Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2007-14
April
19, 2007
NEWS
RELEASE
CARMI
(KETTLE
RIVER
) MOLYBDENUM PROJECT
New
Mineralized Area discovered – Complete Drill Results
Lori McClenahan, President of St. Elias Mines Ltd., is
pleased to provide the final results from the recently completed Diamond
drilling program on the Carmi (Kettle River) Molybdenum Property (the
“Property”) located in southwestern British Columbia.
Hi Ho Silver Resources Inc. (“Hi
Ho”) is the operator of the drilling program and has options to acquire
up to a 70% interest in the Property from St. Elias Mines Ltd.
Hi Ho completed an initial drilling program of eight
holes totalling 1,821 metres designed to test chargeability anomalies developed
from results of a recently-completed 3D-IP geophysical survey and to confirm
grades reported from previous drilling.
Drill hole 07-192, completed March 2007 was reported
on April 12, 2007.
This hole
twinned a previously completed, 1974 drill hole, 74-V-7 which returned 0.130%
MoS2
over 94.59 metres (4.57 m to 96.04 m).
Hole 07-192, drilled vertically to a
depth of 189.28 metres, intersected the E Zone breccia almost continually from
surface to 100 metres depth and returned 94.89m grading 0.106% MoS2
and 0.021 gpt Re from 4.57m to 99.46m.
Drill holes 07-193 through 07-196 were drilled to
test a variety of geophysical features located between the E Zone and Lake Zone
that had not been previously drill tested.
These holes intersected highly anomalous MoS2
mineralization
revealing a large, previously unknown, area of mineralization.
All mineralized intercepts are reported
in the following table.
The
discovery of this new mineralized area is considered very significant and will
be a high priority target during the next phase of drilling.
Drill hole 07-197 twinned a previously completed 1980
drill hole, 80-005, which returned 0.091% MoS2
over 77.17 metres
(111.28 m to 188.45 m) at the Lake Zone.
Hole 07-197 was drilled to a depth of 252.07 metres and intersected the
Lake Zone breccia at depth.
The
most significant intersection graded 0.071% MoS2
and 0.014 gpt Re
over an interval of 78.00 metres (116.66 m to 194.66 m).
Both drill holes are angle holes.
The first two holes (06-190 and 06-191), completed in
December 2006, tested the Lake Zone.
The results of these were reported on February 6, 2007 and are noted on
the following table.
It should be emphasized that the presence of both MoS2
and Re between the E Zone and Lake Zone is of great importance to the further
development and overall potential of the Carmi Property.
Results of geochemical analyses of all holes received
to date are:
Hole ID
|
From - m
|
To - m
|
Interval
- m
|
MoS2
– %
|
Re - gpt
|
06-190
|
3.05
|
142.36
|
139.31
|
0.128
|
0.055
|
Including
|
3.05
|
16.82
|
13.77
|
0.268
|
0.122
|
Including
|
33.88
|
55.28
|
21.4
|
0.225
|
0.086
|
06-191
|
282.09
|
443.71
|
161.62
|
0.033
|
0.012
|
Including
|
388.8
|
443.71
|
54.91
|
0.057
|
0.015
|
Including
|
402.72
|
421.73
|
19.01
|
0.109
|
0.015
|
07-192
|
4.57
|
99.46
|
94.89
|
0.106
|
0.021
|
07-193
|
29.57
|
48.61
|
19.04
|
0.023
|
0.009
|
07-194
|
64.57
|
74.19
|
9.62
|
0.016
|
0.009
|
07-194
|
142.34
|
160.44
|
18.10
|
0.055
|
0.007
|
07-195
|
79.09
|
85.09
|
6.00
|
0.032
|
0.005
|
07-195
|
102.72
|
127.10
|
24.38
|
0.050
|
0.019
|
07-195
|
151.49
|
185.01
|
33.52
|
0.038
|
0.025
|
07-196
|
23.23
|
29.23
|
6.00
|
0.021
|
0.007
|
07-196
|
36.23
|
40.23
|
4.00
|
0.027
|
0.017
|
07-196
|
53.23
|
75.29
|
22.06
|
0.023
|
0.009
|
07-196
|
96.57
|
102.57
|
6.00
|
0.050
|
0.008
|
07-196
|
133.20
|
139.29
|
6.09
|
0.142
|
0.012
|
07-197
|
80.66
|
84.66
|
4.00
|
0.076
|
0.009
|
07.197
|
94.66
|
98.66
|
4.00
|
0.021
|
0.018
|
07-197
|
116.66
|
194.66
|
78.00
|
0.071
|
0.014
|
Including
|
134.66
|
152.66
|
18.00
|
0.171
|
0.027
|
* MoS2
x 0.5994 = Mo
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.
Paul Reynolds
, P. Geo., is the qualified person
who has reviewed this news release.
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.