St. Jude (SJD.V) to explore in Niger
Vancouver, September 17, 2004 - St. Jude Resources Ltd. (SJD-TSX.V) is pleased to announce that the company has successfully completed the application process for two prospecting permits located in Niger, West Africa. The Ministry of Mines of Niger has granted St. Jude 100% interest (subject to the standard Government 10%) in the Deba and Tialkam permits, which cover over 1800 square kilometers. These properties are located along the main gold mineralization corridor in Niger which hosts the Samira Hill Mine.
St. Jude’s exploration team is in the process of reviewing all available data from previous exploration carried out on these permits. Once a review of the data is complete, management will announce the first phase exploration program which is expected to commence this fall. The company is confident that these new projects in Niger will compliment and enhance our potential to develop additional gold resources in West Africa. Furthermore St. Jude will ensure that our activities in Niger will not impede the company’s forward progress on its advanced projects in Ghana and Burkina Faso, which are nearing pre-feasibility.
St. Jude provides the following summary of its recently released second quarter financial results. Complete details of the company’s July 31, 2004 quarterly financial statements, management discussion and analysis will be available on St. Jude’s website at www.stjudegold.com. At the end of the company’s second financial quarter, the company had no debt and working capital in excess of $12.5 million, which is sufficient to meet the company’s financial needs and planned exploration and development expenditures. Expenditures on the company’s resource properties for the quarter amounted to $2,457,092. Administrative expenses and overhead totalled $259,725 representing a moderate increase over last year.
St. Jude is a leading West African explorer focused on the discovery and development of gold deposits amenable to low cost mining techniques. The company’s West African projects now cover over 2,900 sq. km. (716,605 acres) of one of the richest and most productive gold bearing regions in the world. With a well stocked treasury, no debt, expanding gold resources, new discoveries and several advanced exploration targets, St. Jude is well positioned to continue its strong growth.
ST. JUDE RESOURCES LTD.
PER:
MICHAEL A. TERRELL,
President
