Oct. 27, 2010, 11:41 a.m. EDT

St. Elias Mines Ltd. -- Strawberry Flats Gold Project, B.C.

VANCOUVER, BC, Oct 27, 2010 (MARKETWIRE via COMTEX) -- Lori McClenahan, President of St. Elias Mines Ltd. /quotes/comstock/11v!e:sli (CA:SLI 1.86, +0.01, +0.54%) (frankfurt:EKL) (us clearing symbol:SELSF) ("St. Elias"), is pleased to announce the following update received from Dorex Minerals Inc. ("Dorex") with respect to the Strawberry Flats Gold Project (the "Property") located in southern British Columbia approximately 20 kilometers northwest of the historic Rossland Mining Camp. Dorex has options to acquire up to an 80% interest, subject to a 1.5% NSR, in the Property from St. Elias in consideration of Dorex making cash payments to St. Elias totalling $250,827, issuing 1,200,000 common shares to St. Elias and incurring $1,600,000 in exploration expenditures on the Property.

Dorex has received the preliminary analytical results from the Phase I 2010 soil, silt and rock geochemical sampling program on the Strawberry Flats Gold Project.

Of the 1,124 soil samples delivered to Acme Labs, 1,014 samples returned assays (111 samples did not contain sufficient sample material to be fully analyzed). Gold-in-soil results ranged from trace to 851 ppb Au. 566 of the soil samples returned results below detection limit and 447 soil samples returned results of 2 ppb Au or greater. These 447 samples averaged 10.4 ppb Au, with 70 samples returning values of 11 ppb Au or greater.

The eight (8) silt samples collected returned values from trace to 36ppb Au. Three (3) of the silt samples returned results below detection limits and five (5) samples reported 2 ppb Au or greater. These 5 samples averaged 9.2 ppb.

The 28 rock samples collected and analyzed ranged from trace to > 10,000* ppb Au (*resultant assay was above analytical detection limits and the over-limit assay has not yet been received). Eight (8) of the 28 reported assays below detection limit and twenty rock samples graded 3 ppb or above.

The preliminary data from the Phase I program has been recently received and is currently being compiled and interpreted by Company geologists and management. Overlimit assays and an internal Dorex QA/QC review are pending. Once all analytical results have been finalized, they will be used to guide the Phase II trenching program slated to begin in early November 2010. At the moment the Company is able to report only the analytical data, as a geo-referenced study will not be completed until all data is received.

The Phase I exploration program was designed to confirm, infill and expand the historic gold-in-soil geochemical anomalies reported by previous workers as well as to ground truth the surface and underground workings on the Strawberry Flats Gold Property.

The bulk of the Phase I program consisted of a large geochemical grid covering an area of approximately 1.8 km by 1 km with 50 m spaced lines sampled on 25 m to 50 m centres. This grid was focused on expanding the historic geochemical grids to the North towards Astral Mining Corp's contiguous Jumping Josephine Project. In addition, one detailed geochemical grid was established near the known anomalies on the Strawberry Flats Gold Project during this program. This detailed grid covered an area of approximately 120 m by 140 m with 20 m spaced lines and sampled on 10 m centre.

All collected samples were shipped to ACME Analytical Laboratories in Vancouver, B.C. where they were sent for analysis by Group 1EX ICP-MS for 41 elements and a 30 gram Fire Assay Finish (Group 3B01) on all samples.

The 1989-1990 programs were conducted to follow up on a potential bedrock source of gold-in-soil anomalies within the Strawberry Flats Gold Project. Cameco's "Trench No. 5" averaged 7.04 g/t Au (from continuous one-metre-long chip samples) over its 12 metre length and exposed a 7 metre wide fault zone with heavily silicified and pyrite chalcopyrite-galena-sphalerite-iron carbonate veined sections, with the a single 2 metre section reported to average 39.16 g/t Au and 6.55 g/t Ag.

Cameco's report indicated that the seven-metre-wide, west-northwest-trending mineralized structure exposed in Trench No. 5 is of sufficient grade to warrant follow-up along strike in both directions and at depth.

The Strawberry Flats Gold Project adjoins the Jumping Josephine gold project owned by Astral Mining Corp. and Kootenay Gold Inc. Drilling results from Astral on the Jumping Josephine main zone have included 10 metres of 9.95 g/t Au and 8 metres of 8.31 g/t gold.

Technical details contained in this news release have been reviewed by Paul D. Gray, P.Geo, a qualified person as defined in National Instrument 43-101.

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.