Steele Resources Corporation

Precious Metals Exporation Resource Development Company

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Message: SRI's 10-Q released today

You can read the whole thing in the SEC URL above, but it can be somed up in this paragraph:

Liquidity and Sources of Capital

At September 30, 2010, our cash balance was approximately $4,100. We have limited cash on hand and we will be required to raise capital to fund our operations. Our ability to meet our current financial liabilities and commitments is primarily dependent upon the continued issuance of equity to new stockholders or loans from existing stockholders and management or outside loans. Management believes that our Company's current cash and cash equivalents will not be sufficient to meet our working capital requirements for the next twelve month period. We have had negative cash flow from operating activities as we are in the exploration stage and have not yet begun to earn revenues. Our Company plans to raise the capital required to satisfy our immediate short-term needs and additional capital required to meet our estimated funding requirements for the next twelve months primarily through the private placement of our equity securities or by way of loans or such other means as the Company may determine.

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