St. Eugene Mining Corporation Limited
TSX VENTURE : SEM

June 01, 2011 08:30 ET

St. Eugene Announces Completion of Airborne Survey on 100% Held Amisk North Project and Appoints Director

TORONTO, ONTARIO--(Marketwire - June 1, 2011) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") is pleased to announce that the Company has completed an airborne geophysical survey on its newly staked, 100 percent held, Amisk North project. The survey consisted of a 1,584.5kilometre VTEM and magnetics survey over the Company's 100% owned 8,671ha land package in the Flin Flon Greenstone Belt, Saskatchewan.

Results of the airborne survey will be analysed together with the ongoing compilation and interpretation of historic data from previous programs. The Amisk North exploration program will be finalized once the airborne data is complete, however, the Company expects the program to include, initially, additional prospecting and sampling in order to further identify Au, Au-Ag and Cu-Ni mineralization. St. Eugene staked the ground comprising the Amisk North project because this part of the Greenstone belt remains relatively underexplored, and the Company identified several mineralized showings that were documented by previous operators.

Directors:

St. Eugene also announces the appointment of Mr. Walter Henry to the Board of Directors. Mr. Henry, Chartered Financial Analyst, is currently the President and Chief Executive Officer of Frontline Gold Corp., and has extensive experience in the areas of international project financing, capital markets financing, commercial bank financing, financial reporting, controls and taxation matters, and treasury and financial risk management. Mr. Henry previously held the positions of Vice-President, Finance and Chief Financial Officer of Royal Nickel Corp. and Juno Special Situations Corp. In 2010, he successfully completed the Institute of Corporate Directors Course and obtained the ICD.D. Mr. Henry is currently an associate member of AIMR/Toronto Society of Financial Analysts as well as an associate of the Institute of Canadian Bankers.

The Company granted 450,000 incentive stock options to Mr. Henry as a director of the Company, vesting in two tranches and exerciseable at a price of $0.14 for a period of five years.

The Company further announces the resignation of Ms. Julie Lassonde from the Board of Directors, due to time constraints with her increasing obligations at Shear Diamonds Ltd. The Company sincerely thanks Ms. Lassonde for the time that she has dedicated to the development of the Company over the past year as it transitioned its focus into the Flin Flon Greenstone Belt.

Tania Ilieva, P.Geo., Vice President of Exploration of St. Eugene, is the Qualified Person who has reviewed and approved the technical contents of this news release for and on behalf of the Company.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of St. Eugene contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause St. Eugene's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding St. Eugene's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which St. Eugene has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from St. Eugene's expectations. St. Eugene undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

THIS RELEASE DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • St. Eugene Mining Corporation Limited
    Jennifer L. Boyle, B.A., LL.B
    President and Chief Executive Officer
    647-430-0966 (office)
    416 904 2714 (cell)