St. Elias Mines Ltd. Grants Options to Downtown Industries Ltd. to Acquire Interest in the South Rim Project, British Columbia
Summary
Qualified Person The data contained in this News Release has been reviewed and verified by Duncan Bain, Ph.D., P.Geo., a “qualified person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators.St. Elias Mines Ltd. (signed “Lori McClenahan”) Lori McClenahan, President 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) or contact: European Investor Relations U.S. Investor Relations Nicholas Fuller Herbert Haft Nick Fuller & Associates The Haft Group, Inc. Tel: 011-44-207-256-5204 Tel: (212) 759-8865 Email: nick@fullerir.com Email: herbhaft@haftgroupinc.com herbhaft@aol.com St. Elias Mines Ltd. Lori McClenahan, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc.Elias”), is pleased to announce that it has entered into an letter agreement (the “Letter Agreement”) with Downtown Industries Ltd. (“Downtown”) whereby Downtown has agreed to acquire up to an undivided 75% interest in the South Rim Project (the "Property") located in central British Columbia.South Rim ProjectThe Property, comprising 21 mineral claims covering 8,221.53 hectares, lies within a mineral-rich region of central British Columbia approximately 130 kilometres south of Houston.An operator’s fee of 8% of total exploration expenditures incurred shall be charged by Downtown and will qualify as an exploration expenditure.Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange approval and the execution of a formal agreement.Qualified PersonThe data contained in this News Release has been reviewed and verified by Duncan Bain, Ph.D., P.Geo., a “qualified person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators.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.