I don't specualte I show FACTS

http://www.steliasmines.com/storage/news_releases/Sli-News-2006-15_FINAL.pdf

NEWS RELEASE

TESORO GOLD PROJECT, PERU

Underground Face Sample Results Include a 7m Vein Segment of 3.73 opt Au and

60m Vein Segment of 1.48 opt Au (including 16m of 2.75 oz/t)

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce the

following results of channel (or face) samples taken from Zona Canchete Vein #1 (“ZCV#1

Vein”) during the ongoing underground exploration and development of the Tesoro Gold Project

located in southwestern Peru. A total of 58 channel samples returned an average gold grade of

1.12 opt and included 7m of 3.73 opt and 60m of 1.48 opt (including 16m of 2.75 opt.)

During the past year, the Company has continued with its underground development and bulk

sampling program at the ZCV#1 Vein, having decided that superior exploration information

would result from drifting than from drilling. To date, the Company has completed a total of

282.4m (926ft) of underground development. The ZCV#1 Vein has been traced along strike for

approximately 100m and to a depth approaching 60m - mineralization is consistent both along

strike and to depth.

During the course of the underground development, 58 channel samples (“face samples”), each

weighing approximately 4kg, were collected from the ZCV#1 Vein. All 58 face samples were

consistently well-mineralized with gold grades as high as 6.85 opt (235g/t). The average grade

of all 58 face samples was 1.12 opt (38.4g/t) gold over an average vein width of 16.8cm (6.6

inches). Highlights of the face samples include:

• On the 20m level: 7m segment of 3.73 opt (127.6g/t) gold

• On the 40m level: 60m segment grading 1.48 opt (47.98g/t) gold

including a 16m segment of 2.75 opt (93.92g/t) gold

The face samples are channel samples collected using sledgehammers and chisels to obtain

complete cross-width sample of the ZCV#1 Vein at a nominal spacing of 2 meters. The samples

were analyzed for gold by fire assay with an atomic absorption finish, or a gravimetric finish for

those samples carrying greater than 10g/t, at the ALS Laboratories (an ISO 9002 facility) in

Lima. Page 2

The Company has also completed two shipments (totalling approx. 120 tonnes) of a bulk sample

from the ZCV#1 Vein. The first bulk sample ( 53.7 tonnes) returned a grade of 1.56 opt gold

and the second bulk sample (66.1 tonnes) returned a grade of 0.874 opt gold. The average gold

grade of both samples was 1.18 opt.

Based on underground exploration results to date, the Company is convinced that the ZCV#1

Vein is sufficiently consistent in three dimensions and that a more concerted effort is warranted

for a second stage of exploration, which is to establish that, on the ZCV#1 Vein alone, the scale

of operations can be upgraded to recoup all investment costs and to demonstrate profitability

God Bless All

Mr. Hobbes