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St. Elias Mines receives govt approval for Tesoro environmental impact study

|Includes: SL Industries Inc (SLI)

St. Elias Mines (CVE:SLI) said Monday that the Peruvian government has approved the company's environmental impact study (NYSEARCA:EIS) for its Tesoro gold project, located in southwestern Peru.

The study represents the third EIS completed for the Tesoro site.

"The completion of this EIS is in line with St. Elias' aggressive exploration program at Tesoro," said president and CEO Lori McClenahan.

"The company is now well-positioned to begin its drilling program with cash and encouraging exploration results, including gold assays and favourable targets from a deep penetrating Titan 24 geophysical survey, in hand."

Indeed, the company is due to begin the 10,000 metre diamond drill program as soon as possible, which will be designed to test near-surface and deeper geophysical anomalies identified by the Titan survey. Holes will reach down to targeted depths of up to 1,500 metres.

According to St. Elias, exploration work at the project thus far has shown the potential to expand known mineralized zones both on strike and to depth.

In addition, the property has never been evaluated to depth, or to its full strike potential, providing the potential to discover additional mineralization.

Tesoro consists of nine mineral claims covering 17,436 acres, and is located in the District of Acari and lies within the well-known 300 km by 30 km Nazca-OcoƱa gold belt.