Trading
Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing
Symbol)
News Release
2007-17
May 30, 2007
NEWS RELEASE
GENERAL UPDATE
Lori McClenahan, President of St. Elias
Mines Ltd. (“St. Elias” or the “Company”), provides the
following update:
Tesoro Gold Property, Peru
The Company is
continuing with an ongoing underground bulk sampling and exploration program at
the Tesoro Gold Property located within the
Nazca-Ocoña gold belt of southwestern Peru
..
The Company is
focusing on the ZCV#1 Vein at Zona Canchete and the
A-4 Vein System at Zona Central.
St. Elias has a 100% interest in
the Tesoro Gold Propertyt with no underlying agreements or royalties.
Vilcoro Gold Property, Peru
The Vilcoro Gold Property is located adjacent to
Barrick’s Lagunas Norte
Property (+9
million oz gold) which was recently put into production
..
A Phase I Exploration Program is ongoing
and consists of
underground development,
geological mapping, rock and soil geochemical sampling and trenching.
St. Elias
has granted Geneva Resources Inc. (“Geneva
”)
an option to earn a 66% interest in the Property.
Geneva
trades on the OTCBB under the symbol “GVRS” and the Frankfurt
Exhchange under the symbol “R3M”.
Kettle River
(Carmi) Molybdenum Property, B.C.
Fred Fisher, President of Hi Ho Silver Resources
Inc. (“Hi Ho”), and the Kettle River
(Carmi) Molybdenum Property will be featured on both BTV Business Television and
The Biography Channel.
For air
times and dates please call Hi Ho at (905) 602-4653.
Hi Ho recently completed a very successful Phase I
drilling program on the Property.
The results of this drilling program are considered very positive with
significant molybdenum and rhenium being encountered and additional mineralized
areas being discovered.
A Phase II
program is ongoing.
The Company has granted Hi Ho options to acquire
a 70% interest in the Kettle River (Carmi-Moly) Property located in
southwestern B.C.
Hi Ho trades on the CNQ under the symbol
“HIHO” and the Frankfurt Exchange under the symbol “H9T”.
Jales/Gralheira Gold Property
, Portugal
The application for an Experimental Mining
License (“EML”) for the Jales/Gralheira Gold Property located in
northern Portugal
(which was
filed with applicable government agencies in Portugal
on June 14, 2006) has now
been approved.
The EML is for a
period of three years.
St. Elias Mines Ltd. owns a 51% interest
in the Jales/Gralheira Gold Property and Kernow Resources & Developments
Ltd. owns a 49% interest.
Incentive Stock Options
The Company has granted incentive stock
options to certain of the Company’s directors, officers, employees and
consultants to purchase up to 1,100,000 common shares under the Company’s
Stock Option Plan.
The options will
be granted for a period of two years, commencing on May 30, 2007 at a price of
$0.34 per share.
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