Toronto, Ontario. April 1, 2011: St. Eugene Mining Corporation Limited
(SEM:TSXV) ("St. Eugene") announces that it has commenced the 2011
Exploration Program on its 100% owned Tartan Lake Gold Mine property, by flying
a 333 km airborne (VTEM and magnetics) survey over the entire Tartan Lake Mine
land package.
Jennifer Boyle, President and Chief Executive Officer, states: ?There is
good potential to find additional gold mineralization at Tartan, particularly
given that the property has not been extensively explored in over 22 years, and
because we have the opportunity to apply new and improved geophysical and
geological techniques.
As a result of a comprehensive ongoing data compilation and
interpretation of the historic data from Tartan Lake Gold Mine and the
surrounding area, St. Eugene?s exploration team integrated
all aspects of the Tartan Lake dataset and prepared a two phase exploration and
development program. Details of the
Phase 1 will include:
- ground magnetic and electromagnetic surveys over
the whole property, to assist in determining perspective targets;
- dewatering of the Tartan Lake Mine;
- approximately 4,000 m of diamond surface and
underground drilling to test the extensions of the Main zone at depth;
- additional channel sampling and 10,000 tonnes
bulk sample for mining method research and mineral process testing;
- surface
and underground surveying;
- reprocessing of the mine tailings; and
- ongoing care & maintenance of the site.
The company is targeting to identify further gold mineralization at the
mine site, particularly associated the Main Zone and South Zone.
Additionally, follow up work will be conducted on several other mineralized
zones identified on the property by previous operators.
About the Tartan Lake
Mine Project:
The Tartan Lake Gold Mine Project is located 12 kilometres east
of FlinFlon, Manitoba, and was operated by Granges Inc. when it produced 48,000
ounces of gold between 1987 and 1989 from portions of the Main Zone and the
South Zone. The mine/mill complex operated until
November 1989 when it shut down due to unfavorable economics and gold price.
When the mine started production the gold price
was about $460/ounce and when production ceased in November 1989, the gold
price was about $375 per ounce.
The Tartan Lake MineProject and assets consists of a 440 mt/day gold
concentrator, largely intact, related infrastructure, and a 1,000 foot decline
access to developed mining blocks. The Company is still evaluating the
economics of re-commencing operations at the mine site and will report on the
progress and details of same as they become available.
Tania Ilieva, P.Geo., is the Qualified Person
who has reviewed and approved the contents of this news release for and on
behalf of St. Eugene.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Jennifer L. Boyle, B.A., LL.B.
Chief Executive
Officer, St. Eugene Mining
(647)
430-0966 (work) 416-904-2714 (cell)
jennifer@capexgroupinc.com
Wes Hanson, P.
Geo.
Chairman of the
Board of Directors of St. Eugene Mining
(647) 202 7686 (cell)
Wes.hanson@me.com
|
|
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION
REGARDING FORWARD-LOOKING INFORMATION
This news release of St. Eugene
contains statements that constitute ?forward-looking
statements.? Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause St. Eugene?s actual results, performance or achievements, or
developments in the industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward-looking
statements. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words ?expects,?
?plans,? ?anticipates,? ?believes,? ?intends,? ?estimates,? ?projects,?
?potential? and similar expressions, or that events or
conditions ?will,? ?would,? ?may,? ?could? or ?should?
occur. Forward-looking statements in this document
include statements regarding St. Eugene?s
expectations regarding ownership, entitlements, drilling and exploration
activities on properties in which St. Eugene has, or believes it has an
interest. There can be no assurance that such statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements, and readers are cautioned not to place undue
reliance on these forward-looking statements. Any factor could cause actual
results to differ materially from St. Eugene?s expectations. St. Eugene undertakes no obligation
to update these forward-looking statements in the event that management?s beliefs, estimates or
opinions, or other factors, should change, unless otherwise required by law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN
LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR
EXEMPT THEREFROM.
St. Eugene Mining Corporation
Limited
80 Richmond Street West, Suite 804
Toronto ON, M5H 2A4
T: 647-430-0966 F: 647-430-5676
www.steugenemining.ca