VANCOUVER, BC — (Marketwire) — 04/17/12 — Lori McClenahan, President and Chief Executive Officer, Intigold Mines Ltd. and St. Elias Mines Ltd. (TSX VENTURE: SLI) (PINKSHEETS: SELSF) (US Clearing Symbol: SELSF) (FRANKFURT: EKL) announces today exploration on the Chance E mineral concession (the „Chance E Claim“) which adjoins St. Elias- wholly-owned Tesoro Gold Project located in south-western Peru will be commencing in the upcoming weeks.
Exploration work consisting of geological mapping and sampling, satellite imagery, as well as control grid emplacement will be commencing in the upcoming weeks.
The Chance E Claim is a strategic claim that adjoins the southern end of the Tesoro Gold Project where St. Elias is currently drilling to delineate gold resources. Geological information, together with Titan 24 geophysical data and satellite imagery, confirms that structural lineaments which are coincident with gold mineralization on Tesoro Project extend onto the Chance E Claim.
The initial exploration program on the Chance E Claim will consist of, but is not limited to, the interpretation of satellite imagery acquired to exact specifications and geological mapping and sampling. The program is scheduled to commence immediately.
IntiGold can acquire a 60% interest in the Chance E Claim (subject to a 1.5% NSR) in consideration of making cash payments of $500,000 to St. Elias, issuing 1,000,000 common shares in the capital of IntiGold to St. Elias and incurring $1,000,000 in exploration expenditures on the property over a three-year period.
IntiGold-s first year commitment under the option agreement is to pay $25,000 to St. Elias and incur $200,000 in exploration expenditures on the property.
„The board of directors of Intigold and St. Elias are excited to be initiating the exploration of the Chance E claim which is on strike to the numerous gold bearing veins occurring on the adjoining Tesoro Property,“ states Lori McClenahan, President and Chief Executive Officer.
For additional information on Intigold Mines Ltd. and its projects, please visit us at or call 1-888-895-5522 (toll free US and Canada). For information on St. Elias Mines Ltd. visit or call 1-888-895-5522 (toll free US and Canada).
(signed „Lori McClenahan“)
Lori McClenahan, President
St. Elias Mines Ltd. Suite 304 – 700 West Pender Street Vancouver, British Columbia Canada V6C 1G8 Telephone: (604) 669-4677 Facsimile: (604) 669-9626 Toll Free: (888) 895-5522 Website: Trading Symbol: TSX-SLI
Intigold Mines Ltd. Suite 304 – 700 West Pender Street Vancouver, British Columbia Canada V6C 1G8 Telephone: (604) 669-4677 Facsimile: (604) 669-9626 Toll Free: (888) 895-5522 Website:
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