Trading Symbol: SLI
(TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
News Release 2008-08
April 11, 2008
DRILLING EXPANDS LAKE
ZONE MOLYBDENUM MINERALIZATION
- 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 analytical results from the third round of diamond
drilling at the property. This
program consisted of eight diamond drill holes split between the Lake zone and
the E zone. Approximately 1,500 metres separate these two zones. Hi Ho drilled four holes in two
chargeability anomalies between the two zones last winter, which encountered
anomalous molybdenite mineralization. Results of the first four holes, all drilled at the Lake
zone, are summarized in the Lake zone drilling results table. It is expected the remaining results
will be released by the middle of next week.
LAKE ZONE DRILLING RESULTS
Hole ID From (m) To (m) Interval (m) Mo (%) MoS2 (%) Re (g/t)
07-214 43.86 163.37 119.51 0.044 0.074 &nb
sp; 0.017
Including 133 160.58 27.58 0.066 0.110 0.043
Including 149.50 160.58 11.08 0.103 0.172
0.065
07-215 32.00 194.17 162.17 0.029 0.048 Pending
Including 167.00 194.17 27.17 0.067 0.112 Pending
07-216
6.10 122.00 115.90 0.031 0.051 0.019
Including 6.10 27.40 21.30 0.050 0.083 0.029
Including 20.90 25.30 4.40 0.169 0.283 0.098
Including 49.30 53.64 4.34 0.042 0.069 0.028
Including &
nbsp; 84.68 122.00 37.32 0.048 0.080 0.033
Including 108.74 122.00 13.26 0.093 0.155 0.069
Including 118.75 122.00 3.25 0.173 0.288 0.159
07-217 134.00 232.00 98.00 0.039 0.065 0.021
Including
span>158.85 166.85 8.00 0.074 0.123 0.054
Including 171.00 202.00 31.00 0.043 0.072 0.024
Including 210.50
span>232.00 21.50 0.051 0.085 0.020
(i) MoS2 multiplied by 0.5994 equals Mo
All
four drill holes are angle holes and show that the Lake zone mineralization
continues southwest of the previously tested area. A map showing drill hole locations will be posted on the
company's website shortly. St.
Elias and Hi Ho are certainly pleased with the grades and their overall
consistency in the Lake zone, where a great deal more drilling is planned and
warranted.
These
latest results are currently being compiled and will be incorporated into a
National Instrument (NI) 43-101-compliant resource estimate. It is anticipated that this work should
be completed by mid-June, 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 and Eco Tech Laboratory Ltd. in Kamloops. Both are certified analytical
laboratories.
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 and blanks are 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 the labs
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.