Trading
Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release 2007-26
August 28, 2007
NEWS RELEASE
16 MORE DRILL HOLES COMPLETED AT CARMI (KETTLE
RIVER
)
MOLYBDENUM PROJECT, BC
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 to the ongoing
2007
exploration program on the Carmi (Kettle River)
Molybdenum Property (the “Property”) located in southwestern
British Columbia.
Hi Ho has an
option to acquire up to a 70% interest in the Property from St. Elias.
The objective of the exploration program 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 has completed a second round of Diamond drilling at
the Property consisting of 16 drill holes.
This current drill program concentrated
on the E Zone.
Results are pending.
During the 2006-2007 winter drill
program, 8 drill holes were completed (at the Lake Zone and E-Zone) the results
of which were very positive with significant molybdenum and rhenium being
encountered and additional mineralized areas being discovered.
To date, at total of 202 drill holes have
been completed on the Property by previous operators and Hi Ho.
Hi Ho has also completed an additional 20 line kilometres
of 3D induced polarization survey over the Pegmatite Zone which is located to
the east of the Lake
and E-Zones.
Mechanized trenching will be conducted at
both the Pegmatite Zone and the Lake Zone shortly.
The Company has also been informed that Hi Ho has incurred
in excess of $1 million in exploration expenditures on the Carmi Property to
date.
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.