|By Marketwired .||
|January 22, 2014 10:59 AM EST||
MONTREAL, QUEBEC -- (Marketwired) -- 01/22/14 -- Stellar AfricaGold Inc. ("Stellar"), (TSX VENTURE:SPX) announces that is has completed a non-brokered private placement, raising gross proceeds of $ 150,000 through the issuance of 150 units priced at $ 1,000 each. Each unit consists of 8,500 flow-through common shares ($ 0.10 each) and 1,500 common shares ($ 0.10 each) and 10,000 common share purchase warrants entitling the holder to purchase one additional common share, for a period of 12 months from closing, at a purchase price of $0.15 each.
The net proceeds will be used to advance Stellar's newly acquired Opawica amd Philibert I properties in Quebec and for the corporation general working capital purposes.
The company also informed shareholders that it has contracted Geophysique GPR International Inc. to proceeds to the complete coverage of Opawica and Philibert-I properties with and airborne Magnetic and VLF survey. A total of 437 line kilometre of survey at a line spacing of 100 metre will be done during the month of February 2014. The results of the survey will be known in the course of March 2014 and will constitute the base for the orientation of the company's summer program.
About OPAWICA Property:
The OPAWICA Property consist of three blocs totalling 80 mining cells recently acquired by the Stellar in the area of the new Liam gold discovery on the Nelligan Project of Vanstar. It is located approximately 45 kilometres south of the village of Chapais and is accessible year-round by several forestry roads. A power line crosses the South block of the Opawica property.
The Opawica property is located within the Tomagold/Iamgold-Vanstar-Soquem working area which is to date the most active exploration camp in Quebec. Among the most important gold occurrences reported in the area, we note SOQUEM Meston Lake deposit (1.2 MT @ 6.25 g/t Au), SOQUEM Philbert deposit (1.3 MT @ 5.32 g/t Au), as well as numerous high grade drill and channel sampling reported by Tomagold, Vanstar, Murgor and SOQUEM as well as the former Joe Man gold mine that produced over 1.0 million ounces of gold.
About PHILIBERT I PROPERTY
The property consists of four mining cells covering 224 hectares in the Gamache township, 45 kilometres south of the town of Chapais, Que.
The Philibert-I showing was discovered in 1983 by prospection, and consists of a gold mineralization associated with quartz-tourmaline-sulphides veins. Historical exploration reported grades of 31.6 grams per tonne gold and 2.54 grams per tonne silver in channel sampling across exposed quartz veins, and of 18.66 grams per tonne gold over 0.6-metre cuts in a drill hole.
This property is located in the same environment than Opawica property, and is 6.5 kilometres north-northeast of Vanstar's Liam discovery.
In connection with the private placement, no finder's fee was paid. All securities issued pursuant to the private placement are subject to a four-month-and-one-day hold period and the private placement is subject to approval by the TSX Venture Exchange.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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