Mr. Vilhjalmur Vilhjalmsson reports

ST-GEORGES RECEIVES ICELAND'S THOR PROJECT REPORT

St-Georges Platinum and Base Metals Ltd. has provided an update to its shareholders and stakeholders on the progress of its exploration initiative made in Iceland.

Thor report

The company recently received a technical report that was commissioned by Tim Eatwell, MGeol, FGS, SEG, AUSIMM, and is currently reviewing its findings and recommendations. The current report is a first step toward initiating a National Instrument 43-101 technical report after all preparation work and project visits are completed at a later date.

An emphasis was placed on identifying fault systems and sampling areas of notable alteration or mineralization. This work was completed in conjunction with Cardiff University in England and North Atlantic Mining Association Ltd. and commissioned by Iceland Resources Ehf.

Highlights of the report

The work was undertaken as first-pass data-gathering exercise in order to categorize the Thor project as a low-sulphidation alkali epithermal gold system. New sampling and reconnaissance mapping support the Thor previous known historical results with samples assaying from less than 0.5 gram per tonne to 13.55 grams per tonne gold.

Geochemical analysis of results from the Thor project indicate that gold is the best diagnostic tool with bismuth, arsenic and silver as potential pathfinder elements. Alteration of the target type can also be identified in the relative enrichment of potassium and depletion of sodium in the host rock. This alteration resulted in the formation of adularia and illite.

A systematic geochemical sampling campaign may be able to use the alteration and pathfinder elements to vector toward a Thor-type gold-bearing system. These data also support the hypothesis that the mineralization observed at Thor is geochemically analogous with other highly productive low-sulphidation alkali epithermal gold systems around the world.

Report recommendations

Further licence-scale sampling campaigns should be performed systematically along grid lines. High-resolution satellite imagery should be used for further investigation of areas of intense hydrothermal activity.

Samples should be analyzed to a lower level of detection considering the low resolution of gold grades seen only metres from the known mineralization at Thor.

Because of the small footprint of the Thor deposit, it is recommended that a lower threshold for gold values should be used in future sampling. Multielement suites should be used to ascertain potassic alteration and sodium depletion envelopes in future exploration campaigns.

New sampling results

The report includes sampling results that were collected within last year's season. St-Georges paid for the analysis after its acquisition of Iceland Resources earlier this year.

Twenty-two select samples were collected from trenches previously sampled on the Thor project. These samples were collected by professionals to both confirm the existence of gold grades and the geologic setting. Gold grades ranged from less than 0.005 part per million to 13.55 parts per million and silver grades ranged from less than 0.5 part per million to 6.8 parts per million. The average of the 22 samples was 2.26 parts per million gold.

Sample ID    Gold     Silver 
             (g/t)      (g/t) 
         
977407      0.448       <0.5      
977408      0.623       <0.5      
977409      0.381       <0.5      
977410       2.51        0.7       
977411       1.74        0.5       
977412      0.357          1         
977413       7.42        2.7       
977414       5.02        2.2       
977415       3.13        3.7       
977416       2.76        0.9       
977417       3.12        1.3       
977418      0.026       <0.5      
977419      0.075       <0.5      
977420       3.13        0.9       
977421       4.84        1.8       
977422      0.037       <0.5      
977423      0.005       <0.5      
977424      0.785        0.6       
977425      0.005       <0.5      
977426      0.027       <0.5      
977427      13.55        6.8       
977429       1.05        1.6       

About the Thor gold project

Thor is located about 20 kilometres east of the city centre of Reykjavik. The project was discovered in 1908 and produced mineral concentrate from 1911 to 1925 when over 300 metres of tunnels were dug below surface excavations. No production figures are available from these endeavours. Below and along strike of the workings, 32 holes have been drilled for a total of 2,439 meters. Gold values vary from less than 0.5 part per million to a maximum of 415 parts per million. These values were obtained from selected intervals of quartz veining and altered wall rock. These values cannot be construed to be representative of any particular thickness or overall length. Iceland Resources entered into a joint venture agreement with Melmi ehf, Malmis hf (majority government owned) and Gold Island Ltd. Melmi is the owner of the Thormodsdalur licence (Thor project) that was first granted in October, 2004. Melmi is owned by Malmis (51 per cent) and Gold Island (49 per cent).

Herb Duerr, CPGeo, a director of St-Georges, is a qualified person under NI 43-101 and has reviewed and approved the technical content of this release.

About St-Georges Platinum and Base Metals Ltd.

St-Georges is developing new technologies to solve the biggest environmental problems in the mining industry.

The company controls, directly or indirectly, all of the active mineral tenures in Iceland. It also explores for nickel on the Julie nickel project, for industrial minerals on Quebec's North Shore, and for lithium and rare metals in Northern Quebec and in the Abitibi area.