�
�
Trading
Symbol:�
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing
Symbol)
News Release
2007-24
August 15, 2007
�
NEWS RELEASE
VILCORO GOLD PROPERTY
, PERU
- GOLD TREND EXTENDED TO 1,900 METERS
Lori McClenahan, President
of St. Elias Mines Ltd. ("St. Elias"), and
Marcus Johnson, President of
Geneva Resources Inc. ("Geneva"), are pleased to provide the
following update with respect to the ongoing Phase I exploration program at the
Vilcoro Gold Property (the "Property") located in north-central
Peru. �
Results from 365 channel
samples and 36 quality-control check samples have confirmed widespread
disseminated gold mineralization, and so far have defined two mineralized
trends on the Property; the Main Trend and the South Trend.�
Geneva
has an option to earn a 66% interest
in the Property from St. Elias.
To date, 365 rock samples have been
collected from the property. �
Most
of the samples are channel samples taken from old (>50 years) underground
workings, from trenches, and from outcrops exposed on road cuts and trail cuts.
�
The average length of channel
samples is 3 meters.
The Main Trend has now been traced for a
strike length of 1,900 meters, for a cross-strike average width of 60 meters,
and across a vertical interval of 450 meters. �
The Company has collected 232 samples
from the Main Trend. �
The average
grade of these samples is 0.86 g/t gold (this calculation excludes the seven
highest-grade samples that range from 10 to 842 g/t gold), and the median
(50%ile) grade is 272 g/t gold.
PIMA (portable infrared mineral
analysis) analyses done on more than 100 samples indicate that gold is
associated with kaolinite, illite, smectite and gypsum. �
This alteration assemblage is typical of
low-temperature, moderately acidic high-sulphidation epithermal gold deposits.
There are significant gaps in
rock-geochemical information on the Main Trend due to Quaternary cover
(overburden). �
The next phase of
work will include detailed soil sampling to evaluate these gaps.
Sample preparation and analytical work was undertaken at
ALS
Chemex SA laboratory (an ISO-certified facility)
in Lima
,
Peru
using
standard industry practice fire assay with an atomic absorption finish.�
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
..
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.
"
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 may contain forward-looking statements including, but not limited
to, comments regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements
�