Stellar Firms up Heemskirk Resource Estimate

Mar. 9 -- Following further drilling work in 2010, Stellar Resources has published a first JORC-compliant estimate of the potential of three tin deposits located near Zeehan in Tasmania. The combined resource is estimated at 4.4 million tonnes of ore averaging 1.1% tin containing some 49,000 tonnes of tin. This includes an indicated resource of 1.6 million tonnes at 1.2% tin in the Queen Hill deposit and the balance inferred in the Montana and Severn deposits. All the deposits remain open at depth.

Stellar owns 60% of the project with partner Gippsland Limited and can increase its stake to 70% by completing a feasibility study. As a first step the company will carry out a scoping study in the June quarter. Following an initial assessment of the project in 2008-2009, Stellar was contemplating a 500,000 tpy ore capacity underground mine capable of producing 3,500 – 4,500 tpy of tin-in-concentrate. A plan to spin off the project in an IPO of a wholly-owned subsidiary Columbus Metals was abandoned in the global financial crisis.