St. Eugene Mining Corporation Limited
TSX VENTURE : SEM

May 24, 2011 10:35 ET

St. Eugene Identifies Twelve Priority Geophysical Targets at Tartan Lake Mine Project, Flin Flon, Manitoba

TORONTO, ONTARIO--(Marketwire - May 24, 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, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") is pleased to announce that twelve new priority geophysical targets have been identified from the VTEM and Magnetic airborne survey completed at the Tartan Lake Gold Mine Project, Manitoba. All the geophysical anomalies are contained within a geological structure that trends east-west away from the main Tartan Mine and have a similar signature to the shear zones that contain the past producing high grade Main and South zones. The high priority targets are included in the 4,000 meter diamond drilling campaign commencing mid-June, 2011.

"Most of the historic activity at Tartan centered directly around the producing mine, so we focused the geophysical survey on the entire property, taking advantage of new and advanced geophysical tools that were not historically available or applied", said Jennifer Boyle, President & Chief Executive Officer of St Eugene Mining. "As a result we have identified a number of priority targets that have never been drilled by prior operators".

These targets are all discrete strong anomalies, some of which have very high conductance, that sit within a 6.4 kilometer by 0.5 kilometer conductive zone, described as "Shear 100" from the 1994 and 1995 programs carried out by previous operator, Granges Exploration. This feature consists of a strong EM conductor hosted within a moderate to low magnetic zone.

Geotech Ltd. (Aurora, Ontario) completed a VTEM (Versatile time-domain electromagnetics (EM)) and magnetic survey, flying a total of 332.9 km over the Tartan Lake Gold Mine Project, located 12 kilometers north of Flin Flon, Manitoba in Flin Flon greenstone belt. Geotech was contracted to collect and interpret off-time and B-field EM data to allow for the best possible mapping of targets. After re-processing of the data using Maxwell's modeling and modern imaging technology (EMIT) of the complex 3D electromagnetic field, GeoTech identified 12 new high conductance targets.

The high grade shear hosted Tartan Lake Gold deposit was identified within the shear zones and metavolcanic rocks. The identified shear zones within the Tartan Lake Gold project area have geochemical signatures similar to structures that host gold deposits in similar Achaean terrains worldwide.

For information and graphics regarding this high priority zone, please go to our web site at www.steugenemining.ca.

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

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.

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)