CHICAGO, June 1, 2005 (PRIMEZONE) -- American Stellar Energy (Pink Sheets:AMRS): The Company is pleased to report it has entered into a definitive agreement to acquire 100% of the rights arising from the mining concessions of the La Curra, El Rosario, and Sulema 2 Concessions in the Guazapares Municipality, Chihuahua Mexico. This includes rights derived through an affiliated company which has been granted a mining exploration concession regarding the mining estate called "La Currita".
The acquisition includes an operating processing plant capable of processing up to 150 tons per day of ore. The plant has been in operation and is currently operating at approximately 50 tons/day with ore mined from the concessions.
Mr. Francis Biscan Jr., President of American Stellar Energy stated: "We are in the market for opportunities in the mining sector that can result in immediate revenue and that can be bought at exceptional terms. This new venture meets that criteria."
American Stellar Energy has already made the initial payment to the seller and it is expected to take over operations of the processing plant and the exploitation of the mining concessions on June 25th, 2005.
Additionally, all four wells continue to produce oil and we will continue to develop our oil and gas assets internally and through joint venture partners as recently announced by Friendly Energy (Pink Sheets:FDEG) on May 24th, 2005. Furthermore, we also continue to review various projects in the energy sector.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.