News Release 2012-02
April 16, 2012
Vancouver, B.C. April 16, 2012 Lori McClenahan, President and Chief Executive Officer, Intigold Mines Ltd. (IGD:V) and St. Elias Mines Ltd. (SLI:V) 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.
Chance E Claim
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 www.intigold.com or call 1-888-895-5522 (toll free US and Canada). For information on St. Elias Mines Ltd. visit www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada).
INTIGOLD MINES LTD. AND ST. ELIAS MINES LTD.
(signed “Lori McClenahan”)
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. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement