Trading Symbol:� SLI (TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
October 20, 2010
Elias Mines Ltd. Completes Independent 43-101 Technical Report
on the Tesoro Gold Project, Peru
Vancouver, B.C. October20, 2010� Lori
McClenahan, President of St. Elias Mines Ltd. (SLI � TSX:V) (�St. Elias� or the
``Company``), is pleased to announce that the Company has completed an Independent 43-101 Technical Report on the Tesoro Gold Project (the
�Property�) located in southwestern Peru.�
The Report, dated September 30, 2010 written by Paul D. Gray, P.Geo.,
has been filed on SEDAR and will be available for viewing shortly by visiting www.sedar.com.
The 43-101 Report
In June 2010, Paul D. Gray Geological Consultants were commissioned to
author an independent technical compilation, review and update report (the
"Report�) on the Tesoro Property.�
On June 6 � 8, 2010, Paul D. Gray, P.Geo., conducted a site visit and
Property inspection of the Tesoro Property (verification assays returned grades
up to 231.12 g/t or 6.74 oz/t gold.)
The Report updates the previous 43-101 Technical Report completed on the
Property (dated Feb. 2008 written by John Brophy, P.Geo.,) and
incorporates the results from exploration work conducted during Feb. 2008 to
date including the Stage 1 and Stage 2 Titan 24 Geophysical Surveys.� The Titan 24 Surveys have outlined high
priority geophysical targets (both near surface and to depth) which warrant follow-up
A full discussion of the Quantec data and analysis
is supplied in the Report within Appendix V.�
The compilation work has allowed a Property-wide re-evaluation of known
geochemical signatures and, with the recent addition of detailed Titan 24
Geophysical data, this compilation has become a valuable tool for St. Elias'
exploration planning and execution.
In the Report, Mr. Gray states "The research, site visit, Property
inspection and data compilation conducted with respect to this Report, have
lead the author to the conclusion that the Tesoro Property represents a solid
gold exploration target that warrants a systematic and phased series of mineral
exploration programs to adequately appraise the Project�s economic
With the completion of the 2009-2010 Quantec Titan 24 geophysical
surveys and subsequent interpretation of these data, several high priority
anomalies have been identified which require follow-up by detailed systematic
mineral exploration methods including trenching and diamond drilling.� The author recommends a staggered series of
exploration work programs designed to achieve the following exploration
��� re-processing (3D Geological model) of the
Quantec Titan-24 geophysical data to guide all surface and sub-surface
exploration on the Property;
��� detailed geological control (outcrop mapping)
of entire Property by prospecting and GPS surveys;
��� systematic sampling of all quartz vein
exposures defined from the above;
��� �on the ground� follow-up and surface
sampling of all high-priority geophysical anomalies;
��� systematic trenching and open cut exploration
and sampling of anomalies generated from above, with particular attention on
the newly discovered North Corridor;
��� diamond drilling (24 drillholes totalling
approximately 10,000 metres) designed to test the near surface and deeper
seated geophysical anomalies identified by the Titan 24 Geophysical Surveys.
A proposed budget of $2,500,000 has been outlined for this entire
exploration campaign.� The exploration
programs (and budgets), are designed to test the Tesoro Property�s gold
mineralization potential and will yield enough information to guide subsequent
mineral exploration and development programs on the Property.
Tesoro Gold Project,
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
Property 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
(� copper) deposits have been discovered and exploited since the 17th century,
most of which are quartz-vein hosted gold deposits.�
The Tesoro Property can be defined as an advanced stage gold exploration
target that hosts several historic gold showings and gold workings.� The style of mineralization represents a
mesothermal vein exploration target.� To
date, mesothermal-vein style gold mineralization has been identified
superficially and to depths of over 100 metres.
The Tesoro Property has never been
evaluated to depth, or to its full strike potential.� This leaves a large potential for the
discovery of additional mineralization.
All technical work is being supervised by, and the
contents of this news release have been verified by, Paul D. Gray, P.Geo., who
is a �qualified person� as defined in National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
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:
Nick Fuller & Associates��������������������������������������������� The
Haft Group, Inc.
011-44-207-256-5204���������������������������������������� Tel:� (212) 759-8865
Email:� firstname.lastname@example.org��������������������������������������������� Email:� email@example.com
����������������������������������������������������������������������������������� ������������ firstname.lastname@example.org
ST. ELIAS MINES LTD.
(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