Hi Dazza,

I am kind of on a different opinion on the PP situation.

I beleive there were other shareholders that wanted to get in on the PP but were told it was full. I beleive in our situation, if a naked short position is there, that the last thing anyone wants is for people selling shares to participate in the PP. Its my understanding this PP was snatched up by only a couple individuals or entities, and we will not know who for maybe months down the road. Although the attached warrant may be perceived as an incentive to sell at these low prices, I doubt very much that is the case. I beleive Anon is affiliated with the manipulators of this stock, whereas the other day they bought and sold back and forth, sometimes to theirselves.

For me, the PP being sold at $1.80, rather than the $2 mark has some kind of significance. I beleive as time goes on we will be able to better understand why this was done this way. Lori could probably have very easily got the PP filled at $2, yet she accepted this lowball pricing. She doesn,t need the money now, for at least our ongoing projects, and most likely had the opportunity later to do a top up PP at a higher price. This tells me the PP has some other design than merely raising cash, I think the "who" is the most important aspect of the latest PP.

Lori is trying to unlock as much value as she can in our SP and I noticed in our last NR she said in a round about way, that there will be more option deals done as they are being worked on.

As you can see in this exerpt from our last NR, Lori says "continues to negotiate";

"St. Elias continues to negotiate a variety of property deals that we are confident will create

additional value for shareholders. The optioning of the Chance E Claim not only allows another

company to fund initial exploration but will also provide valuable geological information

regarding the Tesoro Gold Project area" states Lori McClenahan, President and Chief Executive

Officer. "The aggressive drill programs at Tesoro for 2011 are aimed at revealing the discovery

premiums that we feel are hidden in our substantial portfolio of quality gold properties."

IMO