Trading Symbol: SLI (TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
News Release 2007-10
April 2,
2007
VILCORO GOLD PROPERTY, PERU � EXPLORATION COMMENCES
Lori
McClenahan, President of St. Elias Mines Ltd. (�St. Elias� or the �Company�),
is pleased to announce that Geneva Resources, Inc. ("Geneva"), under
the direction of consulting geologist, John Brophy, B.Sc., P.Geo., has developed
an exploration program to begin immediately on the Vilcoro Gold Property (the
�Property�) located in central Peru. Geneva has an option to acquire a 66% interest
in the Property from St. Elias.
Over the
next 90 days, the program calls for 100 meters of underground development to
enlarge and lengthen an adit traced back to colonial times, when gold in the
region was mined by hand. Two 1.0 metre wide channel samples, previously taken
from the "manto" exposed in a historic adit, returned values of 29.1g/t
(0.84 opt) and 56.8g/t (1.65 opt) of gold.
The
groundwork portion of this program is slated to begin in early May, following
the end of the regions annual rainy season. In preparation, Mr. Brophy is
returning to the property immediately to identify and liaise with owners of the
surface rights, and the local population who are responsible for the
infrastructure in the region.
Following
this 90-day period, the budget allows for 2000 meters of HQ core drilling,
along with IP-Resistivity and Magnetic geophysical surveys totalling
approximately 32 line-kilometres.
Geneva has allocated a budget totalling USD $969,000
over a twelve month period, which includes completing this program and
additional work that may be undertaken as part of Mr. Brophy's initial
assessment on the ground.
Geneva
is a publicly traded mineral exploration company (US and Frankfurt listed:
OTCBB Symbol - GVRS; Frankfurt/Berlin Symbol - R3M)
The Vilcoro Gold Property is comprised of 1,600
hectares and is Property is primarily underlain by Tertiary Calipuy Volcanics similar
to those that host 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. In addition to
Lagunas Norte, there are four important gold deposits within 14 to 24km of the
Vilcoro Gold Property: Tres Cruces (1.75 million oz); Virgen Deposit (400,000
oz); La Arena (1.99 million oz); and Santa Rosa Mine (currently producing
approximately 80,000 oz/Au/year).
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 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.