St. Elias Mines Ltd. � Environmental Impact Study Completed at
Tesoro Gold Project in Peru
May 2, 2011 Lori McClenahan, President
and CEO of St. Elias Mines Ltd. (SLI - TSX:V), today announced that the Peruvian government has
approved the Company's Environmental Impact Study (�EIS�) for the Tesoro Gold Project located
in southwestern Peru. This represents the third EIS completed at the Tesoro
"We are delighted with
the approval of our EIS. The completion of this EIS is in line with St. Elias' aggressive exploration
program at Tesoro. The Company is now well-positioned to begin its drilling
program with cash and encouraging exploration results, including gold assays and favourable
targets from a deep penetrating Titan 24 geophysical survey, in hand" Ms. McClenahan noted.
The 2011 drilling program at the Tesoro Gold Project will commence as
soon as possible. The program is being designed to test near surface and deeper
geophysical anomalies identified by the Titan 24 geophysical survey. The
drilling program will consist of 10,000 metres of diamond drilling with holes
down to depths of up to 1,500 metres.
results to date have shown the Tesoro Gold Project to be permissive for the
expansion of known gold mineralized zones both on strike and to depth as well
as the discovery of additional gold mineralization. The Tesoro Project has never
been evaluated to depth, or to its full strike potential. This provides the
potential for the discovery of additional mineralization.
Gold Project, Peru
The Tesoro Gold
Project, consisting of nine mineral claims covering 17,436 acres, is located in the Department of Arequipa in the District of Acari in southwestern Peru. The
property is 100% owned by the Company with no underlying royalties.
The Tesoro Gold Project lies within the well-known 300
km X 30 km Nazca-Oco�a gold belt adjacent to and paralleling the Pacific coast of southwestern
Peru. The Nazca-Oco�a
gold belt has a long mining history dating back to pre-Incan time with more than 70 gold deposits having been discovered and exploited since
the 17th century, which are quartz-vein hosted. Gold is associated
with disseminated sulphides that seeped into quartz
veins and fractures within the intrusive body. The continuity of the quartz
veins is very impressive in the Nazca-Oco�a belt.
While the veins tend to be narrow, the grade is significant and the mineralized
structures tend to extend along strike for several kilometers and to depths of
up to 1,000 meters.
The Tesoro Gold Project is an advanced stage
gold exploration target hosting several historic gold showings and gold
workings. The style of mineralization on site represents a mesothermal
vein exploration target, indicating that the vein structures may
extend to a considerable depth. To date, mesothermal-vein style gold mineralization has been
identified superficially and to depths of up to 100 metres in underground
The technical content of this news release
has been reviewed by, Paul D. Gray, P.Geo., who is a
�qualified person� as defined in National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
For additional information on
St. Elias and its projects, please visit us at www.steliasmines.com or call
1-888-895-5522 (toll free US and Canada) or contact:
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CM-Equity AG & Co. KG Financial Service������������ The Haft Group, Inc.
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ST. ELIAS MINES
(signed �Lori McClenahan�)
The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or the accuracy of the
contents of this document.
This News Release may contain
forward-looking statements including, but not limited to, comments regarding
the timing and content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those currently
anticipated in such statement.