St. Elias Mines Ltd. - Current state of diamond drilling - Tesoro Gold Project in Peru

St. Elias Mines Ltd. - Current state of diamond drilling - Tesoro Gold Project in Peru

29.05.2012 Vancouver (B.C.) – Lori McClenahan, President und CEO of St. Elias Mines Ltd. (SLI – TSX:In), announced today the results of drilling TE 12 to TE 35 at Tesoro Gold Project in southwestern Peru known. So far, forty-three diamond drilling with a total length of 12.740 Meters drilled. The findings of the holes 36 to TE TE-40 are pending. Samples of the holes 41 to TE TE-43 are currently being prepared for transport to the laboratory analysis of CERTIMIN in Lima.

The holes have been investigated a number of targets, including:

- Titan 24 geophysical targets from the surveying (including Aufladbarkeitshochs, Lows in the resistivity gradient and);

- Extensions of known gold bearing Quarzerzgänge along the dipping and strike;

- Coincident geophysical and geological targets.

Drilling to date the cause of the geophysical anomalies, reported by Quantec, unclear. The Quantec data and interpretations are currently being evaluated by independent Canadian geophysicists.

Despite the inconclusive results of the drilling, that have focused in particular on those reported by Quantec geophysical anomalies, The holes intersected, the geological targets investigated, Gold in the depth. One of the holes with relatively deep diamond drilling include intersections TE-14 (7,08 g / t Au in a real depth of 276 m) TE-29 und Diamantbohrung (6,08 g / t Au in a real depth of 275 m). The management is planning and preparing a program, The underground exploration and extraction of large samples of the gold-bearing structures, that were intersected during the drilling program at the surface, will include, before. This strategy is consistent with the old rule of thumb of gold mining, "Drill for structure and starting salary for", match. This old adage is still suitable, as the gold distribution is erratic in many Erzgangsystemen and containing high gold often occurs only in steeply dipping "foothills" of the veins.

In the following two tables are the intercepts at Tesoro with more than 1,0 g/t Gold (Table 1) and the intercepts, between the 0,5 and 1,0 have shown g / t gold, (Table 2) listed. Note, that the sections in Table 1 from the portions in Table 2 are separated.

TABLE 1: Drill intersections of gold LEVELS OF MORE THAN 1 PPM (1 g/t)

The gold assay results in Table 1 and Table 2 are uncut and at the given thickness of the sections is the apparent thickness, which was measured parallel to the core axis. True widths of the structures could intersected the apparent widths, which are given in Tables, precipitate correspond to or less than.

The end of May, the company will drill holes in the Tesoro project temporarily until receipt of the independent evaluation of the present geophysical data, the completion of the formal registration of all available historical, geochemical, geological and structural data and detailed geological ground surveys, a number of historic mining areas covering, expose. The planning and preparation of a program, include subsurface exploration and extraction of large samples, are currently underway. One of the main objectives of this program is to compare the grades and widths of the structures, that were intersected by the drilling, with the high-order data, coming from under the large sampling days the same structures.

The drilling program ran smoothly, without disruption and within budget. The management is pleased with the professional manner, in the Listener Gold Drilling Peru S.A.C. the program has conducted and supported, very satisfied.

The company uses an industry standard QA / QC program (Quality assurance / control). The HQ- and NTW diamond drill core is sawn to the length in half. One half is for fire assay and ICP-MS analysis of the ISO-certified analytical laboratory of SA CERTIMIN. sent in Lima. To monitor the performance of the laboratory, are each a blank, Double- and certified reference standard sample per 30 to 50 Core samples given voluntarily in the sample stream.

Goldprojekt Tesoro Gold Project

The Tesoro Gold Project is to 100% owned by the Company and subject to any royalties. The concession area covers an area of ​​approximately 6.974 Hectare (17.436 Acre) and is part of the resource-rich gold belt Nazca Ocoña, extending over an area of 300 km mall 30 km parallel to the Pacific coast of southwestern Peru. The mining industry has a long tradition in the gold belt Nazca Ocoña, up to the time before the Incas back. Gold is associated with interspersed sulphides, in the quartz veins and cracks penetrated within the orebody are intrusive. The Nazca Ocoña belt is known for the continuity of the strike many of his Quarzerzgangsysteme and related faults. While the veins tend to be narrow (less than one meter), the gold content is considerably, especially in the localized "foothills", that occur, where the changes Erzganggeometrie.

The company has the Tesoro project to date, five mineralized zones with more than 50 Quartz veins and delineated in three of these veins (Veins C1, C2 and A4) Explorations- and development work carried out underground. So far, in the underground exploration- and development of sites in several places a bulk sample in total 1.157 Tons of material averaging 0,93 Ounces of gold per ton removed, including:

• 643 Tons with an average of 0,77 Ounces of gold per ton of vein A4;

• 451 Tons with an average of 0,99 Ounces of gold per ton from the C1 Vein;

• 63 Tons with an average of 2,04 Ounces of gold per ton of vein C2.

Certain areas of the concession area were carefully Tesoro basis of geophysical surveys, Trenching and drilling investigated at wide intervals and explored; the majority of the property is still insufficient apart from Erkundungsschürfungen explored. When most of the northern, eastern and southern parts were never geologic mapping, detailed prospecting, Excavation or drilling carried out. In addition, large areas are (of up to 20 to 30 Square kilometers) the prospective granitic rocks in the north-central and southeastern parts of the concession area of ​​ash flow tuff and crystal from the late Tertiary cover. These young, flat-lying volcanic units have a thickness of several tens of meters to cover up and promising rock formations of the Coast Plutonic Complex stone completely. The zones, where the subject of strike extensions of known gold-bearing structures of the volcanic layer, represent targets for geophysical exploration and drilling.

The technical content of this press release was prepared by George Sivertz (P.Geo), a Canadian geologist and part-time residents in Peru verified. Mr. Sivertz is a Qualified Person under National Instrument 43-101 (Standards of Disclosure for Minerals Projects).

Additional information about St. Elias and its projects please visit the corporate website at www.steliasmines.com or call 1-888-895-5522 (toll free in the U.S. and Canada) or. about:

IR Advisor USA
Herbert detention
The Haft Group, Inc.
Such: +1 (212) 759-8865
E-Mail: herbhaft@haftgroupinc.com
herbhaft@aol.com

ST. ELIAS MINES LTD.
(drawn "Lori McClenahan")

Lori McClenahan,
President

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This press release may contain forward-looking statements including, but is not limited to, Statements regarding the timing and content of upcoming work programs, the geological interpretation, the potential mineral recovery, etc.. Forward-looking statements relate to future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements relate to future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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