Stelmine Canada Ltd. obtains receipt for preliminary prospectus
LAVAL, QC, october 3rd 2007 /CNW/

Stelmine Canada Ltd. ("Stelmine"), a subsidiary of Stellar Pacific Ventures Inc. ("Stellar"), announces that it will proceed with an initial public offering and that it has obtained a receipt for a preliminary prospectus for the distribution of a minimum of 900 Series "A" Units ("A Units") and 300 Series "B" Units ("B Units") (the "Minimum Offering") and a maximum of 1,050 A Units and 300 B Units (the "Maximum Offering") for gross proceeds of $1,210,500 in the event the Minimum Offering is subscribed and $1,359,750 in the event the Maximum Offering is subscribed.

Canaccord Capital Corporation will act as agent for Stelmine's initial public offering.

Each A Unit, offered at a price of $995, includes (i) 2,000 flow-through common shares of Stelmine ("Flow-Through Shares") within the meaning of the federal Income Tax Act and the Quebec Taxation Act at a price of $0.40 per Flow-Through Share, (ii) 975 common shares of Stelmine ("Common Shares") at a price of $0.20 per Common Share and (iii) 975 warrants ("Warrants"), each Warrant entitling its holder to subscribe for one (1) additional Common Share at a price of $0.25 during the 12-month period following the initial closing and thereafter at a price of $0.30 until the 24th month following the initial closing.

Each B Unit, offered at a price of $1,050, includes (i) 5,250 Common Shares at a price of $0.20 per Common Share and (ii) 5,250 Warrants, each Warrant entitling its holder to subscribe for one (1) additional Common Share at a price of $0.25 during the 12-month period following the initial closing and thereafter at a price of $0.30 until the 24th month following the initial closing.

The net proceeds of the prospectus offering will be used to complete exploration work on the Opinaca property and for working capital purposes.

As disclosed by Stellar in press releases dated December 21, 2006 and April 12, 2007 and subject to the approval of the TSX Venture Exchange, Stellar will distribute approximately 8,750,000 common shares it holds in Stelmine to its shareholders as a dividend. This transaction will allow Stellar to concentrate its efforts on accelerating the development of its Vassan project and its other projects and will allow it to continue exploration on its other properties through Stelmine. Payment of the dividend by Stellar will allow its shareholders to profit from the expected success of Stelmine's exploration.

Stelmine has filed an application with the TSX Venture Exchange (the "Exchange") to list its common shares for trading. The listing on the Exchange will be subject to Stelmine fulfilling all the Exchange's listing requirements.

La Bourse de croissance TSX n'assume aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué de presse.