Stellar AfricaGold Sells Eastmain River Claims; Completes Balandougou Acquisition
MONTREAL, QUEBEC--(Marketwired - Mar 14, 2017) - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX VENTURE:SPX) ("Stellar" or the "Company") is pleased to announce:
SALE OF EASTMAIN RIVER CLAIMS
Stellar has agreed to sell its Eastmain River claims, Québec, to Amex Exploration Inc. for 350,000 shares and a 1.5% Net Smelter Return royalty of which 50% (0.75%) may be bought back for $750,000. The transaction is subject to required TSX Venture Exchange approvals.
BALANDOUGOU ACQUISITION CLOSED
The Company has issued 750,000 shares completing the acquisition of UltraGold Holding LLC's ("UltraGold) 49% interest in the Balandougou Gold Project properties. The shares are subject to a four-month hold period expiring July 14, 2017. (see news release January 25, 2017)
COMMENTARY
"Stellar's primary focus is and will continue to be its now wholly-owned Balandougou gold project in Guinea where the 15,000 tonne bulk sample program (news release March 1, 2017) is proceeding on time and on budget" said Stellar president John Cumming. "The two Eastmain River claims blocks, the 1,950 hectares 37 claim Eastmain South and the 840 hectares Eastmain North, are a non-core asset that competes for available exploration funds with our core project, Baladougou. The conversion of the Eastmain River claims into marketable securities will strengthen Stellar's balance sheet. Finally, Stellar retains a royalty and will participate in any ultimate exploration success at Eastmain."
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian gold exploration Company based in Montreal, Quebec, with operations concentrated mainly in West Africa and in Quebec.
The Company is currently developing the promising gold potential of the Balandougou project in Guinea, which is at an advanced exploration stage, as well as of the Namarana project in Mali.
In Quebec, the Company owns 100% of the Opawica Project in the Chibougamau mining camp.
The technical content of this press release has been reviewed and approved by independent consultant Greg Isenor, P. Geo, a Qualified Person as defined in NI 43-101.
On Behalf of the Board
John Cumming, LLM, President & CEO
Contact
Stellar AfricaGold Inc.
Maurice Giroux
VP Exploration
514-866-6299
mgiroux.stellar@gmail.com
www.stellarafricagold.com