Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2008-09
April
18, 2008
NEWS
RELEASE
FINAL DRILL RESULTS FROM
WINTER PROGRAM -
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 final four holes of the third round of Diamond
drilling at the Property.
Results
of the last four holes, all drilled at the E Zone are summarized in the table
below.
Hole ID
|
From - m
|
To - m
|
Interval - m
|
Mo – %
|
MoS2
- %
|
Re - gpt
|
07-218
|
29.87
|
68.58
|
38.71
|
0.011
|
0.018
|
0.006
|
07-219
|
84.73
|
87.78
|
3.05
|
0.089
|
0.148
|
0.004
|
07-220
|
10.67
|
114.91
|
104.24
|
0.052
|
0.086
|
0.013
|
and
|
209.40
|
227.60
|
18.20
|
0.025
|
0.042
|
0.004
|
07-221
|
7.62
|
44.81
|
37.19
|
0.080
|
0.133
|
0.016
|
Diamond drill holes 07-218 and
07-219 are both vertical holes and were drilled on section 7530N with the
objective of testing the northern boundary of the mineralization.
Drill hole 07-218 intersected extremely
anomalous molybdenite mineralization and shows the mineralized trend probably
continues to the northwest.
This
will need to be investigated during the upcoming field season.
Drill hole 07-220 was drilled to
the southwest at
-60º in order
to get a better
understanding of the geometry of the mineralization.
It intersected the main mineralized body
as expected but also intersected a deeper zone of extremely anomalous
mineralization.
This will need to
be investigated further.
Diamond drill hole 07-221 was
collared near the site of hole 07-192 and drilled to the northeast at -50º
in order to get a better understanding of the geometry of the mineralized
zone.
It intersected the E Zone
breccia in the top 43 metres of the hole.
Hi Ho has drilled 32 Diamond core
holes on the Property since December 2006 with an objective of confirming and
expanding on the known mineralization.
To this end, all work completed to date is 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 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 Company will also be conducting
summer work programs on all three of their remaining projects when weather
permits. Further details of these programs will be released in the coming
weeks.
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.