SLI News Release - St. Elias Closes $452,000 Private Placement

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce that the Company has closed a non-brokered private placement and has issued 3,013,331 units at a price of $0.15 per unit for total proceeds of $452,000.  Each unit consists of one common share of the Company and one non-transferable share purchase warrant.  Each warrant entitles the holder thereof to purchase one additional common share of the Company for a period of two years following closing, at a price of $0.30 during the first year and $0.45 during the second year.  All securities issued in connection with this private placement are subject to a four-month hold period.

The Company has granted incentive stock options to certain of the Company’s directors, officers, employees and consultants to purchase up to 4,500,000 common shares under the Company’s Stock Option Plan.  The options will be granted for a period of two years, commencing on July 30, 2009 at a price of $0.15 per share

For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada).

ST. ELIAS MINES LTD.

(signed “Lori McClenahan”)

 

Lori McClenahan,

President

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.