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Vancouver, B.C. May 15, 2012 Robert Coltura, Director of 88 Capital Corp. (EEC - TSX:V) and Lori McClenahan, President and Chief Executive Officer of St. Elias Mines Ltd. (SLI - TSX:V) announce today that St. Elias has entered into an option agreement with 88 Capital Corp. whereby 88 Capital Corp. can earn a 60% interest in the Chance F mineral concession (the "Chance F Claim") which adjoins St. Elias' wholly-owned Tesoro Gold Project located in southwestern Peru.
Chance F Claim
The Chance F Claim is a strategic claim that adjoins the southern end of the Tesoro Gold Project where St. Elias is currently drilling to delineate gold resources. Geological information, together with Titan 24 geophysical data and satellite imagery, confirms that structural lineaments which are coincident with gold mineralization on Tesoro Project extend onto the Chance F Claim.
The initial exploration program on the Chance F Claim will consist of, but is not limited to, the interpretation of satellite imagery acquired to exact specifications and geological mapping and sampling. The program is scheduled to commence immediately.
Option Agreement
Under the terms of the option agreement, 88 Capital Corp. can acquire a 60% interest in the Chance F Claim (subject to a 1.5% NSR) in consideration of making cash payments of $550,000 to St. Elias, issuing 1,000,000 common shares in the capital of 88 Capital Corp. to St. Elias and incurring $1,000,000 in exploration expenditures on the property over a three-year period.
88 Capital Corp.'s first year commitment under the option agreement is to pay $50,000 to St. Elias, issue 250,000 common shares to St. Elias and incur $150,000 in exploration expenditures on the property.
88 Capital Corp. recently completed its qualifying transaction to become a Toronto Venture Exchange tier II listed mineral exploration company. Having achieved this milestone, management has decided to focus its efforts on exploration in Peru. 88 Capital Corp. views the Chance F claim, with its known geologic similarity and closeness to the Tesoro Project, as an excellent first step in the realization this goal.
For additional information on 88 Capital please contact Clodagh O'Rafferty at 604-731-3850.
ON BEHALF OF THE BOARD
88 Capital Corp.
(signed "Robert Coltura"
Robert Coltura
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement
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