Steele Resources Corp. Begins Production Drift at Mineral Hill

CAMERON PARK, Calif. Oct. 19, 2011 /PRNewswire/ -- Steele Resources Corporation (the "Company") (OTCBB: SELR) announced today that it has begun the development of an underground drift at its Mineral Hill Project near Pony, MT.  This development work is anticipated to have the Company on mineralized structure by the end of the year.  Upon completion of the infrastructure, the Company is planning to begin mining activity with a targeted minimum average grade of .2 ounces per ton/ day of gold.  The mined material will be shipped to a third party for processing. The Company is using a third party contractor for the development, anticipated mining, shipping, and processing.  It believes that its total production cost per ton will be approximately $138.00.  

CEO Scott Dockter commented saying, "Moving the Mineral Hill Project from the exploration phase to the development phase with anticipated mining in the near future is huge for Steele Resources and its shareholders.  Once active gold mining commences at this project, our Company will be set apart from the array of exploration companies.  Developing this portal and moving towards mining demonstrates we have the wherewithal to execute on our commitments, and it is our belief that the continued development of this project will translate into value for the shareholders and investors."

Steele Resources recently completed the removal of stockpiled material from the Mineral Hill Project.  This material was moved to a transfer site where it is being crushed and shipped to a third party for processing.  

About Steele Resources Corporation:

Steele Resources Corporation is a precious metals exploration and development company operated by professionals with extensive exploration, mining, and public market experience. The Company is working to become an active gold producer through exploration, acquisitions, mergers, and by developing its existing portfolio of properties. Its current ensemble of exploration properties, held by its subsidiary, Steele Resources, Inc., includes the 1800 acre Mineral Hill Gold Exploration Project. 

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 filings with the Securities and Exchange Commission.

Contact: 
Newsletter signup and website: www.steeleresources.com
Email: [email protected] 
Scott Dockter Phone: 530.672.6225

SOURCE Steele Resources Corporation