Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2007-30
October
09, 2007
NEWS
RELEASE
FURTHER DRILL RESULTS - CARMI
(KETTLE
RIVER
)
MOLY PROJECT
Lori McClenahan, President of St. Elias Mines Ltd.
(“St. Elias” or the “Company”), is pleased to announce
the following update received from Hi Ho Silver Resources Inc. (“Hi
Ho”) with respect ongoing
exploration activity at the Carmi (Kettle River) Molybdenum Property located in
south-western British Columbia
(the
“Property”).
Hi Ho has an option to acquire up to a 70% interest in the
Property from St. Elias.
Hi Ho has recently completed
the second round of Diamond drilling at the Property consisting of 16 Diamond
drill holes.
This current drill
program concentrated on the E Zone.
Complete assays have been received from a further three drill holes,
07-198, 07-209 and 07-210.
Results
from all of the holes drilled this summer are summarized in the table below.
|
Hole ID
|
From - m
|
To - m
|
Interval - m
|
Mo – %
|
MoS2
- %
|
|
07-198
|
7.01
|
112.00
|
104.99
|
0.058
|
0.097
|
|
Including
|
52.85
|
112.00
|
59.15
|
0.084
|
0.139
|
|
Including
|
90.48
|
112.00
|
21.52
|
0.131
|
0.219
|
|
07-199
|
17.33
|
114.91
|
97.58
|
0.032
|
0.053
|
|
Including
|
47.85
|
77.00
|
29.15
|
0.048
|
0.080
|
|
Including
|
102.77
|
114.91
|
12.14
|
0.058
|
0.097
|
|
07-200
|
29.57
|
72.15
|
42.58
|
0.035
|
0.058
|
|
07-209
|
23.47
|
96.62
|
73.15
|
0.048
|
0.080
|
|
Including
|
72.24
|
96.62
|
24.38
|
0.082
|
0.136
|
|
07-210
|
57.00
|
84.43
|
27.43
|
0.059
|
0.098
|
|
Including
|
76.45
|
84.43
|
7.98
|
0.138
|
0.230
|
* MoS2
x 0.5994 = Mo
Diamond drill hole 07-198
twinned a previously completed 1974 Diamond drill hole 74-V-06 which returned
0.100% MoS2
(0.060% Mo) across an interval of 108.23 metres from
7.62 metres to 115.85 metres downhole.
Results from DDH 07-198 compared favourably with the results from
74-V-06.
Diamond drill hole 07-199 is
a step out 100 metres to the west of 07-192.
Results from this hole show that the
mineralization continues to the west of DDH 07-192 within an area not
previously tested by drilling.
Diamond drill hole 07-200
twinned a previously completed, 1975 percussion drill hole, 75-P44.
Assays from DDH 07-200 compared
favourably with previous results from percussion drill hole 75-P44.
Percussion drill hole 75-P44 returned
0.038% Mo across an interval of 42.68 metres from 30.49 metres to 73.17 metres
downhole.
Diamond drill hole 07-209
twinned a previously completed 1974 percussion drill hole 74-P-9 which
reportedly returned 0.056% MoS2
(0.034% Mo) across an interval of
100 metres from 15.85 metres to 115.85 metres downhole.
Results from DDH 07-209 returned 0.065%
MoS2
(0.039% Mo) across an interval of 97.23 metres from 17.68
metres to 114.91 metres downhole.
This compares favourably with the reported results from 74-P-9.
Diamond drill hole 07-210 is
a step out 100 metres west of 75-043.
Results from this hole confirm that the mineralization continues west of
75-043.
Results from the remainder
of the drill holes are pending.
To
date, at total of 213 drill holes have been completed on the Property by all
parties.
Hi Ho’s objective is
to expand the known mineralized zones and confirm grades previously reported,
ultimately leading to the establishment of a NI 43-101 compliant resource
calculation.
Hi Ho hopes to receive
the remaining analytical results during the next three weeks and to have the resource
calculation completed by year end.
Fred Fisher
, President of Hi Ho Silver
states “I am very pleased with the results to date from Carmi.
My goal is that with further drilling we
can prove up greater than 50 million tonnes of mineralized material with
economic grades of molybdenite (MoS2
)”.
All drill core was logged,
split and sampled at a secure core facility at Beaverdell.
The work program at Carmi was designed
and is supervised by Paul Reynolds, P. Geo. and Michael Sanguinetti, P. Eng.
who are independent qualified persons under the definition of National
Instrument 43-101.
They are
responsible for all aspects of the work including the quality control/quality
assurance program.
On-site
personnel at the project collect and track samples which are then sealed and
shipped to Acme Analytical Laboratories Ltd. in Vancouver
..
Acme’s quality control system
complies with the requirements for the international standards ISO
9001:2000.
Analytical accuracy and
precision are monitored at the laboratory by the analysis of reagent blanks,
reference material and replicate samples.
Quality control is further assured by the use of international and
in-house standards.
Blind certified
reference material is inserted at regular intervals into the sample sequence by
on site personnel in order to independently assess analytical accuracy.
Finally, blind duplicate samples are
forwarded to Acme for additional quality control.
The technical information contained in this news
release has been verified by, Paul Reynolds,
P. Geo.,
who is a qualified person as defined in “National Instrument 43-101, Standards of
Disclosure for Mineral Properties.
”
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
).
ST. ELIAS MINES LTD.
(signed “Lori McClenahan”)
Lori McClenahan,
President
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 contains
forward-looking statements regarding the ongoing and upcoming exploration work
and expected geometry of geological formations and structures.
Actual results may differ materially
from those currently anticipated in such statements.