Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2008-06
March 18, 2008
NEWS RELEASE
ST. ELIAS ENTERS INTO AGREEMENT WITH INTIGOLD MINES LTD. ON
BEAVERDELL GOLD/SILVER PROPERTY, B.C.
Lori
McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the
“Company”), is pleased to announce that
the
Company has entered into an agreement with Intigold Mines Ltd.
(“Intigold”) whereby St. Elias has granted to Intigold options to
acquire up to a 70% interest in the Beaverdell Gold/Silver Property (the
“Property”) located in southcentral British Columbia.
Under the terms of the agreement, Intigold can acquire an
initial 51% interest in the Property in consideration of incurring $600,000 in
exploration expenditures on the Property, issuing 400,000 common shares of
Intigold to St. Elias and making cash payments of $50,000 to St. Elias over a
three-year period.
In addition,
Intigold can elect to earn a further 19% interest in the Property by incurring
an additional $1,500,000 in exploration expenditures, issuing an additional
600,000 common shares of Intigold to St. Elias and making additional cash
payments of $200,000 to St. Elias.
The Property comprises 49 mineral claims covering
approximately 138 square kilometers (53.3 square miles) and is located in the
Greenwood Mining Division of British Columbia in the immediate vicinity of
Beaverdell.
The target commodity is gold (+silver with some
copper, molybdenum, lead and zinc).
The Property covers two past-producing mine sites, as well as, numerous
gold showings.
The Property is located within the
historic Beaverdell Mining Camp.
Mineral exploration in the area dates to the late 1880’s, with the
discovery of silver on Wallace
Mountain
in 1897.
The Highland Bell Silver Mine (located
at the base of Wallace Mountain less than 1.0km from Beaverdell) was in
continuous production for over 75 years (1913 to 1989) producing close to 50
million ounces of silver, 11,340 tonnes lead and 13,608 tonnes zinc, with cadmium,
copper and gold.
Several other
smaller mines produced silver from Wallace
Mountain
..
Although Beaverdell is thought of as a
silver camp, there are 109 government documented mineral showings within a 20km
radius from the town of Beaverdell including gold, silver, copper, molybdenum,
uranium, lead and zinc.
In
addition, British Columbia
government publications report historic placer gold mining activity at China
Creek which drains the northern areas of the Property.
The source of the placer gold has never
been located.
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.