Dallas, Texas (July 7 , 2011) – StockGuru shines its Spotlight on Steele Resources Corporation (OTCBB: SELR) upon the announcment that it has executed a definitive mineral lease agreement with option to purchase the Copper Canyon Mine from Salmon Canyon Copper Company near Salmon, ID. Steele Resources Corporation closed on July 6, 2011, at $0.099, trading on volume of roughly 61,000 shares.
A technical report and mineral evaluation was completed by Behre Dolbear & Company in 1979. Their report postulated a body of ore totaling up to 465,000 tons of mineralized material possibly containing approximately 12 million pounds of copper, 6.4 million pounds of cobalt, 23,000 ounces of both gold and silver. Interested parties are advised that this is an estimate based on limited geologic data which is highly subjective in nature.
The Company’s technical report for the Copper Canyon Mine includes the original Behre Dolbear report as an appendix and is available upon request. The Behre Dolbear report, combined with SRC’s preliminary geologic review, has lead the Company to believe there could be a large scale copper-cobalt deposit at the Copper Canyon Mine. The Company has submitted an application to conduct a 25-hole drill program in the underground workings of the mine with the intent of verifying the findings of the Behre Dolbear & Company report and further define the mineralization at the site.
CEO Scott Dockter stated, “Based on the figures from the Behre Dolbear report, this project could have a significant value. It is a very promising property with enough evidence of mineralization to justify additional exploration efforts. We believe that our drilling will confirm the figures stated in the Behre Dolbear report and possibly add value by defining additional mineralized targets. If our drilling confirms the presence of an economically viable mineral body then we believe this project has the potential to be moved into production quickly.”
Cobalt is a strategic and critical metal used in many diverse industrial and military applications. The largest use of cobalt is in superalloys, which are used to make jet engine parts. Cobalt is also used in magnetic alloys and in cutting and wear-resistant materials such as cemented carbides. The chemical industry consumes significant quantities of cobalt in a variety of applications including catalysts for petroleum and chemical processing; drying agents for paints and inks; ground coats for porcelain enamels; decolorizers for ceramics and glass; and pigments for ceramics, paints, and plastics.
The United States is the world’s largest consumer of cobalt, but currently has no domestic mine or refinery production. Therefore, the United States is 100% dependent on imports for its supply of primary cobalt. In terms of total supply, currently about 15% of U.S. cobalt consumption is from recycled scrap, resulting in a net import reliance of 85%. To ensure an adequate supply for military, industrial, and essential civilian needs during a national emergency, cobalt metal is included in the National Defense Stockpile.
(Source USGS website: http://minerals.usgs.gov/minerals/pubs/commodity/cobalt/stat/)
According to ICSG data, global growth in copper demand for 2011 is expected to exceed global growth in copper production and the annual production deficit, estimated at about 250,000 metric tons (t) of refined copper in 2010, is expected to be about 380,000 t in 2011. In response to prevailing high copper prices and increased end use demand, production increases are expected at operations curtailed following the 2008 economic crisis and, to a lesser extent, from startup of new operations. Industrial demand in 2011 in all of the major consuming regions is expected to continue the upward trend begun in 2010 and exceed the growth in refined production. Following a year of extraordinary growth (38%) in 2009, China’s apparent consumption in 2010 grew by only 4.3% and accounted for more than 38% of global copper demand. In 2011, the growth rate is projected to be around 6%: an anticipated growth in semifabricate production and possible restocking of working inventories could be partially offset by greater reliance on direct melt scrap and potential drawdown of unreported inventories that likely accumulated in preceding years.
(Source International Copper Study Group: http://www.icsg.org/images/stories/pdfs/icsg_press_release_-_2011_04__forecast.pdf)
About Steele Resources Corporation:
Steele Resources Corporation is a precious metals and mineral exploration company operated by professionals with extensive exploration, mining, and public market experience. The Company is working to become an active metal and mineral producer through exploration, acquisitions, mergers, and by developing its existing portfolio of properties.
More information about Steele Resources Corporation can be found at www.steeleresources.com.
Safe Harbor Statement
The matters discussed in this release 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 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 mining 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 Form 8-K dated June 17, 2010 and in Steele Resources Corp.’s other filings with the Securities and Exchange Commission.
To view the StockGuru Spotlight on OTCBB: SELR, please visit: http://www.stockguru.com/category/latest-spotlights/
To get free alerts on this and other similar stocks, please register here:
What is the StockGuru Spotlight?
Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.
StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.
To feature a company in The StockGuru Spotlight please contact the Publisher at firstname.lastname@example.org. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: email@example.com.
Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
John Pentony, Publisher, Stockguru.com
Tel: +1 469 252 3031