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Executes LOI to Acquire Billali Gold and Silver Mine
CAMERON PARK, Calif. - January 31, 2012 (Investorideas.com Mining stocks newswire) Steele Resources Corporation (the "Company," "SRC") (OTCBB: SELR.OB) announced today that it has executed a Letter of Intent to purchase the privately owned Billali Gold and Silver Mine, a near term production gold and silver mine located in the Steeple Rock district in New Mexico. The district has several historic mines in the area, and from 1880 to 1991 an estimated 151,000 ounces of gold, 1,200,000 pounds of copper, 5,000,000 pounds of lead, and 4,000,000 pounds of zinc was mined from the district.The Billali Gold and Silver Mine has 28 completed diamond core drill holes and a complete NI 43-101 Technical Report. The technical report, authored by Dr. Jan Rasmussen, a 40 year industry veteran states, "based on the historical drilling� the Billali mine could produce over 219,000 tons of ore averaging 12.8 ounces of silver per ton and 0.244 ounces of gold per ton."
CEO Scott Dockter stated, "SRC is an aggressive, growth oriented company and this gold and silver mine fits SRC's acquisition model perfectly. It is too small for major precious metals companies to consider it, yet offers significant potential gold and silver deposits, and is to a stage where it can be put into production this calendar year depending on financing availability."
The Billali Gold and Silver Mine is adjacent to the Summit Mine (owned by Santa Fe Gold Corp) which reports its "diluted Probable Reserve" is "618,070 tons grading 0.143 ounces of gold per ton and 10.78 ounces of silver per ton." According to the Technical Report, "Three quartz veins carrying silver and gold mineralization run the length of the Billali patented lode mining claim. The same quartz vein that is currently being mined for silver and gold at the adjacent Summit Mine continues into the Billali patented claim. These mineralized quartz structures are the target of the Billali mine plan."
Additional information, including the NI 43-101 Technical Report for the Billali Gold and Silver Mine, can be found at www.steeleresources.com.
About Steele Resources
Steele Resources Corporation is a precious metals exploration and development company that is working to become an active gold producer through the development of the 1800 acre Mineral Hill Gold Project and recently announced its intent to acquire the Billali Gold and Silver Mine in New Mexico.
Safe Harbor Statement
The matters discussed in this release do not comply with various SEC guides and regulations including SEC Guide 7 and 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 that 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 exploration 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 filings with the Securities and Exchange Commission.
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