St. Elias Mines Ltd. - Report of Peruvian Operations
26 Março 2014 - 11:22AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / March 26, 2014 / St. Elias
Mines Ltd. (SLI-TSX-V) announces that it has received a report
reviewing its complete Peruvian operation. This includes reporting
on the Company's wholly-owned subsidiary, the shut down and lay off
of all employees, its compliance with Peruvian corporate laws and
the economic viability of the Tesoro Gold Project in southwestern
Peru.
The Company directed Robert Krause, a geologist with extensive
international experience as a mine geologist in narrow vein mining
and an independent director of St. Elias, to assist the board in
determining the viability of its Peruvian operations.
Mr. Krause concluded that St. Elias, through its wholly-owned
subsidiary, complied with all Peruvian laws with regards to laying
off of personnel, maintaining the company in good standing, paying
of all taxes, and maintaining the Company's Peruvian properties in
good standing with regards to Peruvian mining laws and taxes.
Mr. Krause has also concluded, through his investigations, that,
in his view, the Tesoro Property is not currently economically
viable to put into production due to the logistical hurdles,
required capital costs, proximity to nearest water source and
fundamentally the narrow vein nature of the Tesoro gold veins. The
narrow vein nature, the amount of tonnes that can be mined per
shift considering the mining costs per tonne, milling costs per
tonne (contract milling vs. building a mill) and the potential
gross tonnes of this deposit indicate that the Tesoro Gold Project
is not economically viable.
The Board of Directors is disappointed by the results of Mr.
Krause's review of its Peruvian operations but accepts the
interpretation and plans to move the Company forward.
In addition, Mr. Krause recommends that the Company engage the
services of a "qualified person" as defined in National Instrument
43-101 - Standards of Disclosure for Mineral Projects, to evaluate
his investigations and conclusions as he is not a "qualified
person" as defined in NI 43-101 and he is a Director of the
Company.
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:
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan,
President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE: St. Elias Mines Ltd.
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