Standard & Poor′s announced today that it has commenced Stock Report coverage on St. Elias Mines Ltd.
St. Elias Mines Ltd. (TSX:SLI), in the exploration stage as of February
28, 2010, acquires, explores and develops natural resource properties.
The company owns, or has acquired an option to earn an interest in,
properties located in Peru and British Columbia. In recent years, the
company has focused its exploration efforts on the Tesoro Gold Property
in southern Peru.
The Tesoro Gold Project is 100% owned by the company with no underlying
royalties. The property covers approximately 2,000 hectares (5,000
acres) and is part of the gold-bearing Nazca-Ocona belt that is located
in southern Peru. The Nazca-Ocona gold belt has a long mining history.
Gold is associated with disseminated to semi-massive sulphides in quartz
veins cutting a diorite intrusion. According to the company, the
continuity of the quartz veins and fractures is very impressive in the
Nazca-Ocona belt. While the veins tend to be narrow, the grade is
significant and the mineralized structures tend to extend along strike
for kilometers and to depths of up to 1,000 meters.
During the quarter ended February 28, 2010, the company entered into an
agreement with Emilsen Medina Inga de Brophy (Inga) to acquire a 50%
interest in the Vilcoro Gold Property located in north-central Peru in
consideration of making a cash payment of US$10,000 and issuing 200,000
common shares to Inga. Subsequent to the quarter, the company and Inga
(collectively, the Vendors) entered into a letter agreement with Ansell
Capital Corp. whereby Ansell has agreed to acquire an option to earn a
65% interest in the Vilcoro Property (subject to a 1.5% net smelter
return royalty) from the Vendors.
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