On June 09, 2008 – Stelmine Canada Ltd. (“Stelmine”) (TSX:STH) announced the conclusion of an agreement in which the company acquired 100% interest in mining licence covering 34,000 hectares of land in the Gaspesia hydrocarbonsarea.
The permit purchased is bordered by Petrolia Resources to the south, Mundiregina Resources to the north near Les Mechins city. The property is in close proximity to Gastem (25 km south) and Junex resources (30 km east) in Gaspesia area.
The province of Quebec represents a vast territory where minerals and hydrocarbons potential are still largely underdeveloped. The management of the company expects to be able to start up working programs shortly to explore the economic possibilities of the prospect.
The Company is earning its interest by paying $125,000.00 and issuing 500,000 shares of its share capital to a prospecting company.