And, as always, it keeps getting better. Here is an area of disseminated gold found in 2004 on the property;

September 29, 2004
NEWS RELEASE
Tesoro Gold Property, Peru – New Gold Zone Discovered
Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce
that a new zone containing disseminated gold mineralization has been discovered on the Tesoro
Gold Property (the “Property”) located in southwestern Peru.
A composite chip sample of highly silicified granodiorite has returned 27m (88.5 feet) of 1.74g/t
Au. The silicification within the granodirite occurs as knots, stockworks and inundations which
is completely different from the quartz veins and sulphide bearing shear zones that were thought
to be the only targets for gold mineralization within the Property.
The granodiorite is exposed in an isolated window, approximately 100 meters x 100 meters,
completely surrounded by a thin layer of overlying barren volcanics. The granodorite is located
at the precise intersection of the two major structures: the north-northwest trending Main Veins
structural corridor and a transverse structure trending north-northeast. The north-northeasterly
structure is expressed by a coincident valley. There are two other intersections of these northnortheasterly
structures (valleys) that intersect the Main Veins structural corridor within the
Property. In both of these other two intersections, the shallow layer of volcanics remains intact
and thus the underlying rock units are not exposed.

Management is excited about this recent discovery as it demonstrates that the Property not only

hosts multiple epithermal gold-bearing veins as previously announced but also possible

deposit(s) of disseminated gold.

Another release below has early info on some veins, interesting to see some high grades in areas not much talked about now.

Trading Symbol: SLI (TSX Venture Exchange)
U.S. Clearing Symbol: SELSF
News Release 2004-14
September 8, 2004
NEWS RELEASE
Tesoro Gold Property, Peru - Initial Exploration Results - Phase 1
Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”) is pleased to provide initial
exploration results from the Phase I program on the Tesoro Gold Property (the “Property”)
located in southwestern Peru. The Phase I program was carried out on the Property during a
three-month period starting in June 2004. The program consisted of control grid emplacement,
reconnaissance mapping and prospecting, detailed geological mapping, trenching and rock
sampling.
As previously reported, multiple epithermal gold bearing veins occurring within granodiorite
have been traced for a strike length of 6.5km on the Property This area, referred to as the “Main
Vein”, is comprised of echelon veins across a structural corridor up to 300m wide. Gold occurs
as free gold and electrum in pyrite-arsenopyrite microfractures and as free gold and electrum
encapsulated by quartz.
This exploration program has identified four main mineralized zones that occur along the Main
Vein. Typically, these are east-west trending splays associated with the Main Vein. From north
to south the zones are: Zona Canchete, Zona Central, Zona Sur and Zona Incognito. In addition,
four other zones (Zona Este and three unnamed zones) have also been identified.
At Zona Canchete there are five principle veins measuring up to 200 meters long within a 400m
by 400m area. Two of these veins strike north-northwest and three strike east-west. All veins
are steep dipping. The veins are narrow at surface, generally less than 20cm, but widen at depth.
Samples from these veins generally assay more than 16.0g/t (0.5 oz/T) gold. The veins at the
bottom of the deep piques in this area are reported to be 60-80cm (2 ft - 2.5 ft) in width.
At Zona Central there are five principle veins measuring 250 to 600 meters long within a 400m
by 1000m area. All veins strike north-northwest and are steep dipping. The main vein is 600
meters long and averages about 30cm (1 ft) wide on surface. Six samples taken from this
structure average 15g/t (0.5 oz/T) gold. There are parallel vein zones that give higher gold
assays of up to 85g/t (2.5 oz/T) gold across 11cm.
At Zona Sur there seven principle veins measuring 200-250 meters long within a 1200m by
200m area. Five of these veins strike north-northwest and two strike east-west. All veins are
Page 2
steep dipping. North-northwest striking veins are generally 20-35cm wide and assay on average
8g/t (0.25 oz/T) gold. One two-meter-wide sample of the footwall and hanging wall also gave
8g/t (0.25 oz/T) gold, suggesting that more sampling of wall rocks is warranted. East-west veins
tend to be narrower and have grades of up to 1 ounce gold.
At Zona Incognito, there is one principle north-northwest-striking vein exposed for a strike
length of 700m. It is 30-60cm wide and gives variable assays of 0.03 to 0.5 ounces gold. The
presence of a deep pique on this structure indicates that there are higher-grade zones. There is
also another narrower east-west-trending vein, possibly 350m long, assaying up to 1.5 ounces
gold across 10cm.
Four additional zones (concentration of gold mineralization and historic workings) have also
been identified. These occur in a northwest trending pattern, approximately 1,000m northeast of
and running parallel to the Main Vein.
A total of 143 samples were collected from numerous quartz veins in the four zones that occur
along the main vein. The samples were analyzed by ALS-Chemex Laboratories in Lima by fire
assay with atomic absorption finish. Duplicates of every tenth sample were analyzed by CIMM
Laboratories in Lima using the same assay technique.
Assay values for the 143 rock samples analyzed to date range from 0.03 to 97.1g/t gold (>0.01 to
3.12 ounces) with an average grade of 14.14g/t gold (0.41 oz/Ton) and a mean grade of 14.44g/t
gold (0.42 ounces). Sample widths range from 5cm to 200cm.
An additional 60 samples are being submitted to the laboratories for analysis. Some of these
samples are from a 140m long trench, located at Zona Canchete, that intersected numerous
quartz veins and areas of argillic alteration zones with cherty quartz.
To date, more than 300 piques (pits/trenches) have been identified on the property, of which
more than 50 are deeper than 3 meters and several are as deep as 35 meters.
The orientation of the veins exposed in these historic workings indicates that there are in the
order of 50 separate veins occurring within the Property. At a number of locations within the
Property, the vein density is such that a large-tonnage disseminated gold target is being
investigated by trenching.