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Trading
Symbol:�
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing
Symbol)
News Release
2007-28
September 20,
2007
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NEWS RELEASE
VILCORO GOLD PROPERTY, PERU
SOIL SAMPLES CONFIRM MAIN TREND AND IDENTIFY NEW ZONE
Lori
McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the
"Company"), and
Marcus Johnson,
President of Geneva Resources Inc. ("Geneva"), are pleased to
announce
assay results from 507 soil samples (including 46 quality-control check
samples) collected during the ongoing Phase I exploration program at the
Vilcoro Gold Property (the "Property") located in north-central
Peru.�
Geneva
has an option to earn a 66% interest
in the Property from St. Elias.
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Soils were collected
from an area measuring approximately 1.7 km by 0.45 km at a sample density of
approximately one soil sample per 40 square meters. �
Almost all samples were from the B or C
horizons. �
The main purpose of the
soil-sampling survey was to evaluate those extensive parts of the "Main
Trend" (refer to News Release dated Aug. 15, 2007) that are covered by
overburden. �
Fully 25% of the soil
samples returned highly anomalous gold assays ranging from 50 ppb to 481 ppb
gold with a mean assay of 91.3 ppb gold. �
Anomalous gold, as is the case in rock
samples, is generally related to anomalous concentrations of arsenic and
antimony. �
Generally, gold anomalies
(>50 ppb) are not isolated but form prominent clusters along adjacent
sampling transects. �
The results of
the soil sampling survey suggest that the Main Trend persists beneath
overburden. �
In addition, there is
an 18-point gold-in-soil anomaly centered about 200 meters south of the west
end of the Main Trend that constitutes a new exploration target. �
The anomalous zone, which measures
approximately 200 meters by 100 meters, is completely covered by overburden. �
A program of trenching is planned in the
near future to evaluate the strongest anomalies obtained from the soil-sampling
survey.
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Additional work has
included the analysis by PIMA (Portable Infrared Mineral Analysis) of 107 rock
samples, mainly from the Main Trend, to evaluate alteration assemblages
associated with mineralization. �
The
common presence of sulfate in minerals such as gypsum, jarosite and alunite
suggests that the Main Trend is a high sulphidation epithermal system. �
The ubiquity of kaolinite, smectite and
illite clay minerals indicates that mineralization took place at low
temperatures (100-150 degrees Celsius) and under moderately acidic conditions.
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Sample preparation and analytical work was undertaken at
ALS
Chemex SA laboratory (an ISO certified 9002 facility)
in Lima
, Peru
..
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 comprises 1,600
hectares and 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 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.
For
additional information on St. Elias and its projects, please visit us at
www.steliasmines.com or call
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