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News Release 2007-34
November 30, 2007
NEWS RELEASE
HIGH GRADE MOLYBDENUM AND COPPER RESULTS - SOUTH RIM
PROJECT, BC
Lori McClenahan, President of St.
Elias Mines Ltd. (“St. Elias”), is pleased to announce the
following update received from Hi Ho Silver Resources Inc. (“Hi
Ho”) with respect to analytical
results from the fall 2007 exploration program at the South Rim Property in
central B.C (the “Property”).
Prospecting during September 2007 re-located the high grade molybdenite
mineralized float train discovered during the late 1960’s.
A sample of leucocratic quartz monzonite
float returned 0.24% molybdenum.
This float train has now been traced for 500 metres of length.
Well mineralized float was found in two nearby areas of the
Property.
A sample of green
andesite float mineralized with chalcopyrite, bornite, magnetite and pyrite
returned 4.38% copper.
A sample of
angular granitic float returned 1.61% molybdenum, 0.57% copper, 397.8 ppm
tungsten and 906 ppb rhenium. The combination of mineralized granitic float,
which is indicative of a nearby intrusive body, and well mineralized country
rock (the andesite) argues for the presence of a porphyry type deposit to be
present in the area of the mineralized float.
Accordingly, an additional four claims totalling 1,849 ha have been
staked to cover the potential source of the recently discovered high grade
copper mineralization.
The total
area of the project is now approximately 5,120ha (51km2
)
The South Rim project area is located in central British
Columbia
approximately 130 kilometres south of Houston
in an area that is very prospective
for copper and molybdenum porphyry deposits.
The Berg Mine Property lies 40 kilometres
to the north and the Huckleberry deposit is 27 kilometres north-northeast which
was developed by New Canamin Resources under the stewardship of Alan Savage
a director of Hi Ho Silver Resources.
Fred Fisher
, President of Hi Ho Silver states “that
the South Rim property has been largely unexplored to date and these results
dictate that a much more detailed exploration program should and will be
carried out by the company during the spring/summer/fall of 2008.”
The work program at South Rim was designed and is supervised by Paul Reynolds
, P. Geo. who is an independent
qualified person under the definition of National Instrument 43-101.
Mr. Reynolds is 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.
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.
”
Hi Ho Silver can acquire a 51% interest in the
Property in consideration of incurring $500,000 in exploration expenditures on
the Property, issuing 200,000 common shares in the capital of Hi Ho Silver to
St. Elias and making cash payments of $40,000 to St. Elias over a three-year
period.
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.