenced Packet EXchange) The transport layer protocol in the NetWare operating system. Similar to the TCP layer in TCP/IP, it ensures that the entire message arrives intact. SPX uses NetWare's IPX as its delivery mechanism. ) is pleased to announce that it has signed an agreement with Tearlach Resources Ltd (TEA) to form a Canadian joint venture company for the development of its Maying gold mine project in China. Maying gold mines is a State-owned company established in l996 in the County of Luoning in the province of Henan.The mining zone is located in the villages of Maying and Dizhang Xiang in the county of Luoning.Maying Gold Mine has all required legal and administrative licenses comprising 16 square km in two mining exploration licenses together with a five hectares mining license and land usage rights. Geologically, the Maying Gold Mine is located in the south margin of the North China Craton The North China craton is one of the oldest cratonic blocks in the world. It covers an area of ~1.7 million km² across most of northern China, the southern part of northeastern China, Inner Mongolia, the Bohai Bay and the northern part of the Yellow Sea. .This margin is the locus of the second largest gold concentration and production region of China, where more than 1000 gold-bearing quartz veins are present.Maying Gold Mine owns all infrastructure including a 100 tons/day capacity ore concentration plant which could be increased to 150 tons/day.The sector has water supply, sewage system sewage system Collection of pipes and mains, treatment works, and discharge lines (sewers) for the wastewater of a community. Early civilizations often built drainage systems in urban areas to handle storm runoff. , electric services, and a good access road. By this agreement, Stellar Pacific Ventures Inc. has agreed to share with Tearlach Resources Inc, 50% of its option to acquire the Maying gold mines project on the terms previously announced (see News Release dated March 08, 2004. Tearlach Resources Inc will contribute 50% of the prior expenditures of Stellar incurred to investigate the Maying project and 50% of future investments required in the joint venture project with Maying gold mines in conformity of the mutual agreement signed on April 14, 2004 in Luoning County City between Maying gold mines, Guan's Entreprises and Stellar Pacific Ventures Inc pursuant to that option agreement. The Company could earn an absolute 70% interest in the Maying Gold Mine Sino-Canadian Joint Venture Corporation (the SCJVC) by paying to Guan's Entreprises $US 70,000, issuing 1,500,000 common shares of its capital to the vendor Guans Entreprises and by contributing $US 1,550,000 to the capitalization of the SCJVC within one year The Tearlach-Stellar Joint Venture could increase its absolute ownership to 88% by incurring an additional 85 million Yuan ($CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. 15 million). China is moving into the mainstream of world commerce,it has been lifting its internal restrictions on the exploration and development of its mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature by foreign entities and is encouraging development of its mineral resources through privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned . China is now the world's fourth largest producer of gold, increasing its production from 2.5 million troy ounces in 1992 to 13 million troy ounces in 2002, and is now almost equal in production with Canada.China is also the fourth largest consumer of gold, having freed up the ownership of gold by its citizens. China currently has many small gold mines employing over 20 million people. The majority of those mines are low production (less than 150,000 tonnes per day and using old equipment and technology.Central government policy now favours consolidation of these small holdings into larger, more efficient production units employing modern facilities. Precious metal exploration activity in China is rapidly expending, particularly in the western regions, with the presence of many well-known companies such as Sino Gold Ltd., QGX Ltd., Southwestern Resource Corp., Central Asia Gold Ltd and Ivanhoe Mines Ltd.Total mineral exploration expenditures in China are currently over $120-million (US) yearly. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has in no way approved or disapproved the contents of this press release. Stellar Pacific Ventures Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:SPX) |
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