I came into possession of a 1/2-inch master reel tape which was labeled "STEEL ASSASSIN Master", with "J.T. Productions, July 1986" written on the side-tab. There is also an address stamp on the back by "Haymarket Productions" from San Francisco.
I bought the reel from a local Bay Area flea market re-seller who could not give me any info, other that it was obtained in local storage auction. So in most probabilities the band must have been local to San Francisco area.
P.S. upon transferring the tape it turned out to be an 8-track recording with 7 songs on it - classic heavy metal in Judas Priest / Armored Saint / Cinderella vein:
01. Intro (2:20) - fast-paced instrumental, reminds me of early Omen somewhat.
02. Queen of Sin (4:03) - Armored Saint-ish heavy metal.
03. Soul Shaker (3:20) - Slow and heavy crusher, repetitive, yet with a dreamy captivating quality.
04. On the Highway (04:09) - Judas Priest-ish cut (Killing Machine / British Steel circa)
05. Heart of Stone (02:59) - Slow power tune with weird falsetto vokills
06. Coming Home (04:16) - Power ballad reminding me of Great White for some reason
07. Living on the Edge (03:10) - Fast-paced cruncher
Now comes the hard part of trying to locate the band. I've sent samples around, hopefully someone can remember something. If this was an 80s Bay Area band, it could have shared stage with other bands around, etc. If you know any information, please get in touch, thanks!
UPDATE, September 08, 2015: All efforts to locate the band have been fruitless so far. The "Haymarket Productions" address turned out to be a rental apartment building in San Francisco, resold and changed owners numerous times since 1986... a dead end.
Seems the only thing we can do is let the music spread around in hope to reach the people who created it. To that extend we are going to make a limited cd pressing which would be given for FREE with outgoing orders from our store, starting from November, once we have moved to our new location and re-opened the store. Keep an eye for it. Cheers and thank you for the ongoing support!