http://www.steliasmines.com/storage/news_releases/Sli-News-2009-24-Tesoro-C2-FINAL.pdf
Trading Symbol: SLI (TSX Venture Exchange)
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News Release 2009-24
November 12, 2009
NEWS RELEASE
TESORO GOLD PROJECT, PERU -
First Ever Bulk Sample Taken from C2 Vein
Returns Average Grade of 5.84 oz/t (182 g/t) Gold
Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), is pleased to
announce the first bulk sample ever taken from the C2 Vein at the Tesoro Gold Project (the
“Property”) located in southwestern Peru has returned an average grade of 5.84 oz/t gold.
Bulk Samples
The first bulk sample ever taken from the C2 Vein at Zona Canchete, weighing 4.1 tons, was
processed at the Dynacor Mill and was determined to have a grade of 5.84 oz/t gold. This grade
was precisely duplicated in a referee sample submitted to ALS Chemex Labs in Lima, Peru.
The C2 Vein has been traced on surface for a strike length of about 200 meters. It trends northnorthwest and dips steeply (75°) to the east. Based on 31 channel samples previously collected
from shallow pits, the vein is 5.0 to 30.0 cm wide (average 12 cm) with assays ranging from 0.03
to 2.60 oz/t gold (average 0.43 oz/t gold). The bulk sample, taken from an adit driven into the
northern end of the vein, is substantially higher grade than would have been predicted from the
near-surface sampling results.
The C2 Vein appears to be similar to the A4 Vein in Zona Central (some 700 meters to the
south) in that the strikes and dips are the same, and the veins are characterized by moderategrade material punctuated by high-grade "bonanza" shoots that seldom are evident based on
assays from shallow pits. This is quite distinct from the east-trending veins at Zona Canchete
(C1, C3, and C4), which are sub-vertical structures with consistent and higher-grade gold assays
(typically 1.0 oz/t), but lacking high-grade "bonanza" shoots.
To date, a total of 1,085 tons of bulk sample material averaging 0.88 oz/t gold has been extracted
from ongoing underground exploration development at the Tesoro Property including:
643 tons averaging 0.77 oz/t gold from the A4 Vein;
438 tons averaging 1.01 oz/t gold from the C1 Vein; and
4.1 tons averaging 5.84 oz/t gold from the C2 Vein. Page 2
ST. ELIAS MINES LTD.
News Release 2009-24 (November 12, 2009)
The Tesoro Project
The Tesoro Gold Project is 100% owned by the Company with no underlying royalties. The
Property covers 2,000 hectares (5,000 acres) and is part of the well-known gold-bearing NazcaOcoña belt that is located in southern Peru. The continuity of the quartz veins is impressive in
the Nazca-Ocoña belt. While the veins tend to be narrow, the gold grade is significant and the
mineralized structures tend to extend along strike for kilometres and to depths of up to 1,000
metres.
To date, the Company has identified five mineralized zones with more than 50 quartz veins
(having a total combined length of 9 km) at the Tesoro Project. The veins are mesothermal,
indicating that the vein structures may extend to considerable depths.
The Tesoro Property has never been evaluated to depth, or to its full strike potential. This leaves
a large potential for the discovery of additional mineralization.
Qualified Person
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
