St. Eugene Mining Corporation Limited
TSX VENTURE : SEM

St. Eugene Mining Corporation Limited

August 12, 2011 13:44 ET

St. Eugene Updates Shareholders on Amisk Drill Program, Appoints Interim Chief Financial Officer and Grants Stock Options

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2011) - St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") announces that drilling at the Company's Amisk Gold Project continues with 16 holes totaling 3,160 metres completed to date.

The Amisk Gold Project is a Joint Venture between Claude Resources Inc. ("Claude") and St. Eugene. St. Eugene holds a 35% participating interest in the Amisk Gold Project and Claude Resources holds a 65% interest and is the operator of the Joint Venture.

St. Eugene also announces it has appointed Jeffrey Kilborn as Interim Chief Financial Officer.

Mr. Kilborn has eight years of experience in the finance industry, having worked in both investment banking and private equity. Mr. Kilborn received a BA (Honours Business Administration) from the Richard Ivey School of Business at the University of Western Ontario, where he graduated as an Ivey Scholar.

St. Eugene also announces the granting of an aggregate 600,000 incentive stock options to officers and directors. These stock options are exercisable at a price of $0.11 (350,000) and $0.14 (250,000) per share for a period of 5 years.

Tania Ilieva, P.Geo., 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.

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.
    Chief Executive Officer
    T: (647) 344.3158 C: (416) 904.2714
    jennifer@capexgroupinc.com

    St. Eugene Mining Corporation Limited
    Wes Hanson, P. Geo.
    Chairman of the Board
    T: (647) 344.3158
    wes.hanson@me.com