Steele Resources Corporation Announces Project Funding

   Steele Resources Corporation (the "Company") (OTCBB: SELR) announced today that its subsidiary Steele Resources, Inc. has signed a Letter of Intent (LOI) to enter into a joint venture with Innocent Inc. in order to complete the Company's acquisition of the Mineral Hill gold exploration property located near Pony, Montana. Pursuant to the LOI, Steele Resources, Inc. and Innocent, Inc. will form a joint venture (the "JV") with the aim of bringing the Mineral Hill Gold Exploration Project into production. It is anticipated that Steele Resources, Inc., as operator, will commence a project development program in March 2011.

Scott Dockter, Steele Resources President and CEO, stated, "The JV with Innocent, Inc. will substantially benefit the shareholders of Steele Resources as it provides the necessary finances to complete the acquisition of the Mineral Hill Gold Exploration Project as well as commence advanced exploration and resource mapping. Combined with the recently announced $10,000,000 equity finance, this moves Steele into a well financed position and enables the Company to take full advantage of the opportunities before us."

Mineral Hill Gold Exploration Project Background: The Mineral Hill Gold Exploration Project is located in the Mineral Hill Mining District and consists of 19 patented and 67 unpatented lode mining claims (approximately 1,800 acres) which are currently under an LOI by Steele Resources for a 7 year lease-purchase agreement.

The district has numerous historical mines and produced an estimated 350,000 ounces of gold between 1890 to 1941. The Mineral Hill Project is estimated to have yielded 128,000 tons of ore from 1934 to 1941, and according to historical reports available, still contains an estimated 5.8 million tons of ore.

Joint Venture Structure: The initial participating interests of Steele Resources, Inc. and Innocent, Inc. in the JV will be 50% and 50%. Under the terms of the LOI, Innocent may contribute up to $5,000,000 in operating funds over one year. In the event those funds are not provided, Innocent will forfeit 10% per $1,000,000 not provided. Steele Resources, Inc. will act as the operating partner and have a commitment to match up to $5,000,000 in funding within one year of Innocent, Inc. contributing its first $1,000,000.

Formation of the JV is subject to the negotiation and execution of a definitive joint venture agreement which must be completed prior to March 4, 2010.

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 two Nevada properties, its Comstock Tyler Project which consists of 600 acres in the historic Comstock District and its Fairview-Hunter Project which consists of 2,300 acres near the Denton-Rawhide Mine. The Company has also announced plans to acquire the Mineral Hill Exploration project which is located near Pony, MT.

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 subsequent filings with the Securities and Exchange Commission.

Contact: Scott Dockter Phone: [phone] Email: [e-mail] Website: www.steeleresources.com