Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2008-02
January
23, 2008
NEWS
RELEASE
DRILLING ENCOUNTERS HIGH-GRADE
MOLYBDENUM
- CARMI
(KETTLE
RIVER
)
MOLY 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 ongoing
exploration activity at 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.
Hi Ho has
recently received full analytical results from the second round of Diamond
drilling at the Property consisting of 16 Diamond drill holes.
This drill program concentrated on the E
Zone.
Results from all of the holes
from this program are summarized in the table below.
Since completion of this program Hi Ho
has completed a third round of drilling during the period November to December
2007.
Results from this program
which includes several holes in the Lake
zone
are pending.
Hi Ho completed a
total of eight holes during this program prior to Christmas shutdown.
One hole conducted by the company during
the winter 2006 drill program within the Lake Zone returned values grading 139
meters of 0.128% MoS2
and 0.055g/t rhenium.
A great deal more drilling is planned
within the Lake
zone during 2008.
Hole ID
|
From - m
|
To - m
|
Interval - m
|
Mo%
|
MoS2
%
|
07-198
|
7.01
|
112.00
|
104.99
|
0.058
|
0.097
|
Including
|
52.85
|
112.00
|
59.15
|
0.084
|
0.139
|
Including
|
90.48
|
112.00
|
21.52
|
0.131
|
0.219
|
07-199
|
17.33
|
114.91
|
97.58
|
0.032
|
0.053
|
Including
|
47.85
|
77.00
|
29.15
|
0.048
|
0.080
|
Including
|
102.77
|
114.91
|
12.14
|
0.058
|
0.097
|
07-200
|
29.57
|
72.15
|
42.58
|
0.035
|
0.058
|
07-201
|
102.00
|
121.01
|
19.01
|
0.013
|
0.021
|
07-202
|
8.23
|
17.37
|
9.14
|
0.026
|
0.043
|
Diamond drill
holes 07-198, 07-200 through 07-202, 07-205 through 07-207, 07-209 and 07-211
through 07-213 were all drilled to twin previously completed drill holes in
order to confirm the results previously reported.
Of the 11 twin holes, seven agreed
reasonably well with the previously reported results, three returned lower
grade molybdenite mineralization over much shorter intervals than previously
reported and one returned no molybdenite mineralization.
The remaining
five drill holes 07-199, 07-203, 07-204, 07-208 and 07-210 were step out holes
from previously identified mineralization.
Diamond drill hole 07-199 is a step out 100 metres west of and on the
same section as 07-192.
Results
from this hole show that the mineralization continues west of DDH 07-192.
Diamond drill
holes 07-203 and 07-204 were step out holes 100 metres to the west of the
previously defined molybdenite mineralization in the southwest portion of the E
zone.
These drill holes delineate
the maximum southwest extension of the zone.
Diamond drill
hole 07-208 is a step out 100 metres west of 07-209.
This hole returned no mineralization and
delineates the western edge of the E zone on this section.
Diamond drill
hole 07-210 is a step out 100 metres west of 07-207.
Results from this hole confirm that the
mineralization continues west of 07-207.
Results to
date show that molybdenite mineralization within the E zone is present over a
large area and generally within 120 metres of surface.
In general, results from this program
agree reasonably well with results reported by previous operators.
One area in the southern portion of the
E zone, represented by drill holes 07-201, 07-202 and 07-207, shows a high
degree of variability between the current drill results and those previously
reported.
Clearly this area will
require further drilling.
All drill
results are currently being compiled and will be incorporated into a National
Instrument 43-101 compliant resource estimate.
It is anticipated that this work should
be completed by mid April 2008.
A
total of 221 drill holes have been completed on the Property by all parties.
The Property is located eight kilometres
from a paved highway and is easily accessible by two wheel drive vehicle.
The project benefits from good
infrastructure; high voltage power is nearby and the community of Beaverdell
(location of the formerly producing Highland Bell Mine) is less than 30
kilometres away.
All drill core
was logged, split and sampled at a secure core facility at Beaverdell.
The work program at Carmi was designed
and is supervised by Paul Reynolds
,
P. Geo. and Michael Sanguinetti, P. Eng. who are independent qualified persons
under the definition of National Instrument 43-101.
They are responsible for all aspects of
the work including the quality control/quality assurance program.
On-site personnel at the project collect
and track samples which are then sealed and shipped to Acme Analytical
Laboratories Ltd. in Vancouver
..
Acme’s quality control system
complies with the requirements for the international standards ISO
9001:2000.
Analytical accuracy and
precision are monitored at the laboratory by the analysis of reagent blanks,
reference material and replicate samples.
Quality control is further assured by the use of international and
in-house standards.
Blind certified
reference material is inserted at regular intervals into the sample sequence by
on site personnel in order to independently assess analytical accuracy.
Finally, blind duplicate samples are
forwarded to Acme for additional quality control.
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.