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Trading Symbol: SLI (TSX Venture Exchange)

EKL (Frankfurt Exchange)

SELSF (U.S. Clearing Symbol)

News Release 2010-43

November 11, 2010

NEWS RELEASE

ST. ELIAS MINES LTD. GRANTS INCENTIVE STOCK OPTIONS

Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), announces that the Company has granted incentive stock options to certain of the Company’s directors, officers, employees and consultants to purchase up to 3,000,000 common shares under the Company’s Stock Option Plan. The options will be granted for a period of two years, commencing on November 11, 2010 at a price of $1.80 per share.

For 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) or contact:

European Investor Relations U.S. Investor Relations

Nicholas Fuller Herbert Haft
Nick Fuller & Associates The Haft Group, Inc.

Tel: 011-44-207-256-5204 Tel: (212) 759-8865

Email: nick@fullerir.com Email: herbhaft@haftgroupinc.com

herbhaft@aol.com

ST. ELIAS MINES LTD.

(signed “Lori McClenahan”)

Lori McClenahan,

President


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