Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2008-10
April
24, 2008
NEWS
RELEASE
Vilcoro Gold Property, Peru
– Geophysics
to Define Drill Targets
Lori McClenahan, President of St. Elias Mines
Ltd. (the “Company” or “St. Elias”), reports on the
development of the Vilcoro Gold Project (the “Property”) located in
north-west Peru
..
St. Elias has granted Geneva Resources
Inc. an option to earn a 66% interest in the Property.
·
The Property
size is 1,600 hectares (3,800 acres).
·
Between
April and December, 2007, work on the Property included geological mapping and
alteration mapping.
During that
period, a total of 665 rock samples and 781 soil samples were submitted for
testing.
In addition, 107 rock
samples were analyzed using PIMA (portable infrared mineral analyzer) analysis.
This work resulted in outlining a
mineralized area that has been traced for 1.8 kilometers along strike.
It is up to 400 meters wide, and spans a
vertical depth of 400 meters.
·
Detailed
analyses indicate that the Vilcoro Gold Property hosts a significant epithermal
deposit.
Epithermal mineralization
typically forms larger-size, but lower-grade ore deposits compared to
lode–gold veins.
In order to efficiently outline the entire
trend and provide detailed targets for an upcoming exploration-drilling
program, roughly 20 kilometers of geophysics have just been completed.
The program included Induced Polarization,
Resistivity and Magnetometer surveys.
Drilling is scheduled to begin this
summer.
Three-thousand meters of
core drilling is recommended in a geological report prepared by John Brophy,
the geologist in charge of the Vilcoro Gold Property.
The technical information contained in this news
release has been verified by, John Brophy, P.Geo., a Canadian geologist
residing in Peru
,
who is a qualified person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral
Properties.
”
The
Vilcoro Gold Property lies along the same geological belt of Tertiary rocks
that hosts many multi-million-ounce deposits in northern Peru
such as
Newmont’s Yanacocha Mine (+40 million oz gold) and Barrick’s
Pierina deposit (8 million oz. gold).
The Property is favourably located adjacent to the claim block that
covers the Lagunas Norte
mine (+9 million oz
gold) recently put into production by Barrick Gold in the Alto Chicama mining
district of central Peru
..
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
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 statements