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Symbol)
News Release
2007-33
November 28, 2007
NEWS RELEASE
VILCORO GOLD PROPERTY
,
PERU
Soil Sampling Identifies High-Contrast Gold-in-Soil Anomaly
Lori McClenahan, President of St. Elias Mines Ltd.
(“St. Elias”), and
Marcus Johnson, President of Geneva Resources Inc.
(“Geneva”), are pleased to
present the following results with
respect to the ongoing Phase I exploration program at the Vilcoro Gold Property
(the “Property”) located in north-central Peru.
Results of a soil sampling survey have
confirmed and defined a high-contrast gold-in-soil anomaly within the Main
Trend.
Geneva
has an option to earn a 66% interest
in the Property from St. Elias.
The Main Trend is defined by a gold-in-soil anomaly extending
east-northeasterly for a strike distance of approximately 1.7 km across widths
ranging from 100 to 375 meters, and spanning a vertical extent of almost 400
meters.
It is closed in all
directions except to the east where a precipice obstructs further sampling.
In addition, the Main Trend gold-in-soil
anomaly encompasses eight gold zones previoulsy identified from rock channel
sampling of trenches, outcrops and underground workings.
To date, 631 soil samples (and 63 check samples) have been collected at
25-meter intervals on lines separated by 50 meters.
The soil anomaly associated with the Main
Trend is defined by 301 soil samples with grades ranging from 7 ppb to 765 ppb
gold with an average grade of 80 ppb gold.
In sharp contrast, 330 soil samples
collected from the area surrounding the Main Trend have returned grades ranging
from <5 ppb to 88 ppb gold with an average grade of 18 ppb gold.
Although this is a still reasonably high
average grade for gold in soils, it is specifically noted that the average
grade of the soils from the Main Trend is nearly five times greater than the
average grade of the soils from the area surrounding the Main Trend.
An additional 100 rock samples have been collected and the companies are
awaiting results.
A program of geophysical surveying (magnetics, IP, resistivity) is
planned to evaluate the geophysical response over known gold mineralization
prior to drilling.
Sample preparation and
analytical work was undertaken at
ALS Chemex SA laboratory (an ISO certified 9002
facility)
in Lima
, Peru
..
The technical information contained in this news
release has been verified by John Brophy, P.Geo., a Canadian geologist residing
in Peru
,
who is a qualified person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral
Properties.
”
The Vilcoro Gold Property comprises 1,600
hectares and lies along the same geological belt of Tertiary rocks that hosts
many multi-million-ounce deposits in northern Peru such as Newmont’s Yanacocha
Mine (+40 million oz gold) and Barrick’s Pierina deposit (8 million oz.
gold).
The Property is favourably
located adjacent to the claim block that covers the Lagunas
Norte
mine (+9 million oz gold) recently put into production by Barrick
Gold in the Alto Chicama mining district of central Peru
..
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.