Ms. Lori McClenahan of St. Elias Mines reports

ST. ELIAS MINES LTD. TERMINATES AN OPTION TO AMAROK RESOURCES INC. AND GRANTS AN OPTION TO INTIGOLD MINES LTD. TO ACQUIRE A 60% INTEREST IN THE CUEVA BLANCA GOLD PROPERTY, PERU

St. Elias Mines Ltd. has terminated a letter agreement dated April 16, 2010, with Amarok Resources Inc. with respect to an acquisition of a 60-per-cent interest in the company's Cueva Blanca gold property.

The company further announces that it has now entered into a letter agreement with Intigold Mines Ltd. whereby the company has granted an option to Intigold to earn a 60-per-cent carried interest, subject to a 1.5-per-cent net smelter return royalty (NSR), in the property, located in northern Peru. Intigold is a publicly traded mineral exploration company.

Cueva Blanca gold property, Peru

The property covers 1,200 hectares and is located in the Lambayeque department in northern Peru along the same geological trend as a number of multimillion-ounce deposits including Yanacocha, Pierina and Lagunas Norte.

The Cueva Blanca is a promising high-grade gold/silver vein prospect with common geologic characteristics to the El Dorado deposit in El Salvador, which is a unique type of epithermal deposit that formed in a specific geologic environment. Examples of this type of system are El Pinon in Chile, the Midas and Sleeper mines in northern Nevada, and the El Limon mine in Nicaragua.

Cueva Blanca exploration history has followed the classic pattern: acquisition based on geologic reasoning; property-wide prospecting and subsequent discovery of precious metal showings; detailed surface exploration of mineralized zones; and initial diamond drilling. The historical results provide an indication of the potential of the property and are relevant to continuing exploration.

Historical exploration work on the Cruz vein system, which included 91 trenches and 18 drill holes totalling 1,860 metres, proved that the quartz veins consistently contain gold and silver and that the Cruz vein system is a classic epithermal gold-silver deposit. Historical results of gold assays from the Cruz vein drill program include 6.0 metres of 2.31 grams per tonne, 6.0 metres of 2.96 grams per tonne (including 1.75 metres of 7.45 grams per tonne), 1.5 metres of 22.68 grams per tonne, 9.5 metres of 8.09 grams per tonne (including 1.5 metres of 35.84 grams per tonne), 10.8 metres of 2.4 grams per tonne and 1.2 metres of 6.95 grams per tonne. The vein intersections contain virtually no sulphides. The vein system is open along strike to the southeast and northwest, and to depth. (Summary report, Sivertz, 1999.)

While the company has no reason to doubt the accuracy of the historical results, the data should not be relied upon until confirmed by the company's own exploration that meets NI 43-101 standards for disclosure. Historical results and the work that generated them predate the enactment of National Instrument 43-101 and accordingly may not meet the requirements of that policy.

Cueva Blanca property agreement

Under the terms of the letter agreement, Intigold can acquire a 60-per-cent carried interest in the property (subject to a 1.5-per-cent NSR) in consideration of (a) making cash payments of $200,000 to St. Elias over a two-year period; (b) issuing one million common shares in the capital of Intigold to St. Elias; and (c) incurring $1.5-million in exploration expenditures on the property over a three-year period.

In addition, Intigold shall have the right to purchase one-half of the 1.5-per-cent NSR from St. Elias for the sum of $1.5-million, thereby reducing the NSR payable from 1.5 per cent to 0.75 per cent.

Qualified person

All technical work is being supervised, and the contents of this news release have been verified, by John Brophy, PGeo, a Canadian geologist residing in Peru, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.