St. Genevieve Resources Ltd.

St. Genevieve Resources Ltd.

May 03, 2007 11:32 ET

St. Genevieve Resources Ltd: Project Activities Update

MONTREAL, QUEBEC--(CCNMatthews - May 3, 2007) - St. Genevieve Resources Ltd. (the "Company") (CNQ:SGVL)announces an update of activities on its US properties.

Satellite Project, Yerington, Nevada;

Surface sampling of skarn zones revealed the presence of copper over a sampled length of 217 feet averaging 0.48% Cu with 3 contiguous samples averaging 1.56% Cu over an average width of 14 feet representing a strike length of approximately 100 feet. Drill holes in and around these road-cut channel samples failed to confirm these grades and they may represent supergene enrichment. The IP anomaly is attributable to the presence of pyrite and only minor chalcopyrite mineralization.

Mapping on the property has revealed an adit (developed between the 1890's and the 1920's) estimated to be 1000 ft long on which some limited under ground mining (stoping) has taken place proximal to a limestone / volcanic rock contact where more abundant chalcopyrite mineralization over widths of up to 25 feet is present.

Cave Creek, Maricopa Co., Arizona;

The Company is launching its field program with geological mapping and sampling on the recently acquired (86 claims) Cave Creek property. The Precambrian geology of this property is similar to that of the Abitibi Region of Ontario and Quebec and is favorable for hosting massive sulphides. This property was initially explored for gold in the 1890's and from records recovered in May 1968 a bulk sample of 27,000 lbs was shipped to a local smelter which returned an average grade of 5.6% Cu, 1.5 oz /t Ag and 0.06 oz/t Au. In 1972 Humble Oil (Exxon) held an option on the property and reported the following results for three sample locations representing a possible strike length of 3000 feet;

1) 1.15% Cu, 0.7oz Ag over 35'

2) 8.4% Cu 4.0 oz Ag and 0.18 oz Au

3) a) 4.5% Cu 0.9 oz Ag and

b) 0.6% Cu 1.17% Zn and 35 oz Ag

These results are historical in nature and have yet to be verified under NI 43-101. That will be a goal of the current field program.

Zonia Mine, Yavapai Co., Arizona;

An area 1500 feet long and up to 150 feet wide with an average grade in the order of 0.5% Cu from the existing open pit excavations north to French Gulch has been outlined from the existing historical data on the property. Two more drill holes exist to the north exist that may extend this zone another 1000 feet that strongly imply an extension of the known copper zone. Several historical gold zones are known to exist on and near the Company's claims and two of these zones have recently been located and examined. The Company is arranging to initiate the work program recommended by Scott Wilson RPA in their 43-101 Report.

Emerald Isle Mine, Mohave Co. Arizona;

The Company has completed additional sampling and the evaluation of different sources of copper on the property and it has revised and up dated its operating mining plan which is being presented to Behre Dolbear for review and incorporation into their Economic Evaluation of the Emerald Isle Mine expected by mid May.

The information contained herein was prepared by consultants to the Company in the case of the Satellite project and the Cave Creek Project under the supervision of Howard Metzler RPG (Idaho). In the case of the Zonia Mine and the Emerald Isle Mine, the information has been derived from historical data reviewed by Qualified Persons under NI 43-101.

St. Genevieve Resources Ltd. is listed on the CNQ exchange under the symbol SGVL. There are 199,521,201 shares issued and outstanding.

On behalf of the Board, Bryan Wilson, President & CEO

Neither the CNQ Exchange nor the TSX Venture Exchange reviewed the contents of this press release nor have they passed upon the merits of the information presented herein. Furthermore, the CNQ Exchange and TSX Venture Exchange do not accept responsibility for the adequacy or accuracy of this release nor have they approved or disapproved of the contents contained herein.

Except for the historical statements contained herein, this news release may contain forward-looking statements that involve inherent risks and uncertainties. Although the management and directors of St. Genevieve Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the regulatory authorities to whom we report. Investors are cautioned that, except as disclosed in the materials to be prepared in connection with a proposed or contemplated transaction, information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of St. Genevieve Resources Ltd. should be considered highly speculative.

Shares issued and outstanding: 199,521,201

Contact Information

  • St. Genevieve Resources Ltd.
    Bryan Wilson
    416-364-2753 (FAX)