Mr. Lori McClenahan reports

ST. ELIAS MINES LTD.; UPDATE ON CORPORATE AFFAIRS; EXPANDED INVESTOR RELATIONS ACTIVITIES WORLD-WIDE HIGHLIGHTED BY NEW YORK EVENTS, BOLSTER DRILLING AND EXPLORATION PROGRAMS IN PERU AND BRITISH COLUMBIA, SLI ANNOUNCED TODAY

St. Elias Mines Ltd. is providing the following update on the corporate affairs of the company.

Properties

The company is escalating exploration programs at three properties in Peru (Tesoro, Cueva Blanca and Vilcoro) and two in British Columbia (Strawberry Flats and Beaverdell). With the exception of the Tesoro gold project in Peru, these programs are being advanced through option agreements, exposing St. Elias to over $7.1-million in exploration (financed by other parties).

Tesoro gold project, Peru

A stage 1 Titan 24 geophysical survey completed during the 2009 exploration season at Tesoro has provided a wealth of information which the company is following up with a continuing exploration program budgeted at $3-million for the next 12 months as follows:

Stage 2 Titan 24 geophysical survey:  $500,000

Surface exploration program:  500,000

Diamond drilling (10,000 metres):  Two million

St. Elias is adequately financed with working capital of approximately $4-million (June 30, 2010) to complete the planned exploration program.

The field portion of the stage 2 Titan 24 geophysical survey was completed in June, 2010. Final results are pending and will be announced shortly.

The surface exploration program (rock samples, soil samples, trenching) to examine and evaluate geophysical anomalies is continuing, and results will be announced as and when available.

An environmental impact study (EIS), which is required prior to drilling, has been submitted to the Peruvian government for final approval. This will be the third EIS completed on the Tesoro property.

Bradley Bros. Ltd., diamond drilling contractor, has been retained to provide a quote for the upcoming drill program. With over 65 years of experience, Bradley Bros. is recognized for providing exemplary service in all drilling conditions, including global factors, such as climate, terrain topography and complex geological environment requiring special drilling techniques.

In addition, the company is in the process of completing an independent 43-101 technical report on the Tesoro project, which will be made available on the company's website and on SEDAR shortly.

Cueva Blanca property, Peru

The Cueva Blanca property is 100 per cent owned by the company. In April, 2010, the company entered into a letter agreement with Amarok Resources Inc., whereby the company has granted an option to Amarok to earn a 60-per-cent interest, subject to a 1.5-per-cent net smelter return royalty (NSR), in the Cueva Blanca gold property located in northern Peru. Amarok is a publicly traded mineral exploration company (U.S. OTC Bulletin Board symbol AMOK).

St. Elias and Amarok are in the process of completing a formal agreement and initiating a phase 1 exploration program at Cueva Blanca.

Vilcoro gold property, Peru

The Vilcoro is 50 per cent owned by the company and 50 per cent owned by Emilsen Medina Inga de Brophy. In April, 2010, the company and Emilsen entered into a letter agreement with Ansell Capital Corp., whereby Ansell has agreed to acquire a 65-per-cent interest, subject to a 1.5-per-cent net smelter return (NSR), in the Vilcoro gold property, located in north-central Peru. Ansell is a publicly traded mineral exploration company.

St. Elias and Ansell are in the process of completing a formal agreement and an EIS at the Vilcoro for an upcoming drilling program.

Strawberry Flats gold project, B.C.

In March, 2010, St. Elias entered into an option agreement with Dorex Minerals Inc., whereby Dorex agreed to acquire up to an 80-per-cent interest, subject to a 1.5-per-cent NSR, in the Strawberry Flats gold project, located in south-central B.C. Dorex is a publicly traded mineral exploration company.

A phase 1 2010 exploration program, designed to locate drill targets for a phase 2 diamond drilling program, is continuing.

Beaverdell gold/silver property, B.C.

St. Elias has granted an option to Intigold Mines Ltd. to earn a 100-per-cent interest, subject to a 1.5-per-cent NSR, in the Beaverdell gold/silver property, located in southwestern B.C. Intigold is a private company in the process of completing a listing on the TSX Venture Exchange. A 2010 exploration program has been initiated.

Investor relations activities

During 2010, the company substantially expanded its investor relations activities in order to strengthen St. Elias's profile and visibility.

In the spring of 2010, the company engaged Nick Fuller & Associates (NFA), based in London, as its European investor relations consultant to increase international awareness and facilitate company exposure in the European financial markets.

In the summer of 2010, the company also retained the Haft Group Inc., based in New York, to provide investor and financial public relations services to St. Elias.

From March to August, 2010, the company conducted over 60 corporate presentations to brokers, analysts, corporate sources, private investors and other financial professionals in Kelowna, Edmonton, Calgary, Montreal, Toronto, New York, London, Paris, Frankfurt, Zurich and Geneva.

In the last several months, the company has sponsored important conferences in New York. Highlighted in St. Elias's September conferences is an important outlook conference on gold mining and corporate outlook plans, Sept. 29, at a corporate and broker dinner at New York's Friars Club, along with other September broker and investor contact meetings. "The Haft Group in New York, Aaron Etra, Esq., Indeva Corp., New York corporate adviser with Haft, and Nick Fuller in London, are co-ordinating activities worldwide," Lori McClenahan noted today.

"The Friars Club audience on the 29th, will also include guests from Canada, as well as New York brokers and corporate contacts," the St. Elias president noted.

Other corporate matters

Independent analyst report

In July, 2010, Gluckstein & Silverspoon Research completed an independent analyst report on St. Elias. Gluckstein & Silverspoon is an equity research service company dedicated to increasing the visibility of innovative and growing private and public companies that represent extraordinary investment opportunities. To view the report, visit the company's website.

Standard & Poor's listing

During the summer of 2010, Standard & Poor's commenced factual stock report coverage on St. Elias. The stock report is updated weekly and reflects the latest pricing, trading volume, key stock statistics and numerous other items. This report will be accessible on a continuing basis to the investment community by scores of buy-side institutions and sell-side firms that use S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit the company's website or the S&P website to view the stock report.

2010 annual general meeting

St. Elias's 2010 annual general meeting has been scheduled for Thursday, Nov. 25, 2010. All interested parties are invited to attend. Please RSVP through the company.