St. Elias Hires New CFO

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce the appointment of Terrace ("Terry") Nixon as the Company’s new Chief Financial Officer.

Mr. Nixon is experienced as an advisor, senior executive and an entrepreneur in working with both established and new companies in Canada and the US.  Both independently and through his consulting company, he has provided specialized services in the areas of strategy, finance and corporate development to a number of corporations throughout North America.  Mr. Nixon’s varied career has included Board of Director positions and senior management roles as Corporate Secretary and Vice President.  His educational background includes economics, investing and business administration.

"Terry is a proven leader and brings a broad base of business and financial experience to the Company.  I am confident that his expertise will help drive St. Elias to further success in the near term.  His keen business acumen and prior experience in top-level management positions will be highly valuable to St. Elias in the months and years ahead" explains Lori McClenahan, President and CEO.

Mr. Nixon is stepping into this role to help St. Elias continue to build the Company's financial oversight and to strengthen its position in the industry as it continues to pursue an aggressive exploration strategy for gold in Canada and abroad."

Terry Nixon states "I am delighted to be a part of such a dynamic and progressive company.  Working alongside the management team in a Corporate Communications capacity over the last year and half has been a great privilege.  Assuming the role of CFO is a tremendous honor and I look forward to the very foreseeable future as we surge ahead, raising the bar as we go."

Mr. Nixon succeeds Norman MacKinnon, who has left the Company.  "We would like to thank Mr. MacKinnon for his many contributions to St. Elias over the years and we wish him well in all of his future endeavors" says Lori McClenahan, President and CEO.

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.

St. Elias Closes $1,125,000 Private Placement

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce that the Company has closed the non-brokered private placement previously announced on October 6, 2009.  The Company has issued 7,500,000 units at a price of $0.15 per unit for total proceeds of $1,125,000.  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 proceeds of the private placement will be used for exploration expenditures on the Company’s Peruvian properties and for working capital.

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).

TESORO GOLD PROJECT, PERU - Field Portion of Titan 24 Geophysical Survey Completed

Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), announces that Quantec Geoscience Ltd. ("Quantec"), a leading global provider of geoscience solutions, has now completed fieldwork for the Titan 24 deep electrical earth imaging at the Tesoro Gold Project in southwestern Peru.  The Company completed nine lines of survey totalling 21.6 line kilometres.  The field data collected from the survey has been transferred to Quantec's head office in Ontario where it is being compiled, processed and interpreted by experienced professionals.  Results will be released when available.

Over the past 20 years, Quantec has completed in excess of 3,000 geophysical projects worldwide including over 400 Titan 24 surveys.  The Titan 24 deep earth imaging system is the most advanced electrical earth imaging technology available.  Measuring parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), the Titan measures to depths of 750 metres with IP and to depths of more than 1.5 kilometres with MT data.  These depths and multiparameter data make the system one of the best options available for obtaining subsurface information related to geologic structure and for the direct detection of mineral deposits.

Results of the survey will be used in assisting the Company in identifying potential for economic mineralized targets at depths.  Targets identified from this survey will be tested with drilling.

The Tesoro Gold Project is 100% owned by the Company with no underlying royalties. The Property covers approximately 2,000 hectares (5,000 acres) and is part of the well-known gold-bearing Nazca-Ocoña belt that is located in southern Peru.  The Nazca-Ocoña gold belt has a long mining history dating back to pre-Incan time.  Gold is associated with disseminated to semi-massive sulphides in quartz veins cutting a diorite intrusion.  The continuity of the quartz veins and fractures is very impressive in the Nazca-Ocoña belt.  While the veins tend to be narrow, the grade is significant and the mineralized structures tend to extend along strike for kilometres and to depths of up to 1,000 metres.

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.

 

This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

St. Elias Gives Formal Notice to Geneva Re Vilcoro Property Option Agreement

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company” or "St. Elias"), announces that St. Elias has given a Notice of Default ("Notice") to Geneva Resources Inc. ("Geneva") pursuant to the Property Option Agreement dated January 22, 2007, and its amendments dated December 1, 2007, March 28, 2008, and June 4, 2008 (collectively, the “Agreement”) between St. Elias and Geneva with respect to the Vilcoro Gold Property located in central Peru. 

Under the terms of the Agreement, St. Elias granted Geneva an option to acquire a 66% interest in the Vilcoro Gold Property in consideration of Geneva making cash payments totalling $350,000 to St. Elias, Geneva issuing 50,000 shares to St. Elias and Geneva incurring $2,500,000 in exploration expenditures.  The Notice was given to Geneva because Geneva failed to meet certain obligations set forth in the Agreement, specifically as follows:

1.         $200,000 to be paid by Geneva to St. Elias on or before January 22, 2009; and

2.         cumulative Exploration Expenditures of not less than $1,250,000 to be incurred and paid for by
Geneva on or before January 22, 2009.

In accordance with the terms of the Agreement, should Geneva fail to make the payment of $200,000 to St. Elias within five business days of the date of the Notice, the Agreement shall be deemed to have terminated on the day following the last day provided for the payment.  Should Geneva make the payment of $200,000 to St. Elias within five business days, Geneva will also be required to make a cash payment to St. Elias in an amount equal to the deficiency in the Exploration Expenditures and will have 30 days from the date of the Notice to make such payment.  Any cash payment so made shall be deemed to have been Exploration Expenditures duly and properly incurred in an amount equal to the cash payment

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.

St. Elias Increases Private Placement to $1,125,000

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), announces that due to strong demand including a leading Canadian hedge fund, the Company has agreed to increase the non-brokered private placement previously announced on September 10, 2009 and September 25, 2009 from $750,000 to $1,125,000.  The private placement will now consist of 7.500,000 units at a price of $0.15 per unit.  Each unit will consist of one common share of the Company and one non-transferable share purchase warrant.  Each warrant will entitle 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.  The proceeds of the private placement will be used for exploration expenditures on the Company’s Peruvian properties and for working capital.

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.