Trading Symbol:
SLI
(TSX Venture Exchange)
EKL
(Frankfurt
Exchange)
SELSF
(U.S.
Clearing Symbol)
News Release
2008-05
March 13, 2008
NEWS RELEASE
TESORO GOLD PROJECT
,
PERU
43-101 Report Presents
Inferred Mineral Resource of 4,290 Tonnes Grading 1.04 oz./t
Gold
Lori McClenahan, President of St. Elias
Mines Ltd. (the “Company”), is pleased to announce that a 43-101
Technical Report (the “Report”) for the
Tesoro Gold
Project (the “Property”) located in southwestern Peru has been
filed on SEDAR.
The Report, dated
February 15, 2008 written by John Brophy, P.Geo., states an
inferred mineral resource of 4,290 tonnes
grading 1.04 oz./t gold
.
The Report describes work
done between September of 2006 and December of 2007 which includes results of
underground exploration on the C1 Vein at Zona Canchete and the A4 Vein at Zona
Central.
In addition, results of
detailed sampling of the C3 and C4 Veins at Zona Canchete are reported and
recommendations for future work are specified.
In the Report, an inferred
mineral resource of 4,290 tonnes grading 1.04 oz./t gold with a total gold
content of 4,460 ounces has been calculated for the C1 Vein based on assay
results from existing underground workings.
The C1 Vein is open to the east on all
levels and to depth.
A conservative
figure of 100 meters was used for the length of the vein in the resource
estimate and the depth of the evaluated part of the vein is considered to be
100 meters in the resource estimate.
The Company is continuing
with its ongoing underground exploration and development plan at the Tesoro
Project.
To date, a total of 332
tonnes of bulk sample material averaging 0.97 oz/t gold has been extracted from
ongoing underground exploration development at the C1 Vein.
In addition, a total of 188 tonnes of
bulk sample material averaging 0.75 oz./t gold has been extracted from the A4
Vein System.
The
Tesoro Gold Project is 100% owned by the Company with no underlying
royalties.
The Property comprises
approximately 1,500 hectares in three contiguous claims situated in a highland
desert plateau in southwestern Peru.
The claims are within the well-known Nazca-Ocoña metallogenic
province, a 300km X 30km gold belt paralleling the Pacific Coast of
southwestern Peru in which there are more than 70 gold deposits comprising
narrow but generally high-grade gold-bearing quartz veins.
Although the veins are narrow, the
mineralized structures tend to extend along strike for kilometres and to depths
of 1,000 metres.
All technical work is being
supervised by, and the contents of this news release have 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 Projects.
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.