May10, 2007
NEWS RELEASE
ST. ELIAS RAMPS UP TESORO GOLD PROJECT, PERU
Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), is pleased to provide the following update regarding the Tesoro Gold Project (the “Project”) located in southwestern Peru. As a result of the recent discovery of the A-4 Vein System and consistent high grades received from bulk sampling, the Company has decided to focus its exploration activities on this Project and has developed the following plan to significantly expand existing operations. The objective of the plan is to achieve a sustainable economic production to support two to three years of production at a rate of 300 to 500 tonnes per month while concurrently defining resource and reserves.
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The Tesoro Project
Although the veins are narrow, the mineralized structures tend to extend along strike for kilometres and to depths of 1,000 metres. Evidence indicates that the Project has the potential to host a million ounces of gold, or more, within multiple veins traced for an aggregate strike length of 9.0 kilometres.
